BEIJING, May 15, 2007 / On May 3rd, 2007, Acorn International, a leading consumer marketing company and the largest TV direct sales company in China, made its debut on New York Stock Exchange（"NYSE"）.

The IPO, which raised over $120 million by selling 7.7 million ADSs at $15.50 each, was a huge success amid rebound interest in companies coming out of China. Priced above the initial range set by the underwriters, the final offering represented 17 times over-subscription on a gross basis. First trade opened at $19.80 on the day of its debut, and the stock is currently trading in the $23~25 range. Acorn's IPO is the best-performing IPO out of China on the NYSE this year and is within the top 5% of all non-U.S. listing on the NYSE to date.

Merrill Lynch and Deutsche Bank served as the lead underwriters for the IPO. China eCapital served as the financial advisor to Acorn. During the IPO process, China eCapital was actively involved in prospectus drafting, financial modeling, research analyst meetings, road show preparation, IPO pricing discussions and other general project management issues. In addition, China eCapital participated in the entire road show, helping Acorn's management with investor communications during all one-on-one meetings and luncheons.

China eCapital's relationship with Acorn dates back to early 2004. Over the course of Acorn's business growth, China eCapital advised Acorn on its private placement and the acquisition of the remaining equity interest in its HXJ joint venture. The remarkably successful IPO is yet another milestone China eCapital has helped Acorn achieved and is a testimony to its commitment to long-term relationships with the clients its serves.