China Zheshang Bank : RESIGNATION AND ELECTION OF EMPLOYEE SUPERVISOR

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CHINA ZHESHANG BANK CO., LTD.

浙 商 銀 行 股 份 有 限 公 司 *

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

(Stock Code: 2016) (Stock Code of Preference Shares: 4610) RESIGNATION AND ELECTION OF EMPLOYEE SUPERVISOR

On May 27, 2017, the employee representatives' meeting of China Zheshang Bank Co., Ltd. (the "Bank") elected Mr. Wang Chengliang ("Mr. Wang") as an employee supervisor of the Bank. Mr. Dong Zhoufeng, an employee supervisor of the Bank, has reached retirement age and resigned the position as an employee supervisor of the Bank with effect from May 27, 2017.

The supervisory committee of the Bank hereby announces that with effect from May 27, 2017, Mr. Wang has been elected as an employee supervisor of the Bank, and Mr. Dong Zhoufeng ceased to be an employee supervisor of the Bank.

Biographical details of Mr. Wang are set out below:

Mr. Wang, aged 53, has served as the general manager of the human resource department of the Bank since August 2016. Mr. Wang holds the qualification of senior economist issued by the Human Resources and Social Security Department of Zhejiang Province. From August 1982 to May 1983, Mr. Wang served as staff member of the Wuma office and Chengnan office of Wenzhou branch, the People's Bank of China. From May 1983 to November 1997, Mr. Wang successively held the positions of chief of planning subsection of Ouhai County sub-branch, vice section chief of planning section of Wenzhou branch, vice president of Ouhai County sub-branch, vice president of Chengnan sub-branch in Wenzhou, chief of the planning division and the first business division of Wenzhou branch and the president of Wuma sub-branch in Wenzhou of Industrial and Commercial Bank of China. From November 1997 to January 2005, Mr. Wang successively held the positions of vice president and president of Wenzhou branch of China Guangfa Bank. From January 2005 to August 2016, Mr. Wang successively served as the general manager of Wenzhou business department and the president of Wenzhou branch of the Bank. Mr. Wang graduated from ICBC Hangzhou Financial Management Cadres College in June 1997 with a bachelor's degree (part-time) majoring in banking management and from Macau University of Science and Technology in September 2003 with a MBA degree (part-time).

Mr. Wang's term of office takes effect from May 27, 2017 and till the expiration of the term of the current session of the supervisory committee of the Bank. Mr. Wang will receive remuneration in accordance with his position in the Bank, mainly including salaries, bonuses, corporate contribution to social insurances and housing allowances. Mr. Wang will not receive additional remuneration from the Bank for serving as an employee supervisor of the Bank.

Save as disclosed above, Mr. Wang has not held any other positions in the Bank or any directorship in other listed companies in the past three years.

Save as disclosed above, Mr. Wang has no relationship with any directors, supervisors, senior management, substantial shareholders or controlling shareholders (as defined in The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules")) of the Bank. As at the date of this announcement, Mr. Wang does not have any interest in the shares of the Bank within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Save as disclosed above, there is no other information required to be disclosed pursuant to Rule 13.51(2) of the Listing Rules, and the Bank is not aware of any other matters that need to be brought to attention of the shareholders of the Bank.

Mr. Dong Zhoufeng has confirmed with the Bank that he has no disagreement with the supervisory committee of the Bank and there is no matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Bank and The Stock Exchange of Hong Kong Limited.

The Bank would like to take this opportunity to express its appreciation to Mr. Dong Zhoufeng for his contributions and support to the Bank during his tenure of office.

By order of the Board

China Zheshang Bank Co., Ltd. Shen Renkang

Chairman

Hangzhou, the PRC May 27, 2017

As of the date of this announcement, the executive directors of the Bank are Mr. Shen Renkang, Mr. Liu Xiaochun, Ms. Zhang Luyun and Mr. Xu Renyan; the non-executive directors are Mr. Wang Mingde, Ms. Wang Yibing, Ms. Shen Xiaojun, Ms. Gao Qinhong, Mr. Hu Tiangao, Ms. Lou Ting and Mr. Zhu Weiming; the independent non-executive directors are Mr. Jin Xuejun, Mr. Tong Benli, Mr. Yuan Fang, Mr. Dai Deming, Mr. Liu Pak Wai and Mr. Zheng Jindu.

* China Zheshang Bank Co., Ltd. is not an authorized institution within the meaning of the Banking Ordinance (Chapter 155 of Laws of Hong Kong), not subject to the supervision of the Hong Kong Monetary Authority, and not authorized to carry on banking and/or deposit-taking business in Hong Kong.