PegBio Co., Ltd. — Capital/Financing Update 2010

Mar 18, 2010

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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POLY DEVELOPMENT HOLDINGS LIMITED 保興發展控股有限公司[*]

(Incorporated in Bermuda with limited liability) (Stock Code: 1141)

COMPLETION OF SUBSCRIPTION OF NEW SHARES

Placing Agent

The Board is pleased to announce that all conditions set out in the Placing and Subscription Agreement dated 9 March 2010 in relation to the Subscription were fulfilled and the Subscription was completed on 18 March 2010. The Company allotted and issued 425,912,000 Subscription Shares to the Vendor pursuant to the Placing and Subscription Agreement at the Subscription Price of HK$1.14 per Subscription Share.

Reference is made to the announcement of the Company dated 10 March 2010 (“Topup Placement Announcement”) in relation to the Placing on a best effort basis of existing Shares and the related Subscription of new Shares. Capitalized terms used in this announcement have the same meanings as defined in the Top-up Placement Announcement unless otherwise stated.

On 11 March 2010, the Board further announced that the Placing was completed on 11 March 2010, pursuant to which the Placing Agent placed a total of 425,912,000 Placing Shares to not less than six Placees.

The Board is pleased to announce that all conditions set out in the Placing and Subscription Agreement dated 9 March 2010 in relation to the Subscription were fulfilled and the Subscription was completed on 18 March 2010. The Company allotted and issued 425,912,000 Subscription Shares to the Vendor pursuant to the Placing and Subscription Agreement at the Subscription Price of HK$1.14 per Subscription Share.

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During the period between the date of the Placing and Subscription Agreement and the Subscription Completion Date, neither new Shares (except the Subscription Shares) were issued (whether pursuant to the Convertible Notes or otherwise) nor any existing Shares were repurchased. The following table sets out the shareholding structure of the Company (i) immediately before the completion of the Placing; and (ii) immediately after completion of the Top-up Placement:

SUBSTANTIAL SHAREHOLDERGlobal Wealthy Limited_(Note)_DIRECTORSuen Cho Hung, PaulOTHER SHAREHOLDERSPlaceesPublicTOTAL	Immediately before thecompletion of the PlacingApproximateShares%437,433,86620.5410,000,0000.47––1,682,133,89478.992,129,567,760100.00	Immediately aftercompletion of theTop-up PlacementApproximateShares%437,433,86617.1210,000,0000.39425,912,00016.671,682,133,89465.822,555,479,760100.00	Immediately aftercompletion of theTop-up PlacementApproximateShares%437,433,86617.1210,000,0000.39425,912,00016.671,682,133,89465.822,555,479,760100.00
			100.00

Note: Global Wealthy Limited, a company incorporated in the British Virgin Islands with limited liability, is a wholly owned subsidiary of Excelsior Kingdom Limited, which in turn is wholly owned by Mr. Suen Cho Hung, Paul, an Executive Director and the Chairman of the Company.

By Order of the Board Suen Cho Hung, Paul Chairman

Hong Kong, 18 March 2010

As at the date of this announcement, the Board comprises Mr. Suen Cho Hung, Paul (Chairman), Mr. Sue Ka Lok (Chief Executive Officer), Mr. Bai Jianjiang and Mr. Chau Chung Tak as Executive Directors and Mr. Wong Kwok Tai, Mr. Weng Yixiang, Mr. Lu Xinsheng and Mr. Xiong Wei as Independent Non-executive Directors.

• For identification only

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