Hurray! Announces Pricing of Initial Public Offering of American Depositary Shares

Business Wire, Feb 4, 2005

BEIJING -- Hurray! Holding Co., Ltd. (Nasdaq: HRAY), a provider of advanced wireless value-added services and mobile telecommunication network software in China, announced today that its initial public offering (IPO) of 6,880,000 American Depositary Shares (ADSs), each representing one hundred ordinary shares, has been priced at US$10.25 per ADS. The ADSs have been approved for quotation on the Nasdaq National Market under the symbol "HRAY", with trading expected to begin on February 4, 2005.

The IPO consists of 6,624,339 ADSs offered by Hurray! and an aggregate of 255,661 ADSs offered by its selling shareholders. Hurray! and certain of its shareholders have granted the underwriters an option to purchase up to an aggregate of an additional 1,032,000 ADSs to cover over-allotments.

Citigroup Global Markets Inc. acted as the global coordinator and bookrunning manager for the offering, with Piper Jaffray & Co. and ThinkEquity Partners LLC acting as co-managers.

A registration statement relating to these securities was filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sales of these securities in any state or jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from Citigroup Global Markets Inc., Prospectus Department, 140-58th Street, Brooklyn, NY 11220, tel: (718) 765-6732.

About Hurray! Holding Co., Ltd.

Hurray! provides wireless value-added services such as ringtones, picture downloads, community and entertainment services to mobile users in China. The company is one of the market leaders in providing these services using wireless application protocol, commonly referred to as WAP, in China. WAP services are offered through the advanced 2.5G mobile networks, the most advanced broadly available mobile networks deployed in China. Hurray! also offers these services through 2G mobile networks.

In addition, Hurray! designs, develops, sells and supports a service provisioning and management software that is used by China Unicom, one of the two principal mobile operators in China, to support its 2.5G services platform.