Ganfeng Lithium : RETIREMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND COMMITTEE MEMBER AND NON-COMPLIANCE WITH THE LISTING RULES AND TERMS OF REFERENCE OF COMMITTEES

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(A joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1772)

RETIREMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

AND COMMITTEE MEMBER

AND

NON-COMPLIANCE WITH THE LISTING RULES AND TERMS OF REFERENCE OF COMMITTEES

RETIREMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND COMMITTEE MEMBER

The board (the "Board") of directors (the "Directors") of Ganfeng Lithium Co., Ltd. (the "Company") announces that Mr. Guo Huaping ("Mr. Guo") has retired as an independent non-executive Director, the chairman of the audit committee (the "Audit Committee") and the member of the remuneration committee (the "Remuneration Committee") of the Company with effect from December 3, 2019 due to expiration of term of office. Upon the retirement of Mr. Guo, there were merely two members in the Audit Committee, of whom, Ms. WONG Sze Wing possesses appropriate professional qualifications as required under Rule 3.10(2) of the Rules Governing the Listing of Securities on The Stock of Exchange of Hong Kong Limited (the "Listing Rules"). Mr. Guo confirmed that he has no disagreement with the Board and there are no other matters in relation to his retirement that need to be brought to the attention of the shareholders of the Company.

The Board would like to express its sincere gratitude to Mr. Guo for his contribution to the governance improvement of the Company during his tenure of office.

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NON - COMPLIANCE WITH THE LISTING RULES AND TERMS OF REFERENCE OF COMMITTEES

Following the retirement of Mr. Guo, the Board fails to meet the requirements of having:

1. the Audit Committee shall consist of a minimum of three members, all of whom being non-executive directors and is chaired by an independent non-executive director in compliance with Rule 3.21 of the Listing Rules and the article 3 of the term of reference of the Audit Committee;
2. the Remuneration Committee comprising a majority of independent non-executive directors under Rule 3.25 of the Listing Rules;
3. the Audit Committee shall have one chairman under the article 5 of the term of reference of the Audit Committee; and
4. the Remuneration Committee shall consist of three directors, of which the number of independent non-executive directors shall not be less than two under the article 4 of the term of reference of the Remuneration Committee.

In order to comply with the Listing Rules and the terms of reference of the Audit Committee and the Remuneration Committee, the Board is in the process of identifying suitable candidate(s) to fill the vacancy of the positions of the member of the Audit Committee and the member of the Remuneration Committee and will use its best endeavours to ensure that the suitable candidate(s) is/are appointed as soon as possible and, in any event, within three months from the effective date of the retirement of Mr. Guo, pursuant to Rules 3.23 and 3.27 of the Listing Rules. The Company will make further announcement(s) as and when appropriate.

By order of the Board

GANFENG LITHIUM CO., LTD.

LI Liangbin

Chairman

Jiangxi, PRC

December 5, 2019

As at the date of this announcement, the Board comprises Mr. LI Liangbin, Mr. WANG Xiaoshen, Mr. SHEN Haibo, Ms. DENG Zhaonan and Mr. XU Xiaoxiong as executive directors of the Company; Mr. HUANG Daifang as non-executive director of the Company; and Mr. HUANG Huasheng, Mr. LIU Jun and Ms. WONG Sze Wing as independent non-executive directors of the Company.

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