Dida Inc. — Capital/Financing Update 2008

Apr 3, 2008

==> picture [65 x 48] intentionally omitted <==

CHINA SHIPPING DEVELOPMENT COMPANY LIMITED 中海發展股份有限公司

(a joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 1138)

ANNOUNCEMENT

Conversions of the convertible bonds (the “China Shipping Convertible Bonds”) of China Shipping Development Company Limited (the “Company”) commenced on 2 January 2008. As at 26 March 2008, 1,988,173,000 China Shipping Convertible Bonds have been converted into A Shares of the Company, with aggregate conversion of 78,552,270 Shares, representing 2.36% of the total issued share capital of the Company prior to the commencement of the conversion of China Shipping Convertible Bonds. There are 11,827,000 China Shipping Convertible Bonds still outstanding, representing 0.59% of the total issued China Shipping Convertible Bonds. The Company has redeemed all the outstanding China Shipping Convertible Bonds, and the date for the despatch of the redemption money was 2 April.

Pursuant to the relevant provisions of the “Regulations for the Administration of the Issuance of Securities by Listed Companies” and the listing rules of the Shanghai Stock Exchange, changes in the Company’s share capital after the redemption of China Shipping Convertible Bonds are announced as follows:

				Number as at26 March(Shares)Proportionto the totalshare capitalof theCompany(%) 1,578,500,00046.36%530,052,27015.57% 1,296,000,00038.07% 3,404,552,270100.00%	Number as at26 March(Shares)Proportionto the totalshare capitalof theCompany(%) 1,578,500,00046.36%530,052,27015.57% 1,296,000,00038.07% 3,404,552,270100.00%
	ClassNumber priorto conversion(Shares)		Changes(Shares)	Number as at26 March(Shares)
	Restricted CirculatingA SharesNon-restrictedCirculating ASharesH SharesTotal	1,578,500,000451,500,0001,296,000,0003,326,000,000	0 +78,552,2700 +78,552,270
					100.00%

— 1 —

This announcement has been made pursuant to the requirements under Rule 13.09(2) of the Listing Rules. The Company’s A Shares are listed on the Shanghai Stock Exchange which has requested the Company to issue an announcement similar to this announcement.

By order of the Board China Shipping Development Company Limited Yao Qiaohong Company Secretary

Shanghai, the PRC 3 April 2008

As at the date of this announcement, the Board of Directors of the Company is comprised of Mr. Li Shaode, Mr. Ma Zehua, Mr. Lin Jianqing, Mr. Wang Daxiong, Mr. Zhang Guofa, Mr. Mao Shijia and Mr. Wang Kunhe as executive directors, Mr. Ma Xun, Mr. Xie Rong, Mr. Hu Honggao, Mr. Zhu Yongguang and Mr. Zhou Zhanqun as independent non-executive directors.

— 2 —