Shougang Concord Grand : RESIGNATION OF MANAGING DIRECTOR, APPOINTMENT OF GENERAL MANAGER, CHANGE OF COMPOSITION OF BOARD COMMITTEE'S MEMBER 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)

RESIGNATION OF MANAGING DIRECTOR APPOINTMENT OF GENERAL MANAGER

CHANGE OF COMPOSITION OF BOARD COMMITTEE'S MEMBER

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 of the Company with immediate effect:

RESIGNATION OF MANAGING DIRECTOR

In order to re-comply with the requirement under code provision A.2.1 of the Corporate Governance Code as set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") in relation to the roles of chairman and the chief executive should not be performed by the same individual, Mr. Xu Liang ("Mr. Xu") has resigned as the Managing Director of the Company with effect from 29 March 2021. He will remain as an executive director, the Chairman of the Board, the chairman of each of the executive committee of the Board ("Executive Committee") and nomination committee of the Board ("Nomination Committee") and a member of the remuneration committee of the Board ("Remuneration Committee").

APPOINTMENT OF GENERAL MANAGER

Mr. Liang Hengyi ("Mr. Liang") has been appointed as a General Manager of the Company.

Mr. Liang, aged 47, holds a master degree in Economics and a Doctor of Philosophy degree in Management and is a senior economist. Mr. Liang served as a managing director, an executive director and a member of each of the executive committee and the nomination committee of Shoucheng Holdings Limited (stock code: 697, formerly named as Shougang Concord International Enterprises Company Limited, "Shoucheng"), the shares of which are listed on the Main Board of the Stock Exchange. He also served as a managing director of Beijing Shougang Fund Co., Ltd.* （北京首鋼基金有限公司）, the general manager of non-fare business unit of Beijing Infrastructure Investment Co., Ltd., the general manager of Beijing Capital Investment Rail Transit Assets Management Company（北京京投軌道交通資產經營 管理有限公司）and the president of Beijing Urban Underground Space Development and Construction Co., Ltd.（北京城投地下空間開發建設有限公司）.

As at the date of this announcement, Mr. Liang is beneficially interested in 598,000 ordinary shares of Shoucheng, representing approximately 0.008% of the issued share capital of Shoucheng. 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, Mr. Liang does not have any interest in the shares of the Company under the meaning of Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

An employment contract will be entered into between Mr. Liang and a wholly-owned subsidiary of the Company. Pursuant to the employment contract, Mr. Liang 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. Liang is HK$120,000. Such salary was determined by the Remuneration Committee with reference to Mr. Liang's experience and duties as well as the then prevailing market conditions.

Save as disclosed above, Mr. Liang 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 resignation of Mr. Xu as Managing Director and the appointment of Mr. Liang as General Manager 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. Liang to join the Company.

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) 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

Hong Kong, 29 March 2021

As at the date of this announcement, the Board comprises Mr. Xu Liang (Chairman); 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