China Zheshang Bank : FINANCIAL INFORMATION IN RELATION TO A SHARE PROSPECTUS

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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)

FINANCIAL INFORMATION IN RELATION TO A SHARE PROSPECTUS

This announcement is made by China Zheshang Bank Co., Ltd. (the "Bank") pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

Reference is made to announcement of the Bank dated March 10, 2017, the circular dated April 13, 2017, the announcement dated November 9, 2017, the announcement dated November 10, 2017, the announcement dated March 26, 2018, the announcement dated April 3, 2018, the announcement dated April 25, 2018, the circular dated May 11, 2018, the announcement dated March 18, 2019, the circular dated April 11, 2019, the announcement dated August 29, 2019 and the announcement dated October 11, 2019 in relation to the A Share Offering and relevant matters. Unless otherwise defined, capitalized terms used in this announcement shall have the same meanings as those defined in the above announcements and circulars.

The full text of the prospectus in relation to the A Share Offering (the "A Share Prospectus"), a summary of the A Share Prospectus and the relevant appendices were published by the Bank in Chinese only on the websites of the Shanghai Stock Exchange (www.sse.com.cn), the Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk) and the Bank (www.czbank.com) on October 15, 2019.

The consolidated financial statements (the "Consolidated Financial Statements") for the six months ended June 30, 2019 (the "Relevant Period") and the major financial information and operating conditions after June 30, 2019 (the "Audit Closing Date") of the Group are set out in the A Share Prospectus. The Consolidated Financial Statements prepared in accordance with the Group's accounting policies under the China Accounting Standards for Business Enterprises have been audited by PricewaterhouseCoopers Zhong Tian LLP.

The Bank confirmed that the total assets, net assets and net profit set out in the summary of the Consolidated Financial Statements do not have any significant difference from the total assets, net assets and net profit prepared in accordance with the International Financial Reporting Standards.

1

The Bank's consolidated balance sheet, consolidated income statement and consolidated statement of cash flows as at June 30, 2019 prepared in accordance with the China Accounting Standards for Business Enterprises, and the major operating conditions of the Group after the Audit Closing Date are as follows:

1. KEY DATA OF CONSOLIDATED BALANCE SHEET

Unit: RMB thousand, %

2. KEY DATA OF CONSOLIDATED INCOME STATEMENT

Unit: RMB thousand, %

2

3. KEY DATA OF CONSOLIDATED STATEMENT OF CASH FLOWS

Unit: RMB thousand, %

4. MAJOR OPERATING CONDITIONS

As at June 30, 2019, the total assets of the Bank on a consolidated basis (similarly hereinafter) amounted to RMB1,737.269 billion and the shareholders' equity amounted to RMB109.087 billion. For the six months ended June 30, 2019, the Bank's operating income, net profit and net profit attributable to shareholders of the Bank after deduction of non-recurring profit or loss amounted to RMB22.546 billion, RMB7.624 billion and RMB7.489 billion, respectively. For the six months ended June 30, 2019, the Bank's operating income, net profit and net profit attributable to shareholders of the Bank after deduction of non-recurring profit or loss increased by 21.39%, 17.13% and 16.85%, respectively, as compared to the corresponding period of 2018. During the Relevant Period, the profitability of the Bank's business has been continuously improving.

The Audit Closing Date of the financial report of the Bank is June 30, 2019. From the Audit Closing Date of the financial report to the signing date of the A Share Prospectus of the Bank, the Bank's overall operating conditions were sound, there were no major changes in its operating model, scope of operations, types of business, the constitution of major customers, tax policies and other significant events that may affect the judgment of investors, and there were also no material adverse change to the Bank's operating results.

Taking into account the overall strategic positioning and the actual operating conditions of the Bank, it is estimated that the operating income for the nine months ending September 30, 2019 will range from RMB33.0 billion to RMB36.0 billion, representing an increase of approximately 20% to 31% as compared to the corresponding period last year; the net profit attributable to shareholders of the Bank will range from RMB10.5 billion to RMB11.6 billion, representing an increase of approximately 6% to 18% as compared to the corresponding period last year; and the net profit attributable to shareholders of the Bank after deduction of non-recurring profit or loss will range from RMB10.4 billion to RMB11.5 billion, representing an increase of approximately 7% to 18% as compared to the corresponding period last year. The development of the operating conditions of the Bank was in line with the industry development trends, and there were no major changes.

3

The relevant financial data in the performance forecast for the nine months ending September 30, 2019 is the result of the preliminary estimates by the Bank which has not been audited by auditors. The estimated amounts do not indicate that the Bank will achieve such income and net profit, and do not represent the profit forecast made by the Bank. Therefore, investors are advised to pay attention to investment risks.

The above English version of the summary of the Consolidated Financial Statements and the major operating conditions of the Bank is an unofficial translation of its Chinese version. In case of any discrepancies, the Chinese version shall prevail.

For more details of the A Share Offering, please refer to the A Share Prospectus which was published by the Bank on the website of the Shanghai Stock Exchange (www.sse.com.cn) on October 15, 2019.

The Bank will keep the Shareholders and potential investors informed of any further development in relation to the A Share Offering as and when appropriate in accordance with applicable laws and regulations.

This announcement is for information purposes only and does not constitute any invitation or offer to acquire, purchase or subscribe for the securities of the Bank.

By order of the Board

China Zheshang Bank Co., Ltd.

Shen Renkang

Chairman

Hangzhou, the PRC

October 15, 2019

As at the date of this announcement, the executive directors of the Bank are Mr. Shen Renkang, Mr. Xu Renyan and Ms. Zhang Luyun; the non-executive directors are Mr. Huang Zhiming, Mr. Wei Dongliang, Ms. Gao Qinhong, Mr. Hu Tiangao, Mr. Zhu Weiming, Ms. Lou Ting and Mr. Xia Yongchao; the independent non-executive directors are Mr. Tong Benli, Mr. Yuan Fang, Mr. Dai Deming, Mr. Liu Pak Wai, Mr. Zheng Jindu, Mr. Zhou Zhifang and Mr. Wang Guocai.

4