The board of directors of Shougang Century Holdings Limited announced in order to re-comply with the requirement under code provision C.2.1 of the Corporate Governance Code as set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to the roles of chairman and chief executive should not be performed by the same individual, Mr. Su Fanrong will resign as the managing director of the Company with effect from 1 July 2023. He will remain as an executive Director and the chairman of the Company, as well as the chairman of the nomination committee of the Company and the vice chairman of the remuneration committee of the Company. Mr. Li Jinping, an existing executive Director, will be appointed as a Managing Director with effect from 1 July 2023.

Mr. Li, aged 47, was appointed as an executive Director with effect from 1 January 2020. Mr. Li was graduated from Shandong University of Finance and Economics with a Master degree in Accounting. He is a senior accountant and a Public Valuer.

Mr. Li had worked in Beijing Supervision Bureau of Ministry of Finance of the People's Republic of China for approximately 18 years and held various senior positions including the deputy division director and division director. He was principally engaged in the work relating to supervision, inspection, risk control management and so on. In 2019, Mr. Li joined Shougang Holding (Hong Kong) Limited which is a substantial shareholder of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (SFO).

He currently serves as a financial controller of Shougang HK and a director or supervisor of various companies under Shougang HK. In all, Mr. Li has extensive experience and expertise in financial supervision and risk control. The service contract made between Mr. Li as an executive Director and the Company will be terminated.

Mr. Li will enter into a new service contract with the Company as an executive Director and a Managing Director for a term commencing from 1 July 2023 to 31 December 2025 (the Service Contract). The emoluments of a Director are determined by reference to his experience and duties, his role played in the Board, the Company's performance and profitability, the remuneration benchmark in the industry and the prevailing market conditions. Pursuant to the Service Contract, Mr. Li has voluntarily declined any director's emoluments.