Magnus Concordia Group Limited announced that Mr. Xu Jianfeng ("Mr. Xu") and Mr. Wang Zhengjun (‘Mr. Wang') have been appointed as independent non-executive Directors with effect from 26 January 2022. Mr. Xu, aged 52, has been the senior partner of Sichuan Yongdaohe Certified Public Accountants Co. Ltd. ("Sichuan Yongdaohe CPA") since 2005, and in charge of corporate auditing, accounting consultation, corporate investment and mergers and acquisitions.

Mr. Wang Zhengjun has been appointed as an independent non-executive Director, the chairman of the Nomination Committee and a member of the Audit Committee and the Remuneration Committee with effect from 26 January 2022; The terms of appointment with Mr. Lam Chi Hung Louis will be expired on 25 January 2022 and he will cease to be an independent non-executive Director, the chairman of the Remuneration Committee and a member of the Audit Committee with effect from 26 January 2022; and The terms of appointment with Mr. Hung Kin Man will be expired on 25 January 2022 and he will cease to be an independent non-executive Director, the chairman of the Nomination Committee and a member of the Audit Committee with effect from 26 January 2022. Mr. Wang, aged 50, serves as the Dean of the Dongwei Research Institute of Beijing Dongwei Law Firm from 2021 and is mainly responsible for negotiating commercial litigation cases, commercial bankruptcy cases, corporate mergers and acquisitions and reorganisation, advising legal opinions, research on legal professional issues and conducting legal case studies. The Board announces that (a) upon the appointments of Mr. Xu and Mr. Wang as independent non-executive Directors becoming effective on 26 January 2022, Mr. Xu will act as the chairman of the remuneration committee of the Board (the "Remuneration Committee") and a member of the audit committee of the Board (the " Audit Committee ") and the nomination committee of the Board (the "Nomination Committee"); and Mr. Wang will act as the chairman of the Nomination Committee and a member of the Audit Committee and the Remuneration Committee; (b) upon the end of the terms of appointment of Mr. Lam and Mr. Hung as independent non-executive Directors on 25 January 2022, Mr. Lam will cease to be the chairman of the Remuneration Committee and a member of the Audit Committee; and Mr. Hung will cease to be the chairman of the Nomination Committee and a member of the Audit Committee with effect from 26 January 2022.