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

Jan 17, 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)

ANNOUNCEMENT ON CONVERSION OF PART OF

THE SECOND 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 7th January, 2008 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.

The Board would like to report that the Company received a conversion notice for conversion of part 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 14th January, 2008, which resulted in the issue of 107,142,857 new Shares by the Company on 17th January, 2008, details of which are set out as follows:

2nd Tranche of the New Vision Century Notes

Principal amount of the Outstanding 2nd Tranche principal of the New amount Vision of the 2nd No. of new Century Tranche of Shares Conversion Notes the New Vision Conversion date issued price converted Century Notes (HK$) (HK$) (HK$) 17th January, 2008 107,142,857 0.28 30,000,000 30,000,000

• For identification only

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

Issued share capitalNumber ofHK$ As at 1st January, 20089,627,209.10Total number of new Shares issuedpursuant to conversion of part ofthe 2nd Tranche of the NewVision Century Notes at 17thJ 2008107142857	Issued share capitalNumber ofHK$ As at 1st January, 20089,627,209.10Total number of new Shares issuedpursuant to conversion of part ofthe 2nd Tranche of the NewVision Century Notes at 17thJ 2008107142857	issued Shares962,720,910107142857
anuary,As at 17th January, 2008	,,.10,698,637.67	,,
		1,069,863,767

The 107,142,857 new Shares issued on 17th January, 2008 with respect to conversion of part of the 2nd Tranche of the New Vision Century Notes accounted for 11.13% of the issued share capital of the Company as disclosed in the previous announcement of the Company dated 7th January, 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, 17th January, 2008

As at the date of this announcement, the board of directors of the Company 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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