Qiniu Limited — Capital/Financing Update 2011

May 18, 2011

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, 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 GENERAL 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 18 May 2011 in accordance with the terms and conditions of the Subscription Agreement.

An aggregate of 128,000,000 new Shares, representing approximately 4.51% of the total enlarged issued share capital of the Company as at the date of this announcement, have been allotted and issued by the Company to the Subscriber, at the Subscription Price of HK$0.1120 per Subscription Share under the General Mandate.

Reference is made to the announcement of Siberian Mining Group Company Limited (the “ Company ”) dated 11 May 2011 (the “ Announcement ”) in relation to, among others, the Subscription. Capitalized terms used in this announcement shall have the same meaning as defined in the Announcement unless otherwise stated.

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 18 May 2011 in accordance with the terms and conditions of the Subscription Agreement.

An aggregate of 128,000,000 new Shares, representing approximately 4.51% of the total enlarged issued share capital of the Company as at the date of this announcement, have been allotted and issued by the Company to the Subscriber, at the Subscription Price of HK$0.1120 per Subscription Share under the General Mandate.

The net proceeds (net of any related expenses borne by the Company) from the Subscription amounted to approximately HK$14,236,000.

* for identification purpose only

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CHANGES IN SHAREHOLDING STRUCTURE

The table below sets out the shareholding structure of the Company immediately before and immediately after Completion:

	Shareholding	Shareholding
	immediately	immediately
Name of Shareholder	before Completion	after Completion
	No. of Shares	No. of Shares
Goldwyn Management Limited_(Note 1)_	228,000,000	228,000,000
(approx.) %	8.41	8.03
Mr. Pang Ngoi Wah Edward_(Note 2)_	3,500,000	3,500,000
(approx.) %	0.13	0.12
Cordia Global Limited_(Note 3)_	455,070,000	455,070,000
(approx.) %	16.77	16.02
DTV China Holdings Limited_(Note 4)_	16,000,000	16,000,000
(approx.) %	0.59	0.56
Co An	147,610,000	147,610,000
(approx.) %	5.44	5.20
Sub-total:	850,180,000	850,180,000
(approx.) %	31.34	29.93
Subscriber	0	128,000,000
(approx.) %	0	4.51
Public	1,862,233,060	1,862,233,060
(approx.) %	68.66	65.56
Sub-total:	1,862,233,060	1,990,233,060
(approx.) %	68.66	70.07
Total:	2,712,413,060	2,840,413,060

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. Mr. Pang Ngoi Wah Edward is a non-executive Director.

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1. Cordia Global Limited is wholly and beneficially owned by Mr. Choi Sungmin, a business consultant of Grandvest International Limited, a wholly owned subsidiary of the Company and a director of a non-wholly owned subsidiary of the Company, Sofoco Development Limited.

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

By order of the Board Lim Ho Sok Chairman

Hong Kong, 18 May 2011

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

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