Shougang Concord Grand (Group) Limited board of directors announced that Mr. Xu Liang has resigned as the Managing Director of the company with effect from 6 January 2018 but remains as the Chairman of the Board, the chairman of each of the Executive Committee and Nomination Committee and a member of the Remuneration Committee; Mr. Liu Dongsheng has been appointed as an Executive Director and the Managing Director of the company as well as a member of the Executive Committee with effect from 6 January 2018; Mr. Yang Junlin has resigned as an Executive Director and the Deputy Managing Director of the company with effect from 6 January 2018 and will ipso facto cease to be a member of the Executive Committee from the same date; and Mr. Yuan Wenxin has resigned as an Executive Director and the Deputy Managing Director of the company with effect from 6 January 2018 and will ipso facto cease to be a member of the Executive Committee from the same date. Mr. Liu, was an independent director of Zhejiang Canaan Technology Co. Ltd., from August 2014 to April 2016.

He was also the supervisor of the department of securities and capital operation of Beijing Energy Investment Holding Co. Ltd., the managing director of the investment department and head of strategic client division in China Merchants Securities (HK) Co. Ltd., and the legal representative and general manager of Shenzhen Merchants Zhiyuan Consulting Company Limited.