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AOBO Issues Update On AMEX Listing
HONG KONG, Jun 1, 2004 /PRNewswire-FirstCall via COMTEX/ --
American Oriental Bioengineering, Inc. today announced it has replied to the comment letter from AMEX on the Company's application for listing. The Company believes the listing process is on the right track and while the company has no control over such a listing, it feels it meets the requirements of the American Stock Exchange and will cooperate fully to achieve listing by the end of 2004.

Shujun Liu, Chief Executive Officer of American Oriental Bioengineering, commented, "We are fully cooperating with AMEX and are taking all actions to speed up the listing process. A listing on AMEX is a logical step given our strong business fundamentals, profitability, and outlook for further growth. In addition, we believe a listing on the AMEX would help increase shareholder value by providing a better trading environment, as well as greater leverage in making acquisitions to fuel the growth of our company."

On May 20, 2004, American Oriental Bioengineering reported that it expects to achieve double-digit revenue and net income growth for the full year 2004. In line with the Company's strategy of accelerating this growth through acquisitions, AOBO announced last week the signing of a legally binding letter of intent to acquire Heilongjiang Songhuajiang Pharmaceutical Limited (HSPL), a Chinese state-owned pharmaceutical company. AOBO expects the acquisition to add approximately $6 million in revenue annually and roughly $15 million in net assets. Importantly, the acquisition will allow AOBO to enter the antiviral pharmaceutical market by adding more than 70 types of medicines to its offering, including a proven SARS fighting drug. Additionally, AOBO is looking at opening offices in the U.S. and Europe, enabling the Company to penetrate these respective markets much easier and faster.

Liu continued, "Given the increasing demand for all of our biotech and pharmaceutical products in the U.S. and in Europe, it is easy to understand why we would expand our reach to these regions. For example, more and more companies are embracing the health benefits of soy and directing their products towards health-conscious individuals. As one of China's top 100 Pharmaceutical companies, our plan is to position ourselves to benefit from this demand globally. We are one of the most successful OTCBB companies on the exchange. We have real revenue, real profit, real product foundations, and we continue to execute on our development strategy of establishing ourselves as a world leader in the soy-related health market. We look forward to a great year for AOBO and its shareholders."

About American Oriental Bioengineering, Inc.

American Oriental Bioengineering, Inc. (OTC: AOBO) is a leading Chinese biotechnology company that uses proprietary processes for producing soybean protein peptide more efficiently than traditional extracting techniques. These techniques are used to manufacture and formulate supplemental and medicinal products. Soybean peptides are used widely in general foods, health food products and medicines, among other applications. For more information visit http://www.bioaobo.com.

Safe Harbor Statement

Except for the historical statements made herein, the statements made in this release are forward-looking statements. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission. American Oriental Bioengineering, Inc. undertakes no duty to update these forward-looking statements.

For more information, please contact at AOBO:

In China:
Lily Li
[phone]
Fax: [phone]
[e-mail]

In Hong Kong:
Clarence Chan
[phone]
Fax: [phone]
[e-mail]

Investors:
David Pasquale, 646-536-7006,
or Jim Olecki, 646-536-7021
Both of The Ruth Group,
http://www.TheRuthGroup.com
SOURCE American Oriental Bioengineering, Inc.

In China - Lily Li, [phone], fax, [phone],
[e-mail], or In Hong Kong - Clarence Chan, [phone],
fax, [phone], [e-mail], both of American Oriental
Bioengineering, Inc.; or Investors - David Pasquale, [phone], or Jim
Olecki, [phone], both of The Ruth Group, for American Oriental
Bioengineering, Inc.
http://www.bioaobo.com

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