Shougang Concord Grand : APPOINTMENT OF EXECUTIVE DIRECTOR, REDESIGNATION OF DIRECTOR, CHANGES OF EXECUTIVE COMMITTEE'S MEMBER AND LIST OF DIRECTORS AND THEIR ROLES AND FUNCTIONS (152KB, PDF)

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首 長 四 方 （ 集 團 ） 有 限 公 司 *

SHOUGANG CONCORD GRAND (GROUP) LIMITED

(Incorporated in Bermuda with limited liability)

(Stock Code: 730)

APPOINTMENT OF EXECUTIVE DIRECTOR

REDESIGNATION OF DIRECTOR

CHANGES OF EXECUTIVE COMMITTEE'S MEMBER AND LIST OF DIRECTORS AND THEIR ROLES AND FUNCTIONS

The board (the "Board") of directors (the "Directors") of Shougang Concord Grand (Group) Limited (the "Company") is pleased to announce the following changes in directorships of the Company with immediate effect:

APPOINTMENT OF EXECUTIVE DIRECTOR

Ms. Li Jing (李婧, "Ms. Li") has been appointed as an executive director of the Company and the member of the executive committee of the Board ("Executive Committee") with immediate effect. Ms. Li continues to serve as the deputy general manager of the Company after her appointment.

Ms. Li, aged 38, obtained her Doctor of Economics from Zhejiang University and a postdoctoral title from the Wudaokou Finance College of Tsinghua University in September 2009 and June 2014 respectively.

From June 2010 to June 2012, Ms. Li worked as a risk management manager in the Trade Finance Division of China Minsheng Bank. Since June 2012, she had served as a postdoctoral fellow at the Wudaokou Finance College of Tsinghua University. Since August 2014, Ms. Li had served as general manager of Beijing West Capital, part of Beijing Shougang Fund Co., Ltd. Ms. Li joined the Company in November 2018 and is currently the deputy general manager of the Company. Ms. Li has extensive experience in financial practice, especially in financial product innovation, integrated financial investment banking services, and cross-border industry cooperation. In addition, Ms. Li has many research achievements in economic and financial theory. She has presided over two national-level projects, published 12 academic papers and co-authored two books.

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As at the date of this announcement and under the meaning of Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) ("SFO"), Ms. Li does not have any interests in the shares of the Company.

Ms. Li does not hold any directorships in public companies listed in Hong Kong or any other major exchanges in the last three years preceding the date of her appointment and she does not have any relationship with other Directors, senior management, substantial or controlling shareholders of the Company.

A service agreement will be entered into between Ms. Li and a wholly-owned subsidiary of the Company for a term commencing on 22 August 2019 for a term of 3 years and is subject to retirement by rotation and re-election according to the bye-laws of the Company. Further, under the service agreement, Ms. Li is entitled to a salary and discretionary bonus as may be determined by the Board or its delegated committee(s) from time to time. Ms. Li's monthly salary is approximately HK$100,000. Such salary was determined by the remuneration committee of the Board ("Remuneration Committee") with reference to Ms. Li's experience and duties as well as the then prevailing market conditions.

Save as disclosed above, there is no other matter relating to the appointment of Ms. Li that should be brought to the attention of the shareholders of the Company (the "Shareholder") and there is no other information that should be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

The Board would like to take this opportunity to welcome Ms. Li to join the Board.

RE-DESIGNATION OF DIRECTOR

Mr. Liu Dongsheng ("Mr. Liu") has been re-designated from an executive director and managing director of the Company to a non-executive director of the Company and resign as a member of the Executive Committee, with immediate effect.

Mr. Liu, aged 53, holds a bachelor degree in Department of Biology in Beijing Normal University, a double degree in economics (Distance Learning) in Beijing Construction Engineering College and a master degree in business administrative in Institute of NHTV Breda University of Applied Sciences. Mr. Liu was an independent director of Zhejiang Canaan Technology Co., Ltd., a listed company in Shenzhen Stock Exchange, from August 2014 to April 2016. He was also the supervisor of the department of securities and capital operation of Beijing Energy Investment Holding Co., Ltd., the managing director of the investment department and head of strategic client division in China Merchants Securities (HK) Co., Ltd., and the legal representative and general manager of Shenzhen Merchants Zhiyuan Consulting Company Limited. Mr. Liu has extensive experience in finance and securities, assets

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management, research and investment.

Mr. Liu will not be entitled to any director's fee. However, he will continue to receive salary and entitle to other benefits under the service agreement entered into between Mr. Liu and a wholly-owned subsidiary of the Company on 6 January 2018 and ending on 31 December 2019. Mr. Liu's monthly salary is HK$220,000. Such salary was determined by the Remuneration Committee with reference to Mr. Liu's experience and duties as well as the then prevailing market conditions.

As at the date of this announcement and within the meaning of Part XV of the SFO, Mr. Liu does not have any interests in the shares of the Company.

Mr. Liu has confirmed that he did not have any disagreement with the Board and there is no other matter relating to his re-designation that needs to be brought to the attention of the Shareholders.

Save as disclosed above, Mr. Liu does not hold any directorships in other Hong Kong or overseas listed public companies in the last three years. He does not have any relationship with any Directors, senior management or substantial or controlling shareholders of the Company. There is no information relating to the re-designation of Mr. Liu which is discloseable nor is/was he involved in any of the matters required to be disclosed pursuant to any of the requirements of the provisions under Rules 13.51(2)(h) to (v) of the Listing Rules, and there is no other matter that needs to be brought to the attention of the Shareholders.

Upon the resignation of Mr. Liu as a managing director of the Company, Mr. Xu Liang performs both the roles of the managing director of the Company and the Chairman of the Board, which constitutes a deviation from Code Provision A.2.1 of the Corporate Governance Code as set out in Appendix 14 to the Listing Rules. The Company is identifying suitable candidate(s) for the relevant position(s) in order to re-comply with Code Provision A.2.1. Further announcement will be made by the Company when the relevant appointment(s) is/are made.

LIST OF DIRECTORS AND THEIR ROLES AND FUNCTIONS

The members of the Board and the membership of the four Board committees of the Company will be as follows, with immediate effect:

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Members of the Board

Executive Director

Mr. Xu Liang (Chairman and Managing Director)

Ms. Li Jing

Non-executive Directors

Mr. Liu Dongsheng

Ms. You Wenli

Mr. Huang Donglin

Independent Non-executive Directors

Mr. Tam King Ching, Kenny

Mr. Yip Kin Man, Raymond

Mr. Fei Jianjiang

Mr. Wan Siu Wah, Wilson

Memberships of the four Board committees

Board Committee	Executive	Audit	Remuneration	Nomination
Director	Committee	Committee	Committee	Committee
Xu Liang	C		M	C
Li Jing	M
Huang Donglin			M	M
Tam King Ching, Kenny		C	C	M
Yip Kin Man, Raymond		M	M	M
Fei Jianjiang		M	M	M
Wan Siu Wah, Wilson		M	M	M

Notes:

• Chairman of the relevant Board committees M Member of the relevant Board committees

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By Order of the Board

Shougang Concord Grand (Group) Limited

Xu Liang

Chairman and Managing Director

Hong Kong, 22 August 2019

As at the date of this announcement, the Board comprises Mr. Xu Liang (Chairman and Managing Director); Ms. Li Jing (Executive Director); Mr. Liu Dongsheng (Non-executive Director); Ms. You Wenli (Non-executive Director); Mr. Huang Donglin (Non-executive Director); Mr. Tam King Ching, Kenny (Independent Non-executive Director); Mr. Yip Kin Man, Raymond (Independent Non-executive Director); Mr. Fei Jianjiang (Independent Non-executive Director) and Mr. Wan Siu Wah, Wilson (Independent Non-executive Director).

• For identification purpose only

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