China Biopharmaceuticals Holdings, Inc. Shareholders Overwhelmingly Support Merger with NeoStem, Inc., a NYSE AMEX Listed Company Trading Under Symbol 'NBS'

China Biopharmaceuticals Holdings, Inc. Shareholders Overwhelmingly Support
Merger with NeoStem, Inc., a NYSE AMEX Listed Company Trading Under Symbol
'NBS'

NEW YORK, Oct. 29 /PRNewswire-FirstCall/ -- China Biopharmaceuticals Holdings,
Inc. (OTC Bulletin Board: CHBP), an integrated bio-pharmaceutical company,
based in the People's Republic of China, announced today that its shareholders
have approved the acquisition of CHBP by NeoStem, Inc. (NYSE AMEX: NBS) by an
overwhelming vote in favor of approximately 80% of all issued and outstanding
shares. The approval was obtained at a Special Meeting of Stockholders held
today.

The acquisition will add significant potential benefits to the growth
prospects of Suzhou Erye Pharmaceuticals Company Ltd. ("Erye"), CHBP's primary
asset, including:

A. Benefits associated with being part of a publicly traded NYSE AMEX
listed company.
B. Enhanced distribution channels with global market potential.
C. Leadership by an internationally recognized medical advisory board and
executive management team led by Dr. Robin L. Smith, an experienced
healthcare executive, who will be overseeing the combined operations.
D. Significant growth opportunities in the rapidly developing Stem Cell
treatment and therapy segment of healthcare.
E. Enables the combined entity to source drugs and treatments from each
other's pipeline.
F. Enhances company transparency and corporate governance enabling
greater visibility in capital markets.

The Merger will expand the business potential and drug development
opportunities with the addition of NeoStem's innovative Stem Cell therapy
treatments. The expanded channels of development and distribution should
boost the Company's portfolio of over 100 drugs on seven GMP lines, while
benefiting distribution channels globally.

Madame Zhang, General Manager of Erye, said, "This Merger will allow us to
expand the business potential of Eyre's substantial lines of drugs, especially
our proprietary small molecule drugs, and distribute them throughout China,
realizing what we anticipate will be tremendous market potential. We look
forward to a long and fruitful relationship with NeoStem and believe it will
benefit from the large and growing China pharmaceutical market, which is
expected to become the third largest drug market in the world (behind the US
and Japan), and forecasted to triple in size by 2013. We are excited at the
opportunity to become part of a listed publicly traded company and believe
that this combination will prove beneficial to shareholders."

About NeoStem, Inc.

NeoStem is developing a network of adult stem cell collection centers that are
focused on enabling people to donate and store their own (autologous) stem
cells when they are young and healthy for their personal use in times of
future medical need. The Company has also entered into research and
development through the acquisition of a worldwide exclusive license to
technology to identify and isolate VSELs (very small embryonic-like stem
cells), which have been shown to have several physical characteristics that
are generally found in embryonic stem cells and is pursuing other technologies
to advance its position in the field of stem cell tissue regeneration. For
more information, please visit: www.neostem.com.

About China Biopharmaceuticals, Inc.

China Biopharmaceuticals Holdings, Inc (Symbol: CHBP) is a vertically
integrated pharmaceutical company dedicated to the discovery, development,
manufacturing and marketing of small and large molecule pharmaceutical
products, including medicines, vaccines, and active pharmaceutical ingredients
for various categories of diseases. CHBP is a U.S.-listed public company with
operating subsidiaries and senior management based in China. For further
information, please visit our website at http://www.cbioinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements reflect management's current expectations, as of the date of this
press release, and involve certain risks and uncertainties. The Company's
actual results could differ materially from those anticipated in these
forward-looking statements as a result of various factors. Factors that could
cause future results to materially differ from the recent results or those
projected in forward-looking statements include the "Risk Factors" described
in the Company's Proxy Statement included as a part of the Registration
Statement on Form S-4/A filed with the Commission on October 6, 2009 as well
as periodic filings made with the Securities and Exchange Commission. In
addition, the closing of the Merger is subject to the satisfaction of certain
closing conditions as set forth in the Form S-4/A.

CONTACT:
China Biopharmaceuticals Holdings, Inc
Catherine M. Vaczy, Vice President and General Counsel
T: 212-584-4180
E: cvaczy@neostem.com

SOURCE China Biopharmaceuticals Holdings, Inc.

Catherine M. Vaczy, Vice President and General Counsel, +1-212-584-4180,
cvaczy@neostem.com