Best Prospect Overseas Limited Seeks Response from Hurray! Holding Co., Ltd.

Best Prospect Overseas Limited Seeks Response from Hurray! Holding Co., Ltd.

BEIJING, May 4 /PRNewswire-Asia-FirstCall/ -- Set forth below is the full text of the letter that was delivered earlier today to Mr. Songzuo Xiang, Chief Executive Officer of Hurray! Holding Co., Ltd. (NASDAQ:HRAY) .

                       Best Prospect Overseas Limited    May 4, 2009    Mr. Songzuo Xiang   Chief Executive Officer   Hurray! Holding Co., Ltd.   15/F, Tower B, Gateway Plaza No. 18 Xia Guang Li, North Road   East Third Ring, Chaoyang District   Beijing 100027, China    Dear Mr. Xiang:   

I am disappointed that after submitting our written proposal to you on April 24, you have been unresponsive despite our repeated efforts to initiate a dialogue. The only communication you made was the press release dated April 28. Subsequently we placed a call to your chairman, Qindai Wang, to initiate a discussion regarding our offer and to commence due diligence. Our request was denied without any explanation.

Meanwhile, the local media in China reported on April 30 that you are currently in exclusive discussions with another party. Despite the fact that we have been discussing our offer with you for the last six months, you did not disclose to us the existence of any competing offer. We would like to understand the basis for your decision, particularly the reasons behind granting this third party an exclusivity period instead of allowing a competitive process that would maximize shareholder value.

In our view, our offer of $3.50 per American Depository Share and a proportional amount per ordinary share, for ADS's and ordinary shares constituting in the aggregate up to 51% of the outstanding share capital of Hurray! is a well balanced approach to maximize shareholder value. While our offer represents a substantial premium to the recent trading price, it does not require shareholders to fully exit at our offer price. The shareholders will still have the chance to capitalize on the future growth of Hurray! based on our business plan.

Frankly, we are discouraged with the lack of transparency and disclosure from the board on the matter of exploring strategic alternatives. Hurray!'s shareholders deserve to know the terms of the various strategic alternatives that are available. In our view, the lack of transparency and rejection of a competitive process damage shareholder value for no apparent benefit.

On this basis, we hereby request that you (i) immediately begin constructive discussions with us, including allowing access to conduct reasonable due diligence, and (ii) publicly disclose any other offer that the Board is reviewing.

Although we believe that we would both be better served by working towards a transaction without public disclosure and the attendant press and analyst attention, your decision not to engage in meaningful discussion with us has left us without any choice. We will be making this letter public so that the shareholders can decide whether to support your current efforts.

If we do not hear from you promptly, we reserve the right to withdraw our offer. In that event, you could be responsible for the potential losses of your shareholders.

   Sincerely,    Jacky C. F. Tung   On behalf of Best Prospect Overseas Limited      For more information, please contact:     Xiong Can    Mobile: +86-139-1136-9097  

Source: Best Prospect Overseas Limited

CONTACT: Xiong Can, +86-139-1136-9097, Xiongc@joymedia.cn, for Best
Prospect Overseas Limited

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