Shougang Concord Grand : CHANGES OF DIRECTORATE AND COMMITTEES' MEMBERS AND LIST OF DIRECTORS AND THEIR ROLES AND FUNCTIONS

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

首 長 四 方（ 集 團 ）有 限 公 司 *

SHOUGANG CONCORD GRAND (GROUP) LIMITED

(Incorporated in Bermuda with limited liability)

(Stock Code: 730)

CHANGES OF DIRECTORATE AND COMMITTEES' MEMBERS

AND

LIST OF DIRECTORS AND THEIR ROLES AND FUNCTIONS

CHANGES OF DIRECTORATE AND COMMITTEES' MEMBERS

The board of directors (the "Board") of Shougang Concord Grand (Group) Limited (the "Company") announces that:

1. Mr. Xu Liang ("Mr. Xu") has resigned as the Managing Director of the Company with effect from 19 September 2019 but remains as 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");
2. Mr. Su Guifeng (蘇桂鋒, "Mr. Su") has been appointed as an Executive Director and the Managing Director of the Company as well as a member of the Executive Committee with effect from 19 September 2019.

Mr. Su, aged 49, obtained a bachelor's degree in law from China Youth University of Political Studies in July 1992. From August 1992 to December 1999, Mr. Su worked as a cadre of Party Committee Office and secretary of Youth League Committee in the Design Institution of National Radio and Television Administration. Since December 1999, he has served in the Design Institution Office of National Radio and Television Administration and held various positions, including deputy director, director and executive deputy director of business development office during his tenure. From April 2004 to March 2016, Mr. Su worked at the State-owned Assets Supervision and Administration Commission of the State Council, and held various positions including deputy director of news department, director of news department, executive deputy director of news centre and chief editor of the magazine "SASAC Report". Since 2016, Mr. Su held the position of senior vice president of Shanghai Zhaogang Netcom

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Corporation Limited, principally responsible for operational management, such as communication with upstream steel corporations and market development, strategic cooperation with major State-owned clients, as well as market development of variety steel clients. Mr. Su is currently an independent director of 京西商業保理有限公司 (Beijing West Business Factoring Company Limited*), which is held as to 41.41% equity interests by the Company. Mr. Su has profound experience in the area of public relations in both government and media. He is also well familiar with the policy backgrounds of the steel industry and development of steel corporations, as well as operational management of large and medium government managed corporations and State-owned corporations. He has also intensive studies in law.

As at the date of this announcement, Mr. Su does not have any interests in the shares of the Company for the purpose of Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

Mr. Su does not hold any directorships in any 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.

A service agreement will be entered into between Mr. Su and a wholly-owned subsidiary of the Company for a term of three years commencing from 19 September 2019, and Mr. Su is subject to retirement by rotation and re-election according to the bye-laws of the Company. Pursuant to the service agreement, Mr. Su 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. Su is HK$240,000. Such salary was determined by the Remuneration Committee with reference to Mr. Su'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 Mr. Su that is required to be brought to the attention of the shareholders of the Company and there is no other information that is required to 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").

In order to satisfy the requirement under code provision A.2.1 of the Corporate Governance Code as set out in Appendix 14 to the Listing Rules in relation to the roles of chairman and the chief executive should be separate and should not be performed by the same individual, Mr. Xu resigned as the Managing Director of the Company but remains as the Chairman of the Board, the chairman of each of the Executive Committee and Nomination Committee and a member of the Remuneration Committee.

The Board would like to take this opportunity to welcome Mr. Su to join the Board.

LIST OF DIRECTORS AND THEIR ROLES AND FUNCTIONS

With effect from 19 September 2019, the members of the Board and the four Board committees of the Company are as follows:

Members of the Board

Executive Directors

Mr. Xu Liang (Chairman)

Mr. Su Guifeng (Managing Director)

Ms. Li Jing

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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
Su Guifeng	M
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:

1. Chairman of the relevant Board committee M Member of the relevant Board committee

By Order of the Board

Shougang Concord Grand (Group) Limited

Xu Liang

Chairman

Hong Kong, 19 September 2019

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