99Bill Corporation Receives Series A Funding From DCM - Doll Capital Management and Peninsula Capital; Leading Silicon Valley VCs Fund Online Payment Service Provider in China

Business Wire, August 11, 2005

SHANGHAI, China & MENLO PARK, Calif. -- 99Bill Corporation, the first company in China offering an e-mail and mobile phone-based online payment platform, today announced that it has raised an undisclosed Series A round of venture funding led by DCM - Doll Capital Management and Peninsula Capital. 99Bill intends to utilize this funding to further develop its technology platform, as well as increase the adoption of its payment platform among partners and Internet users in China. The company also announced that David Chao, co-founder and managing general partner of DCM and Greg Penner, the managing member of Peninsula Capital have joined its board of directors.

"Online payment services are a rapidly developing market in China with tremendous growth prospects," said David Chao of DCM. "As e-commerce and credit card use spreads in China, secure online payment platforms will boom. 99Bill's proprietary technology, combined with our significant operational experience with China-based companies, creates a strong platform for growth and long-term profitability for the company."

Launched in China in January 2005, 99Bill has created a fast, secure and convenient online and wireless payment platform for e-commerce operators, Internet and wireless service providers and individual users in China. 99Bill has established direct debit card and credit cards processing capacity with leading domestic banks in China, enabling any online user and business to receive debit and credit payments covering over 2.7 billion international and domestic-issued bank cards. Currently the company has approximately 400,000 registered users.

"Our relationship with DCM and Peninsula Capital enables the company to expand the rapid growth of our operations and adoption of our proprietary payment solutions with local digital content service and application providers," said Oliver Kwan, chief executive officer of 99Bill. "Our recently announced partnerships with leading Internet companies in China such as Baidu, 9Sky.com, and Kuro.com represent our ongoing efforts to secure strategic relationships to establish the company as a leading third-party online payment service provider in China."

The total transaction volume of Internet products and services, as well as wireless value-added services in China, reached (U.S.) $2.8 billion in 2004. However, most of these transactions were conducted through legacy and high-cost payment means, such as C.O.D, postal wire, pre-paid cards and bill collection services by mobile operators. Now on the 99Bill platform, anyone or any business with a verified e-mail address or a mobile number can accept debit card and credit card payment in real time and send and receive payments easily, securely and promptly without exposing the recipient's personal information such as bank account, name and address. In addition, Internet users and business customers can choose from 99Bill's diversified product portfolio and innovative merchant tools to meet their personal and business online payment needs.

About 99Bill

99Bill Corporation is the first company in China offering email and mobile phone number based online payment platform and solutions. The Company's founding members are seasoned entrepreneurs in China's Internet industry and have extensive experience in product development, technology innovation, marketing and capital financing. The company's products and services aspire to provide secured, integrated and confidential payment platform, as well as innovative payment and merchant tools to e-commerce operators, Internet and wireless service providers and individual users. 99Bill's payment services currently cover over 2.7 billion domestic and international debit and credit cards, as well as support bank wire, postal wire and pre-paid card transactions. 99Bill is currently partnering with leading domestic and international Internet companies to enable payment collections for various Internet and wireless applications and will continue to introduce new products and services to the market in the near future. For further information, please visit http://www.99bill.com/ .

About DCM-Doll Capital Management

DCM is a top-performing venture capital firm supporting entrepreneurs building early-stage technology companies. DCM manages over US$1billion and has funded leading technology companies including 2Wire, 51job, About.com (Primedia), Foundry Networks (Nasdaq:FDRY), HireRight, Internap (AMEX: IIP), IPivot (Intel), nQuire (Siebel), Recourse Technologies (Symantec), SMIC (NYSE: SMI), Sigmatel (Nasdaq: SGTL), PGP Corporation and UUNet (MCI). DCM offers hands-on operational guidance and access to an extensive network of resources, including close relationships with many of the Pacific Rim's leading companies and investors. Visit DCM's website at www.dcmvc.com.