The board of directors of Shougang Concord Grand (Group) Limited announced that Mr. Xu Liang 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 and nomination committee of the Board and a member of the remuneration committee of the Board. Mr. Su Guifeng 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 is currently an independent director of Beijing West Business Factoring Company Limited.