China Financial Services : CHANGE OF NON-EXECUTIVE DIRECTORS AND CHANGE OF COMPOSITION OF THE AUDIT COMMITTEE

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China Financial Services Holdings Limited

(Incorporated in Hong Kong with limited liability)

(Stock Code: 605)

CHANGE OF NON-EXECUTIVE DIRECTORS AND CHANGE OF COMPOSITION OF THE AUDIT COMMITTEE

The Board announces that:

• (1) Mr. Wu Xinjiang has been appointed as a non-executive director and a member of the Audit Committee of the Company with effect from 4 March 2021;

• (2) Madam Huang Mei has resigned as a non-executive director and a member of the Audit Committee of the Company with effect from 4 March 2021.

APPOINTMENT OF NON-EXECUTIVE DIRECTOR AND MEMBER OF THE AUDIT COMMITTEE

The board of directors (the "Board") of China Financial Services Holdings Limited (the "Company") is pleased to announce that Mr. Wu Xinjiang has been appointed as a non-executive director and a member of the Audit Committee of the Company with effect from 4

March 2021.

The biographical details of Mr. Wu Xinjiang is set out below:

Mr. Wu Xinjiang€ юอϪ΋͛ , aged 49, has extensive and in-depth experience in corporate management and investment. He holds a Bachelor Degree from Northeastern University and a Master Degree in the Chinese University of Hong Kong.

Mr. Wu Xinjiang, a master degree holder in accounting and is an accountant, has served as the deputy general manager of China United SME Guarantee Corporation Co. Ltd.€ʕΥʕʃΆ ุፄ༟ዄڭٰ΅Ϟࠢʮ̡since 1 September 2020, in charge of the company's investment business and financial management work.

Mr. Wu used to held the positions in the following companies successively, including the deputy general manager of Baowu Carbon Material Technology Co., Ltd.€ᘒ؛ލҿࣘ߅Ҧ Ϟࠢʮ̡, the budget director of China Baowu Steel Group Company Limited€ ʕ਷ᘒ؛፻ ᚛ණྠϞࠢʮ̡and the deputy minister of finance department of Guangdong Steel Group Company Limited€ᄿ؇፻᚛ණྠϞࠢʮ̡.

Save as disclosed above, Mr. Wu Xinjiang 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. Wu 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. Wu, determined by the Board with reference to his duties and responsibilities as well as the prevailing market conditions.

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

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. Wu that need to be brought to the attention of the shareholders of the Company.

The Board would like to welcome Mr. Wu Xinjiang for joining as a member of the Board.

RESIGNATION OF NON-EXECUTIVE DIRECTOR AND MEMBER OF THE AUDIT COMMITTEE

The Board of the Company announces that Madam Huang Mei has resigned as a non-executive director and a member of the Audit Committee of the Company with effect from 4

March 2021 since she wishes to pursuit other career.

Madam Huang has confirmed that she has no disagreement with the Board and there is no matter in relation to her resignation that needs to be brought to the attention of the shareholders of the Company.

The Board would like to express its gratitude to Madam Huang for her valuable efforts and contributions to the Company during her tenure of office.

By Order of the Board

China Financial Services Holdings Limited

Chung Chin Keung

Company Secretary

Hong Kong, 4 March 2021

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

Executive Directors:

Dr. Cheung Chai Hong

Non-executive Directors:

Mr. Chan Yuk Ming (Chairman) Mr. Fang Feiyue

Mr. Dong Yibing Mr. Wu Xinjiang

Independent Non-executive Directors: Mr. Chan Chun Keung

Mr. Chan Wing Fai Dr. Zhang Xiao Jun

Madam Zhan Lili