The board of directors (the ``Board'') of Shanghai Industrial Urban Development Group Limited announced that Mr. Zhong Tao (``Mr. Zhong'') will resign as an executive director, the vice president of the Company and a member of the investment appraisal committee of the Company with effect from 31 March 2022 due to deployment of work arrangement. Mr. Zhong will also resign from directorship and executive positions from all subsidiaries of the Company.