Qiniu Limited — Capital/Financing Update 2011

Nov 25, 2011

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.

SIBERIAN MINING GROUP COMPANY LIMITED 西伯利亞礦業集團有限公司 [*]

(incorporated in the Cayman Islands with limited liability)

(Stock code: 1142)

COMPLETION OF THE DISPOSAL OF 70% OF THE ISSUED SHARE CAPITAL OF SOFOCO DEVELOPMENT LIMITED

The Board is pleased to announce that all conditions precedent of the Disposal as set out in the Disposal Agreement have been satisfied, and the Disposal was completed on 25 November 2011 in accordance with the terms and conditions of the Disposal Agreement.

Reference is made to the circular of Siberian Mining Group Company Limited (the “ Company ”) dated 30 September 2011 (the “ Circular ”) in relation to, among others, the Disposal. Unless otherwise stated, terms used in this announcement shall have the same meanings as those defined in the Circular.

COMPLETION OF THE DISPOSAL

The Board is pleased to announce that all conditions precedent of the Disposal as set out in the Disposal Agreement have been satisfied, and the Disposal was completed on 25 November 2011 in accordance with the terms and conditions of the Disposal Agreement.

Pursuant to the Disposal Agreement, Grandvest has sold and Cordia has acquired the Sale Shares and the Sale Loans at a consideration of HK$16,000,000 (equivalent to approximately US$2,051,282), which has been satisfied by the discharge of an equivalent outstanding amount (taken as US$2,051,282) under the Promissory Notes upon Completion. Upon Completion, both SOFOCO and SOFOCO (Zhenjiang) ceased to be subsidiaries of the Company and their loss-making operating performance ceased to be consolidated into the consolidated financial statements of the Group.

Following completion of the Subscription (on 20 October 2011 as announced by the Company on that same day) and the Disposal, as at the date of this announcement, the total outstanding principal amount of the Promissory Notes amounts to US$18,251,282 (approximately HK$142.4 million).

* For identification purposes only

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In this announcement, for illustration purposes only, the conversion of US dollars into HK dollars is based on the approximate exchange rate of US$1.00 to HK$7.80.

By Order of the Board Siberian Mining Group Company Limited Lim Ho Sok Chairman

Hong Kong, 25 November 2011

As at the date of this announcement, the Board consists of Mr. Lim Ho Sok and Mr. Shin Min Chul as executive Directors, Mr. Pang Ngoi Wah Edward as non-executive Director, and Mr. Liew Swee Yean, Mr. Tam Tak Wah and Mr. Young Yue Wing Alvin as independent non-executive Directors.

This announcement will remain on the website of the Stock Exchange at www.hkexnews.hk on the “Latest Listed Company Information” page for at least 7 days from the date of its posting and on the Company’s website at www.ilinkfin.net/siberian_mining.

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