Qiniu Limited — Capital/Financing Update 2011

Oct 20, 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 SUBSCRIPTION FOR NEW SHARES UNDER SPECIFIC MANDATE

The Board is pleased to announce that all conditions precedent of the Subscription as set out in the Subscription Agreement have been satisfied, and the Subscription was completed on 20 October 2011 in accordance with the terms and conditions of the Subscription Agreement. Since the Share Consolidation took effect on 3 October 2011, the Subscription Shares, being an aggregate of 57,500,000 Consolidated Shares, representing approximately 27.8% of the total issued share capital of the Company as enlarged by the allotment and issue of the Subscription Shares, have been allotted and issued by the Company to Cordia at the Subscription Price of HK$0.80 per Subscription Share under the Specific Mandate.

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

COMPLETION OF THE SUBSCRIPTION

The Board is pleased to announce that all conditions precedent of the Subscription as set out in the Subscription Agreement have been satisfied, and the Subscription was completed on 20 October 2011 in accordance with the terms and conditions of the Subscription Agreement.

Since the Share Consolidation took effect on 3 October 2011, the Subscription Shares, being an aggregate of 57,500,000 Consolidated Shares, representing approximately 27.8% of the total issued share capital of the Company as enlarged by the allotment and issue of the Subscription Shares, have been allotted and issued by the Company to Cordia at the Subscription Price of HK$0.80 per Subscription Share under the Specific Mandate.

The proceeds from the Subscription in the amount of HK$46.0 million (approximately US$5.9 million) have been used to discharge an equivalent outstanding principal amount of the Promissory Notes at completion of the Subscription Agreement.

* For identification purposes only

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CHANGES IN SHAREHOLDING STRUCTURE

To the best knowledge, information and belief of the Directors, having made all reasonable enquiries, the table below sets out the shareholding structure of the Company immediately before and after completion of the Subscription:

Subscription:
	Shareholding	Shareholding
	immediately	immediately
	before	after
	completion of	completion of
Name of Shareholder	the Subscription	the Subscription
	No. of Shares	No. of Shares
Goldwyn Management Limited_(Note 1)_	11,400,000	11,400,000
(approx. %)	7.7%	5.5%
Co An	7,380,500	7,380,500
(approx. %)	5.0%	3.6%
Cordia_(Note 2)_	0	57,500,000
(approx. %)	0%	27.8%
DTV China Holdings Limited_(Note 3)_	800,000	800,000
(approx. %)	0.5%	0.4%
Pang Ngoi Wah Edward, a non-executive Director	175,000	175,000
(approx. %)	0.1%	0.1%
Sub-total:	19,755,500	77,255,500
(approx. %)	13.3%	37.4%
Other public Shareholders	129,315,153	129,315,153
(approx. %)	86.7%	62.6%
Total:	149,070,653	206,570,653
(approx. %)	100.0%	100.0%

Notes:

1. Goldwyn Management Limited is wholly and beneficially owned by Mr. Lim Ho Sok, an executive Director and the Chairman of the Company.

2. Cordia is wholly and beneficially owned by Mr. Choi Sungmin, a business consultant of Grandvest, a whollyowned subsidiary of the Company and a director of SOFOCO, a non-wholly owned subsidiary of the Company before Completion.

3. DTV China Holdings Limited is wholly and beneficially owned by Mr. Li Yi Nan, a director of DTVChina, Inc., a non-wholly owned subsidiary of the Company.

By Order of the Board

Siberian Mining Group Company Limited Lim Ho Sok Chairman

Hong Kong, 20 October 2011

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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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