Legend : Resignation of Independent Non-executive Director

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Legend Holdings Corporation

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

(Stock Code: 03396)

Resignation of Independent Non-executive Director

Legend Holdings Corporation (the "Company") received on March 10, 2021 a notice of resignation from Mr. ZHANG Xuebing ("Mr. Zhang"), the independent non-executive director of the Company, that in view of the increasing workload of his legal and professional business, Mr. Zhang needs to devote more time to his business. As such, Mr. Zhang has resigned as an independent non-executive director of the Company and a member of the nomination committee (the "Nomination Committee") and audit committee (the "Audit Committee") of the board of directors of the Company with effect from March 12, 2021.

Mr. Zhang has confirmed that he has no disagreement with the board of directors of the Company (the "Board"), nor is there any information in relation to his resignation that is required to be brought to the attention of the shareholders of the Company.

The Board wishes to express its sincere gratitude to Mr. Zhang for his valuable contribution to the Company during his tenure as a director.

Following the resignation of Mr. Zhang, the Board comprises ten members of which the number of independent non-executive directors reduces to three while the Audit Committee has only two members and the majority of the Nomination Committee is not comprised of independent non-executive directors, hence fails to meet the following requirements:

• (a) According to rule 3.10A of the Rules Governing the Listing of Securities (the "Listing Rules") of The Stock Exchange of Hong Kong Limited, the number of independent non-executive directors shall represent at least one-third of the Board;

• (b) According to rule 3.21 of the Listing Rules and terms of reference of the Audit Committee, the Audit Committee shall comprise of non-executive directors only and comprise a minimum of three members; and

• (c) According to the code provision A.5.1 of the corporate governance code contained in appendix 14 to the Listing Rules and terms of reference of the Nomination Committee, the number of independent non-executive directors shall represent the majority of the Nomination Committee.

Therefore, according to the requirements of rule 3.11, the Board will use its best endeavours to identify suitable candidates within 3 months from the date of resignation of Mr. Zhang with a view to fulfill the requirements of the above Listing Rules, terms of reference of the Audit Committee and terms of reference of the Nomination Committee as soon as practicable. The Company will make further announcement(s) in this regard as and when appropriate.

By order of the Board Legend Holdings Corporation

NING Min Chairman

March 10, 2021

As at the date of this announcement, the Executive Directors of the Company are Mr. NING Min and Mr. LI Peng; the Non-executive Directors are Mr. ZHU Linan, Mr. ZHAO John Huan, Mr. WU Lebin, Mr. SUO Jishuan and Mr. WANG Yusuo; and the Independent Non-executive Directors are Mr. MA Weihua, Mr. ZHANG Xuebing, Ms. HAO Quan and Mr. YIN Jian'an.