The board of directors of the Hengtai Securities Co. Ltd. announced that Mr. Pang Jiemin has tendered his resignation as the chairman of the Board, an executive Director, the chairman and a member of the risk control and supervisory committee of the Board (the "Risk Control and Supervisory Committee"), the chairman and a member of the strategic and investment committee of the Board, and a member of the remuneration and nomination committee of the Board of the Company with effect from 22 December 2020 due to work re-arrangement. Mr. Pang Jiemin has confirmed that he has no disagreement with the Board and that there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. The Board would like to express its sincere gratitude to Mr. Pang Jiemin for his valuable contribution to the development of the Company during his tenure of office.