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

Jul 30, 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)

HK$37,000,000 1 PER CENT CONVERTIBLE NOTE DUE 2009 ANNOUNCEMENT

Reference is made to the Company’s announcements dated 17th February, 2006 and 26th July, 2007 and the Company’s circular dated 10th March, 2006. The Board would like to report that a principal sum of HK$10,000,000 of the Convertible Note was further converted by three holders of the Convertible Note on 30th July, 2007, which resulted in the issue of additional 70,921,985 new Shares by the Company on 30th July, 2007, representing 12.43% of the issued share capital of the Company as disclosed in the previous announcement dated 26th July, 2007.

Reference is made to the announcements of Xin Corporation Limited (the “Company”) dated 17th February, 2006 and 26th July, 2007 and the circular of the Company dated 10th March, 2006 (the “Circular”). The Company made this announcement pursuant to the requirements of paragraph (a) 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 the conversion of part of the Convertible Note in a principal sum of HK$7,000,000 as announced by the Company on 26th July, 2007, the Board would like to report that a principal sum of HK$10,000,000 of the Convertible Note was further converted by three holders of the Convertible Note on 30th July, 2007 which resulted in the issue of additional 70,921,985 new Shares by the Company on 30th July, 2007, details of which are set out as follows:

			Principal
	No. of new		amount of the	Outstanding
	Shares	Conversion	Convertible	principal sum of the
Conversion date	issued	price	Note converted	Convertible Note
		HK$	HK$	HK$
30th July, 2007	70,921,985	0.141	10,000,000	Nil

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

IssuedAs at 26th July, 2007Total number of additional new Sharesissuedpursuanttothefurtherconversion of the Convertible Note at30th July, 2007 As at 30th July, 2007	share capitalNumber of issued SharesHK$ 5,703,703.57570,370,357709,219.8570,921,9856,412,923.42641,292,342

The additional 70,921,985 new Shares were issued on 30th July, 2007 with respect to the further conversion of the Convertible Note, representing 12.43% of the issued share capital of the Company as disclosed in the previous announcement dated 26th July, 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, 30th July, 2007

As at the date of this announcement, the Board 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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