Shougang Concord Grand : TERMINATION OF CONTINUING CONNECTED TRANSACTION

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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)

TERMINATION OF CONTINUING CONNECTED TRANSACTION

Reference is made to the announcement of the Company dated 21 July 2020 (the "Announcement"). Unless otherwise provided, capitalised terms used in this announcement shall have the same meaning as used in the Announcement.

As additional time would be required to comply with the regulatory requirements for the Cooperation Agreement, which will seriously disrupt the supply plan of the Products to the end-customers, Suzhou Shougang Steel and Jingxi Supply Chain have mutually agreed to terminate the Cooperation Agreement on 30 July 2020.

The Company does not consider that the termination of the Cooperation Agreement will have any material adverse effect on the operation or financial position of the Company.

By Order of the Board

Shougang Concord Grand (Group) Limited

Xu Liang

Chairman

Hong Kong, 30 July 2020

As at the date of this announcement, the board of directors of the Company comprises Mr. Xu Liang (Chairman), Mr. Su Guifeng (Managing Director), Ms. Li Jing (Executive Director), Ms. You Wenli (Non-executive Director), Mr. Huang Donglin (Non-executive Director), Mr. Tam King Ching, Kenny (Independent Non-executive Director), Mr. Wan Siu Wah, Wilson (Independent Non-executive Director) and Mr. Zhang Xingyu (Independent Non-executive Director).

* For identification purpose only