On [date], the Shanghai Municipal People's Government issued a reply approving the merger and reorganization of Guotai Junan Securities Co., Ltd. and Haitong Securities Co., Ltd. (hereinafter referred to as the "Reply").

The Shanghai Municipal People's Government, in its "Reply," stated that the Municipal State-owned Assets Supervision and Administration Commission should, in accordance with relevant regulations, strengthen organizational leadership, clarify division of responsibilities, implement accountability, and organize the implementation of the merger and reorganization in a steady and orderly manner. It should guide enterprises to legally and compliantly handle matters such as equity transactions, name change registration, management structure adjustments, and business integration optimization, ensuring the smooth and orderly completion of the merger and reorganization.