PegBio Co., Ltd. — Capital/Financing Update 2007

Sep 19, 2007

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XIN CORPORATION LIMITED **新 創 綜 合 企 業 有 限 公 司 ***

(Incorporated in Bermuda with limited liability)

(Stock Code: 1141)

ANNOUNCEMENT ON CONVERSIONS OF

THE FIRST TRANCHE OF THE CONVERTIBLE NOTES

AND

THE FIRST TRANCHE OF THE NEW VISION CENTURY NOTES

The Company made this announcement pursuant to the requirements of paragraph (ii) under the heading “Dilution effect on Shareholders” of the Circular.

Reference is made to the announcements of Xin Corporation Limited (the “Company”) dated 28th June, 2007 and 17th September, 2007 and the circular of the Company dated 19th July, 2007 (the “Circular”). The Company made this announcement pursuant to the requirements of paragraph (ii) under the heading “Dilution effect on Shareholders” of the Circular. Capitalised terms used in this announcement shall have the same meanings as defined in the Circular unless otherwise defined.

Subsequent to issues of the first tranche of the Convertible Notes (the “1st Tranche of the Convertible Notes”) in the aggregate amount of HK$40,000,000 and the first tranche of the New Vision Century Notes (the “1st Tranche of the New Vision Century Notes”) in the principal amount of HK$40,000,000 by the Company on 17th September, 2007, the Company received six conversion notices for the conversion of the 1st Tranche of the Convertible Notes and a conversion notice for the conversion of the 1st Tranche of the New Vision Century Notes on 18th September, 2007, which resulted in the issue of 285,714,283 new Shares by the Company on 18th September, 2007, details of which are set out as follows:

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(a) 1st Tranche of the Convertible Notes

			Aggregate	Outstanding
			principal	principal
			amount of the	amount
			1st Tranche	of the 1st
			of the	Tranche of
	No. of new		Convertible	the
Conversion	Shares	Conversion	Notes	Convertible
date	issued	price	converted	Notes
		(HK$)	(HK$)	(HK$)
18th September,	142,857,141	0.28	40,000,000	Nil
2007

(b) 1st Tranche of the New Vision Century Notes

			Principal
			amount of the	Outstanding
			1st Tranche	principal
			of the New	amount
			Vision	of the 1st
	No. of new		Century	Tranche of
Conversion	Shares	Conversion	Notes	New Vision
date	issued	price	converted	Century Notes
		(HK$)	(HK$)	(HK$)
18th September,	142,857,142	0.28	40,000,000	Nil
2007

Change in the issued share capital of the Company is as follows:

	Issued share capital	Number of issued Shares
	HK$
As at 17th September, 2007	6,412,923.42	641,292,342
Total number of new Shares issued
pursuant to conversion of the 1st
Tranche of the Convertible Notes
at 18th September, 2007	1,428,571.41	142,857,141
Total number of new Shares issued
pursuant to conversion of the 1st
Tranche of the New Vision
Century Notes at 18th September,	1,428,571.42	142,857,142
2007
As at 18th September, 2007	9,270,066.25	927,006,625

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The 285,714,283 new Shares issued on 18th September, 2007 with respect to the conversions of the 1st Tranche of the Convertible Notes and the 1st Tranche of the New Vision Century Notes accounted for 44.55% of the issued share capital of the Company as disclosed in the previous announcement of the Company dated 17th September, 2007.

This announcement is only released through the web-site of The Stock Exchange of Hong Kong Limited and no publication in the newspaper is made.

By order of the Board Lo Ming Chi, Charles Chairman

Hong Kong, 19th September, 2007

At the date of this announcement, the board of directors of the Company comprises Mr. Lo Ming Chi, Charles (Chairman), Mr. Yu Wai Man, Mr. Wilson Ng, Mr. Ng Wee Keat and Mr. Ng Eng Leng as executive directors and Mr. Wong Kwok Tai, Mr. Lau Pok Lam and Mr. Ko Kwong Woon, Ivan as independent non-executive directors.

• For identification only

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