Qiniu Limited — Capital/Financing Update 2011

Mar 7, 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 2 IN RELATION TO SUBSCRIPTION FOR NEW SHARES UNDER GENERAL MANDATE

The Board is pleased to announce that all conditions precedent of Subscription 2 as set out in the Subscription Agreement have been satisfied, and the Subscription 2 was completed on 7 March 2011 in accordance with the terms and conditions of the Subscription Agreement.

An aggregate of 120,000,000 new Shares, representing approximately 4.71% of the total enlarged issued share capital of the Company of 2,546,663,060 as at the date of this announcement, have been allotted and issued by the Company to the Subscriber, at the Subscription Price of HK$0.135 (equivalent to approximately US$0.01731 based on the Exchange Rate) per Subscription Share under the General Mandate.

Reference is made to the announcement of Siberian Mining Group Company Limited (the “ Company ”) dated 16 February 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 SUBSCRIPTION 2

The Board is pleased to announce that all conditions precedent of Subscription 2 as set out in the Subscription Agreement have been satisfied, and the Subscription 2 was completed on 7 March 2011 in accordance with the terms and conditions of the Subscription Agreement.

An aggregate of 120,000,000 new Shares, representing approximately 4.71% of the total enlarged issued share capital of the Company of 2,546,663,060 as at the date of this announcement, have been allotted and issued by the Company to the Subscriber, at the Subscription Price of HK$0.135 (equivalent to approximately US$0.01731 based on the Exchange Rate) per Subscription Share under the General Mandate.

The net proceeds (net of any related expenses borne by the Company) from the Subscription 2 amounted to approximately HK$16,200,000 (equivalent to approximately US$2,076,923). The total expenses for Subscription 1 and Subscription 2 amounted to approximately HK$200,000 which has already been taken into account under Completion 1.

* 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 of the Subscription 2:

Shareholding immediatelyShareholding immediatelybefore completion ofafter completion ofthe Subscription 2the Subscription 2Name of ShareholderNo. of SharesNo. of SharesGoldwyn Management Limited_(Note 1)228,000,000228,000,000**(approx.) %**9.408.95Mr. Pang Ngoi Wah Edward(Note 2)3,500,0003,500,000**(approx.) %**0.140.14Cordia Global Limited(Note 3)521,320,000521,320,000**(approx.) %**21.4820.47DTV China Holdings Limited(Note 4)16,000,00016,000,000**(approx.) %0.660.63Co An147,610,000147,610,000(approx.) %6.085.80Sub-total:916,430,000916,430,000(approx.) %**37.7635.99Subscriber140,000,000260,000,000(approx.) %5.7710.21Public1,370,233,0601,370,233,060**(approx.) %56.4753.81Sub-total:1,510,233,0601,630,233,060(approx.) %_**62.2464.01Total:2,426,663,0602,546,663,060	Shareholding immediatelyShareholding immediatelybefore completion ofafter completion ofthe Subscription 2the Subscription 2Name of ShareholderNo. of SharesNo. of SharesGoldwyn Management Limited_(Note 1)228,000,000228,000,000**(approx.) %**9.408.95Mr. Pang Ngoi Wah Edward(Note 2)3,500,0003,500,000**(approx.) %**0.140.14Cordia Global Limited(Note 3)521,320,000521,320,000**(approx.) %**21.4820.47DTV China Holdings Limited(Note 4)16,000,00016,000,000**(approx.) %0.660.63Co An147,610,000147,610,000(approx.) %6.085.80Sub-total:916,430,000916,430,000(approx.) %**37.7635.99Subscriber140,000,000260,000,000(approx.) %5.7710.21Public1,370,233,0601,370,233,060**(approx.) %56.4753.81Sub-total:1,510,233,0601,630,233,060(approx.) %_**62.2464.01Total:2,426,663,0602,546,663,060	Shareholding immediatelyShareholding immediatelybefore completion ofafter completion ofthe Subscription 2the Subscription 2Name of ShareholderNo. of SharesNo. of SharesGoldwyn Management Limited_(Note 1)228,000,000228,000,000**(approx.) %**9.408.95Mr. Pang Ngoi Wah Edward(Note 2)3,500,0003,500,000**(approx.) %**0.140.14Cordia Global Limited(Note 3)521,320,000521,320,000**(approx.) %**21.4820.47DTV China Holdings Limited(Note 4)16,000,00016,000,000**(approx.) %0.660.63Co An147,610,000147,610,000(approx.) %6.085.80Sub-total:916,430,000916,430,000(approx.) %**37.7635.99Subscriber140,000,000260,000,000(approx.) %5.7710.21Public1,370,233,0601,370,233,060**(approx.) %56.4753.81Sub-total:1,510,233,0601,630,233,060(approx.) %_**62.2464.01Total:2,426,663,0602,546,663,060	Shareholding immediatelyShareholding immediatelybefore completion ofafter completion ofthe Subscription 2the Subscription 2Name of ShareholderNo. of SharesNo. of SharesGoldwyn Management Limited_(Note 1)228,000,000228,000,000**(approx.) %**9.408.95Mr. Pang Ngoi Wah Edward(Note 2)3,500,0003,500,000**(approx.) %**0.140.14Cordia Global Limited(Note 3)521,320,000521,320,000**(approx.) %**21.4820.47DTV China Holdings Limited(Note 4)16,000,00016,000,000**(approx.) %0.660.63Co An147,610,000147,610,000(approx.) %6.085.80Sub-total:916,430,000916,430,000(approx.) %**37.7635.99Subscriber140,000,000260,000,000(approx.) %5.7710.21Public1,370,233,0601,370,233,060**(approx.) %56.4753.81Sub-total:1,510,233,0601,630,233,060(approx.) %_**62.2464.01Total:2,426,663,0602,546,663,060	Shareholding immediatelyShareholding immediatelybefore completion ofafter completion ofthe Subscription 2the Subscription 2Name of ShareholderNo. of SharesNo. of SharesGoldwyn Management Limited_(Note 1)228,000,000228,000,000**(approx.) %**9.408.95Mr. Pang Ngoi Wah Edward(Note 2)3,500,0003,500,000**(approx.) %**0.140.14Cordia Global Limited(Note 3)521,320,000521,320,000**(approx.) %**21.4820.47DTV China Holdings Limited(Note 4)16,000,00016,000,000**(approx.) %0.660.63Co An147,610,000147,610,000(approx.) %6.085.80Sub-total:916,430,000916,430,000(approx.) %**37.7635.99Subscriber140,000,000260,000,000(approx.) %5.7710.21Public1,370,233,0601,370,233,060**(approx.) %56.4753.81Sub-total:1,510,233,0601,630,233,060(approx.) %_**62.2464.01Total:2,426,663,0602,546,663,060	Shareholding immediatelyShareholding immediatelybefore completion ofafter completion ofthe Subscription 2the Subscription 2Name of ShareholderNo. of SharesNo. of SharesGoldwyn Management Limited_(Note 1)228,000,000228,000,000**(approx.) %**9.408.95Mr. Pang Ngoi Wah Edward(Note 2)3,500,0003,500,000**(approx.) %**0.140.14Cordia Global Limited(Note 3)521,320,000521,320,000**(approx.) %**21.4820.47DTV China Holdings Limited(Note 4)16,000,00016,000,000**(approx.) %0.660.63Co An147,610,000147,610,000(approx.) %6.085.80Sub-total:916,430,000916,430,000(approx.) %**37.7635.99Subscriber140,000,000260,000,000(approx.) %5.7710.21Public1,370,233,0601,370,233,060**(approx.) %56.4753.81Sub-total:1,510,233,0601,630,233,060(approx.) %_**62.2464.01Total:2,426,663,0602,546,663,060
	areongbefore cothe SubhareholderNanagement Limited_(Note 1)_		meaeyareompletion ofafscription 2to. of Shares228,000,0009.40
		3,500,0000.14
	bal Limited_(Note 3) Holdings Limited(Note 4)_		521,320,00021.4816,000,0000.6647610000
		,,6.08916,430,000
					916,430,00035.99
			37.76140,000,0005.7770233060
		1
		,,,56.471,510,233,06062.242,426,663,060
					1,630,233,06064.01
					2,546,663,060

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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.

3. 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.

4. 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, 7 March 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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