Qiniu Limited — Capital/Financing Update 2012

May 21, 2012

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 SUBSCRIPTION AND ISSUE OF NEW SHARES UNDER SPECIFIC MANDATE

The Board is pleased to announce that all conditions precedent of the Subscription as set out in the Subscription Agreements have been satisfied and the completion of the Subscription took place on 21 May 2012 in accordance with the terms and conditions of the Subscription Agreements.

An aggregate of 124,072,110 Subscription Shares, representing approximately 35.2% 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 Subscribers under the Specific Mandate, at the Subscription Price of HK$0.5658 per Subscription Share, for full and final discharge of the Promissory Notes which were then cancelled.

Reference is made to the circular (the “ Circular ”) of Siberian Mining Group Company Limited (the “ Company ”) dated 26 April 2012 relating to, among others, the Subscription and the issue of Subscription Shares under the Specific Mandate. Unless otherwise stated, capitalized 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 the conditions precedent of the Subscription as set out in the Subscription Agreements have been satisfied, and the completion of the Subscription took place on 21 May 2012 in accordance with the terms and conditions of the Subscription Agreements.

Upon completion, a total of 124,072,110 Subscription Shares, representing approximately 35.2% 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 Subscribers under the Specific Mandate, at the Subscription Price of HK$0.5658 per Subscription Share. The total Subscription Price of all the Subscription Shares, being US$9,000,000.00 (approximately HK$70,200,000.00), has been settled by the full and final discharge of the Promissory Notes which were then cancelled.

* For identification purpose only

— 1 —

CHANGES IN SHAREHOLDING STRUCTURE

The existing and enlarged shareholding structures of the Company immediately before and after the completion of the issue of the Subscription Shares are set out as below:

	Shareholding	immediately	Shareholding	immediately
Shareholders	before completion		after completion
	_Number of _	Approximate	_Number of _	Approximate
	Shares	%	Shares	%
Goldwyn Management Limited_(Note 1)_	11,400,000	4.99%	11,400,000	3.24%
Pang Ngoi Wah Edward,
a non-executive Director	175,000	0.08%	175,000	0.05%
Sub-total	11,575,000	5.07%	11,575,000	3.29%
Public Shareholders:
Income Plus	—	—	20,678,685	5.87%
Master Impact	—	—	62,036,055	17.60%
Skyline	—	—	41,357,370	11.73%
Other public Shareholders	216,795,653	94.93%	216,795,653	61.51%
Total	228,370,653	100.00%	352,442,763	100.00%

Note:

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

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

Hong Kong, 21 May 2012

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. Cho Min Je, 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.

— 2 —