Best Prospect Overseas Limited Seeks Accountability From Hurray! Chairman Qindai Wang

Best Prospect Overseas Limited Seeks Accountability From Hurray! Chairman Qindai Wang

BEIJING, May 8 /PRNewswire-Asia-FirstCall/ -- Best Prospect Overseas Limited sent the following letter to Qindai Wang, the Chairman and ex-CEO of Hurray! Holding Co., Ltd. (NASDAQ:HRAY) holding him responsible for squandering an opportunity to create value for his shareholders.

                       Best Prospect Overseas Limited    May 8, 2009    Mr. Qindai Wang   Chairman of the Board of Directors   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. Wang:   

As you know, we withdrew our offer to acquire 51% of the outstanding shares of Hurray.

We believe that you and your board's failure to respond, which left us with no choice but to withdraw our offer, is a tragedy for your shareholders. Since April 24, which was when we made our initial offer, Hurray's share price appreciated more than 40%. If you were willing to at least discuss our offer with us, we believe your shareholders would have had the opportunity to obtain even better returns.

Our withdrawn offer was not a simple acquisition of Hurray but would also add significant value to the current management and leadership by adding experienced and proven team leaders. We believe Hurray's current management and leadership must accept responsibility for the under-performance of Hurray's share price over the past several years. Our offer also included a significant premium that reflects our confidence in Hurray's platform and the opportunities that would have been available to Hurray.

Most importantly, we firmly believe that our withdrawn offer would have been superior to an acquisition of all or substantially all of the outstanding shares of Hurray. Such acquisition would have been less attractive to your shareholders because the shareholders would have little choice but to exit at today's price and would not be able to participate in Hurray's future growth.

In light of you and your board's refusal to discuss our withdrawn offer, it is painfully obvious to us that you and certain other members of your board are more concerned about your own power, self interests and hubris than your shareholders' interests. Your shareholders would do well to re-consider the effectiveness of the current board at the next shareholders meeting.

We still believe that Hurray is an attractive platform and we may still be interested to work together in future. However, it is extremely difficult for us to work constructively with your and your current board. We will only reconsider working with Hurray on a new offer if you and other members of the current board of directors who are acting against your shareholders' interests resign voluntarily or are removed from the board.

We look forward to Hurray's next shareholders meeting, during which we hope that some of the long-standing issues with Hurray's current board of directors will be discussed and addressed.

   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

---

Profile: International Entertainment