The Board of Shanghai Industrial Urban Development Group Limited announced that Mr. Zhou Xiong has tendered his resignation as the vice chairman of the Board, the president of the Company, an executive Director and a member of the investment appraisal committee of the Company with effect from 15 January 2021 due to deployment of work arrangement. Mr. Zhou will resign from the directorship and executive positions from all subsidiaries of the Company. The Board announced that Mr. Tang Jun has been appointed as the President, an executive Director and a member of the Investment Appraisal Committee with effect from 15 January 2021. Mr. Tang, aged 53, is a director and president of Shanghai Industrial Development Co. Ltd.