The board of directors of Shanghai Industrial Urban Development Group Limited has confirmed with Dr. Wong Ying Ho, Kennedy, BBS, J.P., an Independent Non-Executive Director that on August 1, 2015, he was charged by the Independent Commission Against Corruption with offering an advantage to an agent over the restructuring of Ocean Grand Chemicals Holdings Limited, of which the agent was an executive director. In addition, Dr. Wong was also charged with bribing the agent with a share option to subscribe for shares in HKRH in connection with the acquisition by HKRH of certain subsidiaries of the then listed 3D-GOLD Jewellery Holdings Limited. In view of the above charges, Dr. Wong has tendered his resignation as an Independent Non- executive Director, a member of the audit committee and the chairman of the nomination committee of the Company with effect from August 3, 2015.

The Board also announced that Mr. Ji Gang, the Chairman of the Board and an Executive Director, has been appointed as the chairman of the Nomination Committee and Mr. Doo Wai- Hoi, William, J.P., an Independent Non-executive Director, has been appointed as a member of the Nomination Committee, both with effect from August 3, 2015.