China Huarong Asset Management : RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR

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China Huarong Asset Management Co., Ltd.

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

(Stock Code: 2799)

RESIGNATION OF INDEPENDENT

NON-EXECUTIVE DIRECTOR

The board of directors (the "Board") of China Huarong Asset Management Co., Ltd. (the "Company") received a letter of resignation of Mr. Tse Hau Yin ("Mr. Tse"). As Mr. Tse had served as an independent non-executive director ("Independent Non-executive Director") of the Company for six years while the consecutive terms of office of independent non-executive directors of financial asset management companies shall not exceed six years under relevant PRC regulatory requirements, he resigned as (1) an Independent Non-executive Director of the Company; (2) a member of each of the Strategy and Development Committee and Related Party Transaction Committee of the Board; and (3) the chairman of the Audit Committee of the Board.

In accordance with the requirements of the relevant laws, regulations and the articles of association (the "Articles of Association") of the Company, the resignation of Mr. Tse shall take effect after the commencement of terms of office of the new Independent Non-executive Director and the chairman of the Audit Committee of the Board. During this period, Mr. Tse shall continue to perform his duties as (1) the Independent Non-executive Director; (2) the member of each of the Strategy and Development Committee and Related Party Transaction Committee of the Board; and (3) the chairman of the Audit Committee of the Board in accordance with the relevant requirements of the laws, administrative regulations and the Articles of Association.

Mr. Tse has confirmed that he has no disagreement with the Board of the Company and there are no other matters related to his resignation that should be brought to the attention of the shareholders or creditors of the Company or The Stock Exchange of Hong Kong Limited.

During his term of office as an Independent Non-executive Director, Mr. Tse earnestly, diligently and responsibly performed his duties, actively attended the relevant meetings of the Company and provided professional and constructive opinions for the major decisions of the Company. The Board would like to express its gratitude and appreciation to Mr. Tse for his valuable contribution to the Company.

By order of the Board

China Huarong Asset Management Co., Ltd.

WANG Zhanfeng

Chairman

Beijing, the PRC

23 March 2021

As at the date of this announcement, the Board comprises Mr. WANG Zhanfeng and Mr. WANG Wenjie as executive directors; Ms. ZHAO Jiangping, Mr. ZHENG Jiangping, Mr. XU Nuo and Mr. ZHOU Langlang as non-executive directors; Mr. TSE Hau Yin, Mr. SHAO Jingchun, Mr. ZHU Ning and Ms. CHEN Yuanling as independent non-executive directors.