Magnus Concordia Group Limited announced that Ms. Zeng Zhu (``Ms. Zeng'') 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 on The Stock Exchange of Hong Kong Limited with effect from 1 March 2023 due to change of work arrangements. Ms. Zeng 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. Zeng for her contribution to the Company during her tenure of office.

The Board hereby announces that Ms. Mou Li, has been appointed as an executive director of the Company with effect from 1 March 2023. Ms. Mou, aged 38, has more than 15 years of experience in corporate finance and futures contracts industry. She is currently the compliance and risk control officer of Hangzhou Hongyiwanying Private Placement Fund Management Company Limited.

She was the general manager of Qianhai Futures Company Limited Sichuan Branch from 2018 to 2022. Ms. Mou holds a diploma in Finance awarded by the Southwestern University of Finance and Economics in Sichuan. Save as disclosed above, as at the date of this announcement, Ms. Mou has confirmed that (i) she 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) she did not have any relationships with any directors, senior management, substantial shareholders, or controlling shareholders of the Company; and (iii) she 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).

Ms. Mou will enter into a service agreement with the Company for a term of three years. The appointment of Ms. Mou is subject to the articles of association of the Company and the Listing Rules which contain provisions for retirement by rotation and re-election of directors at annual general meetings of the Company. Pursuant to the service agreement, Ms. Mou is entitled to an annual Director's fee of HK$240,000 and discretionary bonuses as may be determined by the Board.

The amounts of emolument of executive Directors are determined by reference to their duties and responsibilities within the Company, the remuneration benchmark in the industry and the prevailing market conditions. Ms. Mou Li has also been appointed a member of the Nomination Committee and the Remuneration Committee of the Company with effect from 1 March 2023.