Beijing, China, July 27, 2009 –Shanda Interactive Entertainment Limited (“Shanda”) (NASDAQ: SNDA), a leading interactive entertainment media company in China, and Shanda Music Group Limited (“Shanda Music”), a wholly owned subsidiary of Shanda, have announced final results and completion of the tender offer for 1,155,045,300 ordinary shares of Hurray! Holding Co., Ltd. (“Hurray!”) (NASDAQ: HRAY), a leader in artist development, music production and wireless music distribution and other wireless value-added services in China .   After the transaction, Shanda will hold, through Shanda Music, approximately 51% of Hurray!'s total outstanding Shares calculated on a fully-diluted basis.  

With a total transaction value of approximately US$46.2 million, this represented the first acquisition ever completed by a NASDAQ-listed company of another NASDAQ-listed company—both with primary operations in China —by way of a public tender offer for a majority stake of the target company.

China eCapital acted as the exclusive financial advisor to Shanda in this transaction. 

Based on the final results provided by Citibank, N.A., the ADS tender agent, and Conyers Dill & Pearman, the Ordinary Share tender agent, the aggregate number of Shares (including Shares represented by ADSs) validly tendered and not withdrawn was 1,423,036,660 Shares (including Shares represented by ADSs). Shanda Music has accepted for payment 1,155,045,300 Shares (including Shares represented by ADSs), or 81.2% of the Shares (including Shares represented by ADSs) that were validly tendered and not withdrawn.

About Shanda Interactive Entertainment Limited

Shanda Interactive Entertainment Limited (NasdaqGS: SNDA) is a leading interactive entertainment media company in China . Shanda offers a portfolio of diversified entertainment content including some of the most popular massively multi-player online role-playing games (MMORPGs) and advanced casual online games in China, as well as online chess and board games, e-sports game platform and a variety of cartoons, literature works and music. Shanda's interactive entertainment platform attracts a large and loyal user base, of which more and more is coming from homes. Each user can interact with thousands of other users and enjoy the interactive entertainment content that Shanda provides. Interaction enriches your life. For more information about Shanda, please visit http://www.snda.com .

About Hurray! Holding Co., Ltd.

About China eCapital

China eCapital is a leading investment bank in China. Founded in 2000 with headquarters in Beijing, it provides private placement, merger and acquisition (M&A), and initial public offering (IPO) advisory services. With an international background and strong local presence, China eCapital has emerged as one of the most dynamic and active players in the Chinese investment banking market. While its clients encompass a wide spectrum of industries, the firm is focused on media and entertainment, technology and internet, consumer products and services, healthcare, and cleantech. For more information please visit our website at www.china-ecapital.com.