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

Mar 6, 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 2nd March, 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 the holder of the Convertible Note on 5th March, 2007, which resulted in the issue of additional 70,921,985 new Shares by the Company on 5th March, 2007, representing 17.7% of the issued share capital of the Company as disclosed in the previous announcement dated 2nd March, 2007.

Reference is made to the announcements of Xin Corporation Limited (the “Company”) dated 17th February, 2006 and 2nd March, 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$10,000,000 as announced by the Company on 2nd March, 2007, the Board would like to report that a principal sum of HK$10,000,000 of the Convertible Note was further converted by the holder of the Convertible Note on 5th March, 2007 which resulted in the issue of additional 70,921,985 new Shares by the Company on 5th March, 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$
5th March, 2007	70,921,985	0.141	10,000,000	17,000,000

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

IssuedAs at 1st March, 2007Total number of additional new Sharesissuedpursuanttothefurtherconversion of part of the ConvertibleNote at 5th March, 2007 As at 5th March, 2007	share capitalNumber of issued SharesHK$4,017,380.41401,738,041709,219.8570,921,9854,726,600.26472,660,026	share capitalNumber of issued SharesHK$4,017,380.41401,738,041709,219.8570,921,9854,726,600.26472,660,026
		472,660,026

The additional 70,921,985 new Shares were issued on 5th March, 2007 with respect to the further conversion of part of the Convertible Note, representing 17.7% of the issued share capital of the Company as disclosed in the previous announcement dated 2nd March, 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, 6th March, 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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