China Financial Services : CHANGE OF NON-EXECUTIVE DIRECTORS

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China Financial Services Holdings Limited

(Incorporated in Hong Kong with limited liability)

(Stock Code: 605)

CHANGE OF NON-EXECUTIVE DIRECTORS

The Board announces that:

1. Mr. Fang Feiyue has been appointed as a non-executive director of the Company with effect from 31 August 2020;
2. Mr. Cheung Siu Lam has resigned as a non-executive director of the Company with effect from 31 August 2020.

1

APPOINTMENT OF NON-EXECUTIVE DIRECTOR

The board of directors (the "Board") of China Financial Services Holdings Limited (the "Company") is pleased to announce that Mr. Fang Feiyue has been appointed as a non- executive director of the Company with effect from 31 August 2020.

The biographical details of Mr. Fang Feiyue is set out below:

Mr. Fang Feiyue（方飛躍）, aged 54, has extensive and in-depth experience in corporate management and investment. He holds a Bachelor Degree from Hohai University.

Mr. Fang is currently the General Manager's Assistant in Charge and the Manager of the Investment Department of Beijing Wanfang Co., Ltd. ("Wanfang")（北京萬方有限公司）. Mr. Fang has rich experience in retail, and used to manage well-known chain convenience stores and processed food companies.

Save as disclosed above, Mr. Fang Feiyue has not been a director of any listed company in Hong Kong or overseas in the last three years and does not hold any other position with the Company and its subsidiaries. He does not have any relationship with any other directors, senior management or substantial or controlling shareholders of the Company.

Mr. Fang has entered into a service contract with the Company for a term of 1 year and is subject to retirement by rotation and re-election in accordance with the Listing Rules and the articles of association of the Company. He is entitled to receive a director's fee of HK$120,000 per annum which is subject to review and a discretionary bonus which is based on the performance of the Company and of Mr. Fang, determined by the Board with reference to his duties and responsibilities as well as the prevailing market conditions.

Mr. Fang does not have any interest in any shares or underlying shares of the Company pursuant to Part XV of the SFO.

2

Save as disclosed above, there is no other information which is disclosable pursuant to any of the requirements under Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules, and there are no other matters relating to the appointment of Mr. Fang that need to be brought to the attention of the shareholders of the Company.

The Board would like to welcome Mr. Fang Feiyue for joining as a member of the Board.

RESIGNATION OF NON-EXECUTIVE DIRECTOR OF MR. CHEUNG SIU LAM

The Board of the Company announces that Mr. Cheung Siu Lam has resigned as a non- executive director of the Company with effect from 31 August 2020 since he wishes to spend more time on his personal life.

Mr. Cheung has confirmed that he has no disagreement with the Board and there is no matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company.

The Board would like to express its gratitude to Mr. Cheung for his valuable efforts and contributions to the Company during his tenure of office.

By Order of the Board

China Financial Services Holdings Limited

Chung Chin Keung

Company Secretary

Hong Kong, 31 August 2020

3

As at the date of this announcement, the directors of the Company are:

Executive Directors:

Mr. Luo Rui (Chief Executive Officer)

Madam Guan Xue Ling

Dr. Cheung Chai Hong

Non-executive Directors:

Mr. Chan Yuk Ming (Chairman)

Mr. Fang Feiyue

Mr. Dong Yibing

Madam Huang Mei

Independent Non-executive Directors:

Mr. Chan Chun Keung

Mr. Chan Wing Fai

Dr. Zhang Xiao Jun

Madam Zhan Lili

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