Mr. Li Shaofeng Replaces Mr. Cao Zhong at Helm of Shougang Holding

HONG KONG, May 11 /PRNewswire-Asia/ -- Shougang Holding (Hong Kong) Limited ("Shougang Holding", or the "Company"), a wholly owned subsidiary of Shougang Corporation which is one of the biggest steel enterprises in China, announced that Mr. Cao Zhong resigned as the Vice Chairman and Managing Director of the Company due to other business engagements. Mr. Li Shaofeng, aged 43, replaced Mr. Cao Zhong.

Mr. Wang Qinghai, Chairman of Shougang Holding, said, "Mr. Cao held key positions in Shougang Holding and Shougang Concord Group and made significant contributions. In addition to driving the growth of our businesses, he also helped us make continuous improvements in corporate governance and risk management, thereby laying a solid foundation for our sustainable development. On behalf of the management, I would like to express our gratitude for his many years of dedication and contributions. We regret Mr. Cao's departure and wish him all the best."

Mr. Wang Qinghai added, "We are very pleased to announce the appointment of Mr. Li Shaofeng as Vice Chairman and Managing Director of the Company. Mr. Li is young and promising. He joined Shougang Corporation in 1989 and has held key positions in various companies under Shougang Corporation. Mr. Li has extensive experience in management of listed companies, Sino-foreign joint ventures and steel enterprises and investments. The management believes that with the strong support of Shougang Corporation and gradual maturation of the management team, the Company and Shougang Concord Group will continue to grow healthily and steadily and experience rapid development."

Mr. Cao Zhong said, "I am glad to have worked together with the staff of various companies under Shougang Concord Group to conquer a variety of difficulties and make new breakthroughs, resulting in the persistent growth of our businesses. I am confident that we will have a bright future as our management team gradually matures. I hope the community will continue to lend us support so that our operations will further flourish."

Mr. Li Shaofeng holds a bachelor's degree in Automation from the University of Science and Technology Beijing. He joined Shougang Corporation in 1989 and was Managing Director of Shougang Concord Century Holdings Limited and Shougang Concord Grand (Group) Limited, which are Hong Kong listed companies held by Shougang Holding.

Mr. Li commented on his appointment, "It's an honour and I will do my best to retain the achievements made by Mr. Cao. I will work closely with the management team and staff to propel the healthy and rapid growth of our businesses. I believe that with the tremendous support of Shougang Corporation and society, our operations will make new breakthroughs, hence creating better returns to investors in response to their long-term support for us."

Company Profile

Shougang Holding (Hong Kong) Limited was incorporated in Hong Kong in 1992. It wholly owns a subsidiary which engages in exporting and trading of iron ore and steel. It also holds equity interests in Shougang Concord International Enterprises Company Limited (stock code: 697.HK), Shougang Concord Grand (Group) Limited (stock code: 730.HK - the holding company of Global Digital Creations Holdings Limited (stock code: 8271.HK)), Shougang Concord Technology Holdings Limited (stock code: 521.HK), Shougang Concord Century Holdings Limited (stock code: 103.HK) and Fushan International Energy Group Limited (stock code: 639.HK).

    Investor and media enquiries:

    Shougang Holding (H.K.) Limited
     Contact: Mr. Zheng Fan
     Address: 7/F., Bank of East Asia Harbor View Centre
              56 Gloucester Road, Wanchai, Hong Kong
     Direct:  +852-2589-2017
     Tel:     +852-2861-2832
     Email:   [email protected]

    PRChina Limited
    Contact: Ms Jane Liu / Mr. Henry Chik
    Address: Room 301, Wilson House
             19-27 Wyndham Street, Central, Hong Kong
    Tel:     +852-2522-1838 / 2522-1368
    Email:   [email protected]
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SOURCE Shougang Holding (Hong Kong) Limited