Jujiang Construction : PROPOSED RETIREMENT OF DIRECTOR AND PROPOSED APPOINTMENT OF DIRECTOR

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Jujiang Construction Group Co., Ltd.

巨匠建設集團股份有限公司

(A joint stock limited liability company established in the People's Republic of China)

(Stock Code: 1459)

1. 1. PROPOSED RETIREMENT OF DIRECTOR; AND
   2. PROPOSED APPOINTMENT OF DIRECTOR
2. PROPOSED RETIREMENT OF DIRECTOR
   The board of directors (the "Board") of Jujiang Construction Group Co., Ltd. (the "Company") announces that Mr. Lin Tao (林濤) ("Mr. Lin") has proposed to retire as an independent non-executive director, the chairman of the nomination committee (the "Nomination Committee"), a member of the audit committee (the "Audit Committee"), remuneration and appraisal committee (the "Remuneration and Appraisal Committee") and strategic committee (the "Strategic Committee") of the Company with effect from the approval of the Proposed Appointment (as defined below) at the AGM (as defined below) due to his other work commitments which require more of his dedication and time.
   Mr. Lin has confirmed that he has no disagreement with the Board and there is no other matter which needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited in relation to his retirement.
   The Board would like to take this opportunity to express its sincere gratitude to Mr. Lin for his valuable contributions to the Company during his tenure of service.
3. PROPOSED APPOINTMENT OF DIRECTOR
   The Board is pleased to announce that the Board has proposed to appoint Mr. Ma Tao (馬濤) ("Mr. Ma") as an independent non-executive director of the Company, the chairman of the Nomination Committee, a member of the Audit Committee, the Remuneration and Appraisal Committee and the Strategic Committee (the "Proposed Appointment").
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According to the articles of association of the Company, the Proposed Appointment is subject to the approval by the shareholders of the Company (the "Shareholders") at a general meeting of the Company. The ordinary resolution in relation to the Proposed Appointment will be proposed at the forthcoming annual general meeting of the Company (the "AGM"). Further details of the AGM will be announced by the Company in accordance with the Listing Rules in due course.

The biographical details of Mr. Ma is as follows:

Mr. Ma

Mr. Ma Tao (formerly known as Ma Xin'ai (馬新愛)), aged 63, has obtained a professional master degree in history from Hebei Normal University in July 1985, a professional doctoral degree in philosophy from Fudan University in July 1996, and a professional postdoctoral degree in economics from Fudan University in November 1997. From December 1997 to March 2001, he served as a professor at the School of Economics and Management, Tongji University. Since April 2001, he has been a professor and doctoral tutor at the School of Economics, Fudan University. From September 1985 to August 1993, he served as a lecturer at Hebei Normal University. Since July 2016, Mr. Ma has been an independent director of Lushang Health Industry Development Co., Ltd. (stock code: 600223.SH).

Mr. Ma has confirmed that he meets the independence guidelines set out in Rule 3.13 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"). As at date of this announcement, Mr. Ma has not previously held and is not holding any position with the Company and/or its subsidiaries and does not have any relationship with any director, supervisor, senior management, substantial shareholder or controlling shareholder of the Company nor does he have any interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Save as disclosed above, Mr. Ma do not hold, and have not held in the last three years, any directorships in other listed public companies the securities of which are listed on any securities market in Hong Kong or overseas and do not hold any other major appointments and qualifications.

Subject to the approval by the Shareholders of the Proposed Appointment of Mr. Ma at the AGM, Mr. Ma will enter into a service contract with the Company for a term commencing on the date of approval by the shareholders of his appointment and ending on the expiry of the term of the current session of the Board. The emoluments to be received by Mr. Ma will be determined by the Nomination Committee and the Remuneration Committee with reference to his relevant experience, responsibilities and duties in the Company and the prevailing market benchmarks.

Save as disclosed above, there are no other matters relating to the Proposed Appointment that need to be bought to the attention of the shareholders of the Company nor any other information to be disclosed pursuant to the requirements of Rule 13.51(2)(h) to 13.51(2)(v) of the Listing Rules.

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The Board would like to take this opportunity to welcome Mr. Ma for joining the Board.

On behalf of the Board

Jujiang Construction Group Co., Ltd.

Lyu Yaoneng

Chairman

Zhejiang Province, the PRC, 31 March 2021

As at the date of this announcement, the executive Directors are Mr. Lyu Yaoneng, Mr. Lyu Dazhong, Mr. Li Jinyan, Mr. Lu Zhicheng, Mr. Shen Haiquan and Mr. Zheng Gang, and the independent non-executive Directors are Mr Yu Jingxuan, Mr. Lin Tao and Mr. Wong Ka Wai.

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