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Announcement of Results for the Year Ended December 31, 2020

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Announcement of Results for the Year Ended December 31, 2020 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. (A joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 6066) ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED DECEMBER 31, 2020 The board of directors of CSC Financial Co., Ltd. (the “Company”) hereby announces the consolidated results of the Group for the year ended December 31, 2020. This announcement, containing the full text of the 2020 annual report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to information to accompany preliminary announcements of annual results. The printed version of the Company’s 2020 annual report will be dispatched to the shareholders of the Company and available for viewing on the website of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk and the website of the Company at www.csc108.com by the end of April 2021. By order of the Board CSC Financial Co., Ltd. Wang Changqing Chairman Beijing, the PRC, March 31, 2021 As at the date of this announcement, the executive Directors of the Company are Mr. WANG Changqing and Mr. LI Geping; the non-executive Directors of the Company are Mr. YU Zhongfu, Mr. WANG Xiaolin, Ms. ZHANG Qin, Ms. ZHU Jia, Mr. WANG Hao; and the independent non-executive Directors of the Company are Mr. FENG Genfu, Ms. ZHU Shengqin, Mr. DAI Deming, Mr. BAI Jianjun and Mr. LIU Qiao. CONTENTS DEFINITIONS .............................. 2 CHAIRMAN’S STATEMENT .................... 6 SECTION 1 IMPORTANT NOTICE ............. 9 SECTION 2 COMPANY INFORMATION ......... 11 SECTION 3 FINANCIAL SUMMARY ............ 37 SECTION 4 MANAGEMENT DISCUSSION AND ANALYSIS ..................... 43 SECTION 5 REPORT OF DIRECTORS .......... 112 SECTION 6 OTHER SIGNIFICANT EVENTS ...... 135 SECTION 7 CHANGES IN SHARES AND INFORMATION ON SUBSTANTIAL SHAREHOLDERS .... 147 SECTION 8 DIRECTORS, SUPERVISORS, SENIOR MANAGEMENT AND EMPLOYEES ... 151 SECTION 9 CORPORATE GOVERNANCE REPORT ....................... 182 SECTION 10 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT ........... 216 Annex Independent Auditor’s Report and Notes to the Consolidated Financial Statements . .................... 235 Annual Report 2020 1 DEFINITIONS Unless the context otherwise requires, the following expressions have the following meanings in this annual report: “A Share(s)” listed domestic shares in the share capital of our Company with a nominal value of RMB1.00 each, listed on the Shanghai Stock Exchange and traded in RMB “Articles of Association” the articles of association of the Company or “Articles” “Beijing Financial Beijing Financial Holdings Group Limited（北京金融控股集團有限公司） Holdings Group” “Board” or “Board the Board of Directors of our Company of Directors” “BSCOMC” Beijing State-owned Capital Operation and Management Center (北 京國有資本經營管理中心) “Central Huijin” Central Huijin Investment Limited (中央匯金投資有限責任公司) “Century Jinyuan” Century Jinyuan Investment Group Limited (世紀金源投資集團有限公 司) “China Jianyin” China Jianyin Investment Limited (中國建銀投資有限責任公司) “China Securities Capital” China Capital Management Limited (中信建投資本管理有限公司) “China Securities Funds” China Securities Funds Management Limited (中信建投基金管理有限 公司) “China Securities Futures” China Futures Co., Ltd. (中信建投期貨有限公司) “China Securities International” China Securities (International) Finance Holding Company Limited (中 信建投（國際）金融控股有限公司) “China Securities Investment” China Securities Investment Limited (中信建投投資有限公司) “CIC” China Investment Corporation (中國投資有限責任公司) 2 CSC Financial Co., Ltd. DEFINITIONS (Continued) “CITIC Corporation” CITIC Corporation Limited (中國中信有限公司) “CITIC Group” CITIC Group Corporation Ltd. (中國中信集團有限公司) “CITIC Limited” CITIC Limited (中國中信股份有限公司) “CITIC Securities” CITIC Securities Co., Ltd. (中信證券股份有限公司) “Company Law” Company Law of the People’s Republic of China “connected transaction” has the same meaning ascribed to it under the Hong Kong Listing Rules “CSC” or “Company”, CSC Financial Co., Ltd. “our Company”, “parent company” “CSRC” China Securities Regulatory Commission (中國證券監督管理委員會) “Date of Disclosure of March 31, 2021 the Report” “Director(s)” the director(s) of our Company “E-Capital” E-Capital Transfer Co., Ltd. (證通股份有限公司) “FICC” Fixed-income securities, currencies and commodities “Glasslake Holdings” Glasslake Holdings Limited (鏡湖控股有限公司) “Group” CSC Financial Co., Ltd. and its subsidiaries “H Share(s)” listed overseas foreign shares in the share capital of our Company with a nominal value of RMB1.00 each, listed on the Hong Kong Stock Exchange and traded in HK dollars “HK$” or “HKD” Hong Kong dollars, the lawful currency of Hong Kong “Hong Kong” or “HK” the Hong Kong Special Administrative Region of the PRC Annual Report 2020 3 DEFINITIONS (Continued) “Hong Kong Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (as amended from time to time) “Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited or “HKEX” “IPO” Initial Public Offering “Listing Rules of the SSE” the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange (as amended from time to time) “Ministry of Finance” Ministry of Finance of the People’s Republic of China “NEEQ” the National Equities Exchange and Quotations “NEEQ Company” National Equities Exchange and Quotations Co., Ltd. (全國中小企業股 份轉讓系統有限責任公司) “Non-Public Issuance” the Company’s non-public issuance of 110,309,559 A shares with the total amount of proceeds of RMB3.884 billion, which was completed in December 2020 “PRC” or “China” the People’s Republic of China “PwC” PricewaterhouseCoopers “PwC Zhong Tian” PricewaterhouseCoopers Zhong Tian LLP “QDII” Qualified Domestic Institutional Investor “QFII” Qualified Foreign Institutional Investor “related party/connected related party transaction(s) and connected transaction(s) transaction” “related party transaction(s)” has the same meaning ascribed to it under the Listing Rules of the SSE “Reporting Period/2020” from January 1, 2020 to December 31, 2020 4 CSC Financial Co., Ltd. DEFINITIONS (Continued) “RMB” or “Renminbi” the lawful currency of the PRC “RQFII” Renminbi Qualified Foreign Institutional Investor “Securities Law” Securities Law of the People’s Republic of China “Shanghai and Shenzhen Shanghai Stock Exchange and Shenzhen Stock Exchange Stock Exchanges” “Shanghai Shangyan” Shanghai Shangyan Investment Center (Limited Partnership) (上海商 言投資中心（有限合夥）) “Share(s)” ordinary shares in the share capital of our Company with a nominal value of RMB1.00 each, comprising A Shares and H Shares “Shareholder(s)” holder(s) of the Share(s) “SSE” Shanghai Stock Exchange “State-owned Assets the State-owned Assets Supervision and Administration Commission Supervision and of People’s Government of the Beijing Municipality (北京市人民政府國 Administration Commission 有資產監督管理委員會) of Beijing” “Supervisor(s)” the supervisor(s) of the Company “Supervisory Committee” the supervisory committee of the Company “SZSE” Shenzhen Stock Exchange “Tengyun Investment” Xizang Tengyun Investment Management Limited (西藏騰雲投資管理 有限公司) “the end of the Reporting December 31, 2020 Period” or “the end of 2020” “US$” United States dollars, the lawful currency of the United States “Wind Info”, “Wind” Wind Information Co., Ltd. (上海萬得信息技術股份有限公司) Annual Report 2020 5 CHAIRMAN’S STATEMENT Dear Shareholders, It is a great honor to be here to share with you our achievements and feelings over the past year. 2020 is an extraordinary year in the history of CSC. In the face of the COVID-19 pandemic sweeping the world and the volatile economy in the world, we have achieved the best operating results since our inception by virtue of our firm confidence in China’s securities market and our own excellent business capability. Our annual income and net profit both reached the best level in history, and the growth level was higher the average level in the industry. According to the audited financial data of China Accounting Standards for Business Enterprises, as of the end of 2020, the total assets of the Group amounted to RMB371,228 million, representing a year-on-year increase of 29.95%, and the net assets attributable to equity holders of the Company of RMB67,735 million, representing a year-on-year increase of 19.71%. In 2020, the Group achieved operating income of RMB23,351 million, representing a year-on-year increase of 70.53%, and net profit attributable to equity holders of the Company of RMB9,509 million, representing a year-on-year increase of 72.85%, with a return on weighted average equity exceeding 18.18%, providing shareholders with relatively good return. The world today is in a period of great development, great transformation and great adjustment. The China securities market has also entered a new stage of high-quality development, showing a trend of accelerating the concentration of various resources, such as talents, customers and capital to head-office securities firms. The China securities market are calling for genuinely competitive securities firms to differentiate themselves from many of their competitors through innovative development, which in turn drive the overall progress of the industry. The tide of the era has approached, and
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