The board of directors (the ``Board'') of Shanghai Industrial Urban Development Group Limited (the ``Company'') announced that Mr. Qiao Zhigang (``Mr. Qiao'') has resigned as an independent non-executive director and a member of the investment appraisal committee of the Company with effect from 5 January 2024 due to his own business and other commitments. Pursuant to Code Provision B.2.4 (b) of the Corporate Governance Code as set out in Appendix C1 of the Rules Governing the Listing of Securities on the Stock Exchange (the ``Code Provision''), if all the independent non-executive directors of an issuer have served more than nine years on the Board, the issuer should appoint a new independent non-executive director on the Board at the forthcoming annual general meeting. Following the resignation of Mr. Qiao, all the independent non-executive directors of the Company have served more than nine years on the board.

The Board is endeavoring to identify suitable candidate to fill the vacancy as soon as reasonably practicable to comply with the Code Provision.