Magnus Concordia Group Limited announced that Ms. Au Hoi Lee Janet has resigned as an executive director of the Company and ceased to act as a member of Nomination Committee, a member of Remuneration Committee of the Company and the Company's authorized representative pursuant to Rule 3.05 of the Rules Governing the Listing of Securities (the ``Listing Rules'') on The Stock Exchange of Hong Kong Limited (the ``Stock Exchange'') with effect from 15 July 2022 due to change of work arrangements. Ms. Au has confirmed that she has no disagreement with the Board and there is no matter relating to her resignation that needs to be brought to the attention of the shareholders of the Company or the Stock Exchange. The Board would like to express its gratitude to Ms. Au for her contribution to the Company during her tenure of office.

The Board hereby announces that Mr. Huang Zhidan, has been appointed as an executive director of the Company with effect from 15 July 2022. Mr. Huang, aged 55, has in-depth knowledge and experience in corporate finance. He is the chief operational officer of Guangzhou Industrial Investment Fund Management Co.

Ltd. and the Chairman of SFund International Investment Fund Management Limited substantial shareholders of the Company, since September 2021. Prior to joining SFund International, Mr. Huang was a party committee member of China Zheshang Bank Guangzhou Branch (``China Zheshang Bank'') from June 2015 to September 2020 and vice president of China Zheshang Bank from June 2016 to September 2020. He also held multiple roles in various commercial banks including the leader of the founding committee, party secretary and president of The Industrial Bank Co.

Ltd. Zhuhai Branch from July 2009 to June 2015. Prior to that, he also worked in Bank of China. He obtained a postgraduate degree in economic management from GuangDong Academy of Social Sciences in 2002.

Mr. Huang has entered a service contract with the Company for an initial term of three years commencing from 15 July 2022 pursuant to which he will hold office subject to termination by three months' notice and retirement by rotation at the annual general meetings of the Company. According to the terms of service contract of Mr. Huang, he is not entitled to any director's fee but is entitled to discretionary bonus as may be determined by the Board. Save as disclosed above, as at the date of this announcement, Mr. Huang has confirmed that (i) he did not hold any directorship in public companies the securities of which are listed on any securities market in Hong Kong and overseas in the last three years; (ii) he did not have any relationships with any directors, senior management, substantial shareholders, or controlling shareholders of the Company; and (iii) he did not 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).