Hurray! Announces Merger With Enlight Media

Hurray! Announces Merger With Enlight Media

November 19, 2007

    BEIJING, Nov. 19 /Xinhua-PRNewswire/ -- Hurray! Holding
Co., Ltd. (Nasdaq: HRAY), a leader in artist development,
music production, wireless music distribution, and other
wireless value-added services in China, announced today the
signing of a definitive agreement to merge with Enlight
Media Ltd. ("Enlight"), a leading private
entertainment content production and distribution company
in China, in an all stock transaction.  After the
transaction, the combined company will be renamed Hurray!
Enlight Media Group.

    (Logo: http://www.xprn.com/xprn/sa/200611091912-min.jpg
)

    Hurray! is 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.  Hurray! is also a leader in
artist development, music production and offline
distribution in China through its record labels Huayi
Brothers Music, Freeland Music, New Run Entertainment and
Secular Bird.  In addition, the company 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.

    Enlight is one of the largest private entertainment
program producers and publishers in China, producing four
hours of daily entertainment news, music, fashion and
reality shows.  The programs are broadcast through more
than 600 television channels in China, including one
national digital pay-television channel.  Enlight is also a
leading event and concert organizer in China, organizing
five annual entertainment award ceremonies covering the
fields of music, television drama, fashion and modeling. 
As one of the largest movie and television drama companies
in China, Enlight invested in and distributed five full
length motion pictures and over 200 hours of television
drama in 2007.  It also maintains an entertainment video
library with over 50,000 hours of content and a video
website.

    The combination of the two companies creates one of the
largest domestically-based entertainment content and
distribution companies in China, with a leading position in
diversified areas, including entertainment content and music
production, event organization, mobile gaming, artist
agency, movie and television drama investment and
distribution and wireless value-added services. 
    "This is a defining moment for Hurray!," said
QD Wang, the Founder and CEO of Hurray!  "With our
prior acquisitions of music and gaming companies, Hurray!
has been transitioning from a pure SP company to an
entertainment and media group, integrating content
production and distribution.  This merger with Enlight is
definitely a key milestone in attaining that goal.  I look
forward to the new company's sustainable and rapid
development within China's fast growing entertainment and
media market".

    Changtian Wang, the Founder, Chief Executive Officer
and President of Enlight, was also very excited about the
merger.  "The combined company platform presents
excellent potential for growth.  I am confident that the
company is well-positioned to become the most influential
media and entertainment company in the Chinese-speaking
community.  We believe that China has room for a huge
domestic media giant such as Time Warner or News Corp. in
the US, and we intend to fill that position," he
commented.

    Under the agreement, which has been approved by both
boards of directors, Enlight's shareholders will receive
Hurray! common shares equivalent of 15.74 million  American
Depositary Shares, representing a 42% stake in Hurray! on a
pro-forma basis, in exchange for all the outstanding shares
of Enlight.  As part of the transaction, additional shares
will be issued to the original Enlight shareholders if,
during the period between the 6th month and 24th month
anniversaries of the completion of the combination, the
three-month average share price of the combined company
exceeds specific price targets.  At a three-month average
price of $5.00, $7.00, $8.00 and $8.50 per American
Depositary Share (each of which represents 100 ordinary
shares), the common share equivalent of 1.35 million, 9.45
million, 6 million and 6.2 million American Depositary
Shares will be issued, respectively.  If all price targets
are met, Enlight shareholders could own up to 65% of the
combined company.

    The combination is expected to close in the first
quarter of 2008. The transaction is currently expected to
be accretive to earnings in the first twelve months after
closing.

    Changtian Wang will become CEO and Chairman of the
company.  Sean Wang, President and CFO of Hurray!, will be
co-President and CFO, and Xiaoping Li, Vice President of
Enlight, will be co-President.  The Board of Directors will
have seven members, three of whom are expected to qualify as
independent directors under the applicable NASDAQ rules.

    China Renaissance Partners served as financial advisor
to the transaction, and China eCapital Corporation advised
Hurray! in this transaction.

    Conference Call 
    The company will host a conference call to discuss this
deal at:

    Time:   09:00 pm Eastern Standard Time on November 19,
2007 
            or 10:00 am Beijing/Hong Kong Time on November
20, 2007 

    The dial-in number: [phone]  (US)
                        [phone]  (International) 
                        Password: 16418262

    A replay of the call will be available from November
19, 2007 until November 25, 2007 as follows:

                        [phone]  (US) 
                        [phone]  (international)
                        PIN number: 64655776

    Additionally, a live and archived web cast of this call
will be available at:
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=187793&eventID=1678642
or http://www.hurray.com/english/home.htm .

    About Hurray! Holding Co., Ltd. 

    Hurray! is a leader in artist development, music
production and offline distribution in China through its
record labels Huayi Brothers Music, Freeland Music, New Run
Entertainment, and Secular Bird. 

    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 

    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:
possible difficulties that may be encountered in integrating
the combined businesses; the risk that the expected benefits
of the proposed combination may not be achieved in a timely
manner or at all and that the combined company may not be
able to achieve rapid and sustainable growth due to
competitive, regulatory or other factors; the risk that the
merger will not be accretive to the combined company's
results; uncertainty regarding future growth in China's
entertainment and media market; uncertainties as to the
timing of the completion of the combination, including the
risk that the closing conditions to the combination will
not be satisfied for whatever reason; continued competitive
pressures in China's wireless value-added services and media
markets; changes in technology and consumer demand in these
markets; and other risks outlined in Hurray!'s filings with
the Securities and Exchange Commission, including its annual
report on Form 20-F.  Hurray! does not undertake any
obligation to update this forward-looking information,
except as required under applicable law. 

    For more information, please contact:

     Christina Low F.S.
     Investor Relations Officer
     Tel:   [phone] x5532
     Email: [e-mail]