UPDATE ON THE SPIN-OFF OF ASSETMARK IN THE U.S.

UPDATE IN RELATION TO THE SPIN-OFF OF ASSETMARK IN THE UNITED STATES

Huatai Securities Co., Ltd. (the "Company") is pleased to announce that the registration statement on Form S-1 filed by AssetMark with the U.S. Securities and Exchange Commission ("SEC") in connection with the proposed initial public offering of AssetMark Shares, namely shares of Assetmark common stocks that are expected to be listed on the New York Stock Exchange ("NYSE") under the trading symbol "AMK", and the sale of such AssetMark Shares by the Company in connection with the Spin-off (the "Offering"), was declared effective by the SEC on July 17, 2019 (New York time) and pricing of the AssetMark Shares was fixed on July 17, 2019 (New York time). The trading in the AssetMark Shares on the NYSE is expected to commence on July 18, 2019 (New York time). The Offering is expected to close on July 22, 2019 (New York time).

The offering price was fixed at US$22 per AssetMark Share. Out of the 12,500,000 AssetMark Shares being offered in the Offering, 6,250,000 AssetMark Shares will be sold by an affiliate of the Company.

Immediately following the completion of the Offering, the Company will continue to maintain control over AssetMark, which will remain as a subsidiary of the Company.

Huatai Securities Co., Ltd.

July 18, 2019