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China Biopharmaceuticals Holdings Announces Second Quarter 2007 Financial Results
Date:8/19/2007

ning equity. Once completed, I look forward to updating everyone on the signing of both of these definitive agreements and provide more guidance on our plans for the future."

Subsequent Events

Subsequent to the end of our second quarter on August 2, 2007, the Company and RimAsia Capital Partners ("RACP") entered into a letter of intent to restructure their $11.5 million loan. If executed as drafted, the Company must first acquire the 49% minority interest in Erye, so that Erye becomes wholly owned by the Company. The Company will also authorize a new class of preferred stock. At that time, Rim Asia will convert the $11.5 million loan into a senior redeemable convertible preferred stock with a conversion price of $1.02. Additionally, the Company will reduce the exercise price on the warrants issued with the original $11.5 million loan, from $1.375 to $1.26 and the term of the warrants will be extended from 3 years to 4.5 years from the date of the conversion of the principal of the loan into preferred stock.

Erye has demonstrated an impressive growth of more than 38% in net income in the first half of 2007. The Enshi acquisition has slowed down our original expansion plans due to management resources being devoted to its operations and integration. However, we still believe in the overall strategy of growth through organic opportunities and acquisitions. We expect that the recent changes in our management, with the addition of Erye's top management, Ms. ZHANG Jian and Mr. SHI Mingsheng will improve our overall operations. They recently joined our board of directors and are now playing an active role in our management, giving play to their industrial and manufacturing and marketing expertise.

About China Biopharmaceuticals Holdings, Inc.

China Biopharmaceuticals Holdings, Inc. (OTC Bulletin Board: CHBP) is a vertically integrated pharmaceutical company dedicated to the discovery, development, manufacturing and marketing of small and large
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SOURCE China Biopharmaceuticals Holdings, Inc.

Copyright©2007 PR Newswire.

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