Shougang Concord Grand : CHANGE OF DIRECTORS, CHANGE IN COMPOSITION OF BOARD COMMITTEE AND LIST OF DIRECTORS AND THEIR ROLES AND FUNCTIONS

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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)

CHANGE OF DIRECTORS

CHANGE IN COMPOSITION OF BOARD COMMITTEE

AND

LIST OF DIRECTORS AND THEIR ROLES AND FUNCTIONS

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

RESIGNATION OF EXECUTIVE DIRECTOR

Ms. Li Jing ("Ms. Li") resigned as an executive director of the Company and the member of the executive committee of the Board ("Executive Committee") due to allocation of duty.

Ms. Li has confirmed that she has no disagreement with the Board and there is no matter relating to her resignation that needs to be brought to the attention of the shareholders of the Company ("Shareholders").

RESIGNATION OF NON-EXECUTIVE DIRECTOR

Ms. You Wenli ("Ms. You") resigned as a non-executive director of the Company due to allocation of duty.

Ms. You has confirmed that she has no disagreement with the Board and there is no matter relating to her resignation that needs to be brought to the attention of the Shareholders.

The Board would like to take this opportunity to express its sincere gratitude to Ms. Liand Ms. You for their valuable contribution to the Company during their tenure of offices.

APPOINTMENT OF EXECUTIVE DIRECTOR

Mr. Tian Gang ("Mr. Tian") has been appointed as an executive director of the Company and a member of Executive Committee.

Mr. Tian, aged 52, obtained a postgraduate degree (on-the-job) from the Party School of the Central Committee of the Chinese Communist Party in July 2010.

Mr. Tian joined the Company in July 2017 and is currently the deputy general manager of the Company and the managing director of South China International Leasing Co., Ltd., a non-wholly owned subsidiary of the Company. Mr. Tian worked at China Construction Bank Beijing Branch from August 1990 to July 2017. He successively served as branch accountant, deputy director and director of the business department, manager of the real estate credit department, director of the company and institutional business center, assistant to the president and branch president. Mr. Tian has worked in the financial field for more than 30 years and has extensive experience in the financial industry.

A service agreement will be entered into between Mr. Tian and a wholly-owned subsidiary of the Company commencing on 24 March 2021 for a term of three years, and is subject to retirement by rotation and re-election according to the bye-laws of the Company (the "Bye-laws"). Pursuant to the service agreement, Mr. Tian is entitled to a salary and discretionary bonus as may be determined by the Board or its delegated committee(s) from time to time. The monthly salary of Mr. Tian is HK$120,000. Such salary was determined by the remuneration committee of the Board ("Remuneration Committee") with reference to Mr. Tian's experience and duties as well as the then prevailing market conditions.

In accordance with the Bye-laws, Mr. Tian will hold office until the next general meeting of the Company, at which time he will be eligible for re-election. Thereafter, Mr. Tian will retire from office by rotation at least once every three years in accordance with the requirements of the second part of code provision A.4.2 of the Corporate Governance Code (the "CG Code") as set out in Appendix 14 of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

As at the date of this announcement, Mr. Tian is beneficially interested in 1,685,000 and 138,000 ordinary shares of the Company and Shoucheng Holdings Limited ("Shoucheng", stock code: 697) respectively, which are approximately 0.04% and 0.002% of the issued share capital of the Company and Shoucheng respectively. The shares of Shoucheng are listed on the Main Board of the Stock Exchange. Shougang Group Co., Ltd. ("Shougang Group") indirectly holds approximately 34.91% of the issued shares of Shoucheng. Shougang Group is the holding company of Shougang Holding (Hong Kong) Limited ("Shougang Holding"), which is the controlling shareholder of the Company. Save as disclosed above, under the meaning of Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) ("SFO"), Mr. Tian does not have any interests in the shares of the Company.

Mr. Tian 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 his appointment and he does not have any relationship with other directors, senior management, substantial or controlling shareholders of the Company.

Save as disclosed above, there is no other matter relating to the appointment of Mr. Tian that should be brought to the attention of the Shareholders and there is no other information that should be disclosed pursuant to Rules 13.51(2)(h) to (v) of the Listing Rules.

APPOINTMENT OF NON-EXECUTIVE DIRECTOR

Mr. Zhang Jianxun ("Mr. Zhang") has been appointed as a non-executive director of the Company.

Mr. Zhang, aged 41, holds a master degree of engineering from Tianjin University and a master degree of science from the University of Leeds.

Mr. Zhang is currently the managing director of Beijing Shougang Fund Co., Ltd. (北 京首鋼基金有限公司, "Shougnag Fund"), the chairman and general manager of Jingxi Holdings Co., Ltd. ("Jingxi Holdings"), and the director of Beijing Shougang Langze New Energy Technology Co., Ltd. ("Beijing Shougang Langze"). He had served as the deputy general manager of Beijing E-Town International Investment & Development Co., Ltd., the chairman of Beijing E-Town International Industrial Investment Management Co., Ltd., and the general manager of Cultural Investment Holdings Co., Ltd. (stock code: SH600715, formerly named as Song Liao Automotive Co., Ltd.), the shares of which are listed on the Shanghai Stock Exchange, the director of China Integrated Circuit Industry Investment Fund Co., Ltd., the director of AVIC Automotive Systems Holdings Co., Ltd., the director of Nexteer Automotive Group Limited (stock code: 1316), the shares of which are listed on the Main Board of the Stock Exchange, the director of Beijing Sicheng Semiconductor Co., Ltd.* (北京矽成 半導體有限公司) and the director of Integrated Silicon Solution Inc.. Mr. Zhang has extensive experience in mergers and acquisitions and capital operation of listedcompanies.

Pursuant to the engagement letter with the Company, Mr. Zhang's appointment commences on 24 March 2021 for a term of 3 years and is subject to retirement by rotation and re-election according to the Bye-laws. Further, pursuant to the engagement letter with the Company, he will not receive any emolument.

In accordance with the Bye-laws, Mr. Zhang will hold office until the next general meeting of the Company, at which time he will be eligible for re-election. Thereafter, Mr. Zhang will retire from office by rotation at least once every three years in accordance with the requirements of the second part of code provision A.4.2 of the CG Code.

Shougang Fund is a wholly-owned subsidiary of Shougang Group, Jingxi Holdings is a wholly owned subsidiary of Shougang Fund and Beijing Shougang Langze is owned as to 45.98% by Shougang Group. Shougang Group is the holding company of Shougang Holding, Shougang Holding is the controlling shareholder of the Company. Mr. Zhang personally has no interest in the shares of the Company, which are required to be disclosed pursuant to Part XV of the SFO.

Save as disclosed above, Mr. Zhang 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 his appointment and he does not have any relationship with other directors, senior management, substantial or controlling shareholders of the Company.

Save as disclosed above, there is no other matter relating to the appointment of Mr. Zhang that should be brought to the attention of the Shareholders and there is no other information that should be disclosed pursuant to Rules 13.51(2)(h) to (v) of the Listing Rules.

The Board would like to take this opportunity to welcome Mr. Tian and Mr. Zhang to join the Board.

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:

Members of the Board

Executive Directors

Mr. Xu Liang (Chairman and Managing Director) Mr. Tian Gang

Non-executive Directors Mr. Huang Donglin Mr. Zhang Jianxun

Independent Non-executive Directors Mr. Tam King Ching, Kenny

Mr. Zhang Xingyu

Mr. Ng Man Fung, Walter Ms. On Danita

Memberships of the four Board committees

Board Committee Director	Executive Committee	Audit Committee	Remuneration Committee	Nomination Committee
Xu Liang	C	M	C
Tian Gang	M
Huang Donglin	M	M	M
Tam King Ching, Kenny	C	C	M
Zhang Xingyu	M	M	M
Ng Man Fung, Walter	M	M	M
On Danita	M	M	M

Notes:

• C Chairman of the relevant Board committees

• M Member of the relevant Board committees

By Order of the Board

Shougang Concord Grand (Group) Limited

Xu Liang

Chairman and Managing Director

Hong Kong, 24 March 2021

As at the date of this announcement, the Board comprises Mr. Xu Liang (Chairman and Managing Director); Mr. Tian Gang (Executive Director); Mr. Huang Donglin (Non-executive Director); Mr. Zhang Jianxun (Non-executive Director); Mr. Tam King Ching, Kenny (Independent Non-executive Director); Mr. Zhang Xingyu (Independent Non-executive Director); Mr. Ng Man Fung, Walter (Independent Non-executive Director) and Ms. On Danita (Independent Non-executive Director).

* For identification purpose only