Hurray! Announces Sale of Huayi Music

BEIJING, May 14 /PRNewswire-Asia/ — Hurray! Holding Co., Ltd. (Nasdaq: HRAY[1]), a leader in online video portal operation, artist development, music production and wireless music distribution and other wireless value-added services in China, today announced that Hurray! has agreed to sell all of its equity interest in Beijing Huayi Brothers Music Co., Ltd (“Huayi Music”) to Huayi Brothers Media Corporation. (“Huayi Media”) for an aggregate consideration of RMB34,450,000.00.

(Logo:[2] )

Concurrently, Hurray! announced that it has terminated its agreements with Beijing Brothers ShengShi Enterprise Management Co., Ltd. (“Brothers ShengShi”) and Beijing QiXinWeiYe Culture Development Co., Ltd. (“QiXinWeiYe”), which were entered into when Hurray! purchased its equity interest in Huayi Music.

Hurray! and Huayi Media intend to continue to cooperate in the future in the areas of music, movie and television program production.

About Hurray! Holding Co., Ltd.

Hurray! operates, one of the leading online video portals in China.

Hurray! is a leader in artist development, music production and offline music distribution in China through its record labels Freeland Music, New Run Entertainment, Secular Bird and Seed Music. The Company, through Fly Songs, also organizes concerts and other music events in China.

Hurray! is also a leading online distributor of music and music-related products such as ringtones, ringbacktones, and truetones to mobile users in China through the full range of wireless value-added services platforms over mobile networks and through the internet.

The Company also provides a wide range of other wireless value-added services to mobile users in China, including games, pictures and animation, community, and other media and entertainment services

Forward-looking Statements

1 2