PegBio Co., Ltd. — Capital/Financing Update 2008

Jun 5, 2008

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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)

MONTHLY ANNOUNCEMENT ON THE SECOND TRANCHE OF THE CONVERTIBLE NOTES

AND THE SECOND TRANCHE OF THE NEW VISION CENTURY NOTES

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

Reference is made to the announcement of Xin Corporation Limited (the “Company”) dated 28th June, 2007 and 23rd May, 2008 and the circular of the Company dated 19th July, 2007 (the “Circular”). The Company made this announcement pursuant to paragraph (i) 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.

(a) 2nd Tranche of the Convertible Notes

The Board would like to report that the Company received three conversion notices for conversions of part of the second tranche of the Convertible Notes (the “2nd Tranche of the Convertible Notes”) in the aggregate principal amount of HK$17,500,000 during the month of May 2008 which resulted in the issue of total 62,499,999 new Shares by the Company during the month of May 2008, details of which are set out as follows:

Conversion date19th May, 200820th May, 200822nd May, 2008	No. of newSharesissuedConversionpricePrincipalamount of the2nd Trancheof theConvertibleNotesconvertedOutstandingprincipalamountof the 2ndTranche oftheConvertibleNotes(HK$)(HK$)(HK$)35,714,2850.2810,000,00040,000,00025,000,0000.287,000,00033,000,0001,785,7140.28500,00032,500,00062,499,999=========17,500,000========

* For identification only

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(b) 2nd Tranche of the New Vision Century Notes

The Board would also like to report that the Company received a conversion notice for conversion of the remaining balance of the second tranche of the New Vision Century Notes (the “2nd Tranche of the New Vision Century Notes”) in the principal amount of HK$30,000,000 on 22nd May, 2008 which resulted in the issue of 107,142,857 new Shares by the Company during the month of May 2008, details of which are set out as follows:

				Outstanding
			Principal	principal
			amount of the	amount
			2nd Tranche	of the 2nd
			of the New	Tranche of
	No. of new		Vision	the
	Shares	Conversion	Century Notes	New Vision
Conversion date	issued	price	converted	Century Notes
		(HK$)	(HK$)	(HK$)
22nd May, 2008	107,142,857	0.28	30,000,000	Nil

Change in the issued share capital of the Company for the month of May 2008 was as follows:

Issued share capital Number of issued Shares (HK$) As at 1st May, 2008 10,698,637.67 1,069,863,767 Total number of new Shares issued pursuant to other transactions during the month 62,080.00 6,208,000 * Total number of new Shares issued pursuant to the conversions of part of the 2nd Tranche of the Convertible Notes in the aggregate principal amount of HK$17,500,000 during the month 624,999.99 62,499,999

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Issued share capital Number of issued Shares (HK$)

Total number of new Shares issued pursuant to the conversion of the remaining balance of the 2nd Tranche of the New Vision Century Notes in the principal amount of HK$30,000,000 during the month 1,071,428.57 107,142,857 As at 31st May, 2008 12,457,146.23 1,245,714,623

• These Shares were issued upon exercise of share options granted by the Company on 30th April, 2008.

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.

On behalf of the Board

Lo Ming Chi, Charles

Deputy Chairman and Chief Executive Officer

Hong Kong, 5th June, 2008

As at the date of this announcement, the Board comprises Mr. Suen Cho Hung, Paul (Chairman), Mr. Lo Ming Chi, Charles (Deputy Chairman and Chief Executive Officer), Mr. Yu Wai Man, Mr. Zhang Zhidong and Mr. Sue Ka Lok as executive Directors and Mr. Wong Kwok Tai, Mr. Weng Yixiang, Mr. Lu Xinsheng and Mr. Xiong Wei as independent non-executive Directors.

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