Hurray! to Terminate Proposed Business Combination with Enlight Media

Hurray! Holding Co., Ltd. , a leader in artist development, music
production and wireless music distribution and other wireless
value-added service in China, today announced that the Company and
Enlight Media have both agreed to terminate their proposed business
combination announced on November 19, 2007 due to a divergence in
business strategies and a mutual determination that a combination would
not be in their mutual interests.

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: Hurray!'s
continued competitive pressures in China's wireless value-added
services market; changes in the policies of the mobile operators in
China or the laws governing wireless value-added services; the state of
Hurray!'s relationships with China's mobile operators and the risk that
Hurray! may be subject to further sanctions and penalties from them in
future periods; 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.