NOTICE OF LISTING ON THE STOCK EXCHANGE OF HONG KONG LIMITED - China Zheshang Bank Co., Ltd. (Hong Kong Branch) Issue of U.S.$500,000,000 1.10 per cent. Notes due 2024 (Stock Code: 40613) under the U.S.$2,000,000,000 Medium Term Note Programme established by the Bank

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.

This announcement is for information purposes only and does not constitute an invitation or an offer to acquire, purchase or subscribe for securities. The Notes (as defined below) will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any other jurisdiction and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Notes will be offered and sold outside the United States.

NOTICE OF LISTING ON

THE STOCK EXCHANGE OF HONG KONG LIMITED

China Zheshang Bank Co., Ltd. (Hong Kong Branch)

Issue of

U.S.$500,000,000 1.10 per cent. Notes due 2024 (the "Notes")

(Stock Code: 40613)

under the

U.S.$2,000,000,000 Medium Term Note Programme (the "Programme")

established by

CHINA ZHESHANG BANK CO., LTD.

एਠვБٰ΅Ϟࠢʮ̡

(the "Bank")

on behalf of itself and China Zheshang Bank Co., Ltd. (Hong Kong Branch)

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

(Stock Code: 2016)

(Stock Code of Preference Shares: 4610)

Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers

CLSA

CCB InternationalJoint Bookrunners and Joint Lead Managers

Shanghai Pudong Development Bank

Hong Kong Branch

Application has been made to The Stock Exchange of Hong Kong Limited for the listing of, and permission to deal in, the Notes by way of debt issues to professional investors (as defined in Chapter 37 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited) only, as described in the Offering Circular relating to the Programme dated 4 January 2021 and the pricing supplement relating to the Notes dated 9 March 2021. Such listing of, and permission to deal in, the Notes is expected to become effective on or about 17 March 2021.

By order of the Board China Zheshang Bank Co., Ltd.

Shen Renkang

Chairman

Hangzhou, the PRC

16 March 2021

As at the date of this announcement, the executive directors of the Bank are Mr. Shen Renkang and Mr. Xu Renyan; the non-executive directors are Mr. Wang Jian, Mr. Ren Zhixiang, Ms. Gao Qinhong, Mr. Hu Tiangao, Mr. Zhu Weiming and Ms. Lou Ting; the independent non-executive directors are Mr. Tong Benli, Mr. Dai Deming, Mr. Liu Pak Wai, Mr. Zheng Jindu, Mr. Zhou Zhifang, Mr. Wang Guocai and Mr. Wang Wei.