The board of directors of China Tonghai International Financial Limited announces that Mr. ZHANG Bo has tendered his resignation as an executive Director of the Company with effect from 23 November 2020 in order to devote more time to his personal affair. He also ceased to be the deputy chairman and the chairman of the executive committee of the Company with effect from 23 November 2020. The Board announce that with effect from 23 November 2020, Mr. FANG Zhou currently an executive Director, has been appointed as the deputy chairman of the Company. The Board announce that with effect from 23 November 2020, Mr. FANG has been appointed as the chairman of the Executive Committee.