Hurray! News

Hurray! to Acquire Two Wireless Value-added Service Providers

BEIJING, China -- /Xinhua-PRNewswire/ -- March 13, 2005 -- Hurray! Holding Co., Ltd. (Nasdaq: HRAY), a provider of advanced wireless value-added services and mobile telecommunication network software in China, announced today the signing of definitive agreements to acquire two companies which provide wireless value-added services in China. The transactions are expected to be closed by the end of March 2005, subject to certain consents, authorizations and other customary closing conditions. These are the first acquisition transactions entered into by Hurray! since its listing on the Nasdaq National Market.

The companies to be acquired, while not yet generating significant revenues, provide Multimedia Messaging Services (MMS) and Interactive Voice Response (IVR) services to mobile users throughout China.

Commenting on these acquisitions, Hurray!’s Chairman and Chief Executive Officer, Qindai Wang, said, “With the addition of these MMS and IVR services, we will be able to further build and expand our portfolio of wireless value-added services. In the short term, we believe that these acquisitions should position us to aggressively grow our the MMS and IVR business and maximize the effectiveness of our cross-selling marketing activities. In the long run, we expect that the acquisitions may help us diversify our revenue base and, most importantly, enhance our competitiveness in China's wireless value-added services market. In addition, we believe that the acquisitions will strengthen Hurray!'s research and development capabilities in MMS and IVR and allow Hurray! solidify our partnership with the mobile operators in China.”

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.

Forward-looking Statements:

This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes" and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the possibility that the proposed acquisitions may not occur and the challenge of integrating the companies to be acquired into Hurray!'s operations; the risk that these or any future acquisitions will not create the operational and financial results that Hurray!'s management and board of directors expects, including in particular the possibility that these acquisitions may not: (i) expand Hurray!'s market share in the MMS and IVR sectors and maximize effectiveness of its cross-selling marketing activities, (ii) help Hurray! diversify its revenue base or help it enhance its competitiveness in China's wireless value-added services market, (iii) strengthen Hurray!'s service quality and research and development capabilities with respect to MMS and IVR services and (iv) assist Hurray! in maintaining strong cooperative relationships with the mobile operators in China; continued competitive pressures in China's wireless value-added services market; the state of Hurray!'s relationship with China's mobile operators; and changes in the operating environment, the character and effects of which are difficult to predict.; and other risks outlined in Hurray!'s filings with the Securities and Exchange Commission, including its registration statement on Form F-1, as amended. Hurray! does not undertake any obligation to update this forward-looking information, except as required under applicable law.