The board of directors of Hengtai Securities Co. Ltd. announced that Mr. Niu Zhuang has tendered his resignation as the president of the company with effect from 12 December 2022 due to the need to focus on his personal career development. The Board has convened a meeting and agreed that Mr. Zhu Yanhui, the chairman, will act as the president of the company from 12 December 2022 until the Board appoints a new president of the company.