Changsha, China, March 31, 2010 – Happigo Home Shopping Co., Ltd. (“Happigo”), a subsidiary of Hunan Radio, Film and Television Broadcasting Group (the “Hunan Broadcasting Group”), today announced the official signing of its Series A financing agreement. This RMB330 million financing was led by Hony Capital with participation from Citic Private Equity Investment and Sequoia China . This transaction represents the largest private placement within China 's home shopping industry to date.

China eCapital served as the exclusive financial advisor to Happigo and Hunan Broadcasting Group in this transaction.

Since launching its first TV home shopping channel on March 17, 2006, Happigo has extended its national coverage to 67 geographical markets spanning 16 provinces. With over 6,000 products marketed on its home shopping platform, the company covers a broad spectrum of product segments including consumer electronics, home furnishing, jewelry, as well as travel and insurance products and automobiles. With over 3 million in membership, Happigo has generated over RMB6 billion in total sales since inception and has experienced a stunning CAGR of 587% in revenue growth over the past three years.

The sizable investment from the three reputable investors led by Hony will ensure that Happigo will have sufficient funds to further expand its geographical coverage, strengthen its partnerships with suppliers, and solidify its market leadership. In addition, the company will benefit from the investors' global vision as well as their vast experiences and resources in operation, market consolidation and capital market activities. The introduction of outside investors and improved shareholding structure of Happigo also underscores the tremendous efforts by its parent, Hunan Broadcasting Group, to reform itself towards a more market-oriented modern media conglomerate.

About Happigo

Happigo was founded in March 2006 by Hunan Broadcasting Group with registered capital of RMB100 Million. Happigo has transformed itself from a TV home shopping company into a cross-channel retailer. Happigo has over 6,000 products across 18 categories, including consumer electronics, home furnishing, jewelry, cosmetics, clothing, sports, travel products, insurance, and automobiles. Happigo is the first company in the home shopping industry to commit to “24 hour free customer service”, “7 day free delivery”, “payment after delivery”, “credit card interest-free installment payments”, and “10 day money-back guarantee”. The goal of making these explicit commitments is to bring “comfortable”, “timely”, and “convenient” service to Happigo's customers. Happigo is already a market leader in terms of its business scale, growth rate, and brand recognition.

About China eCapital Corporation

China eCapital Corporation is a leading private investment bank in China. Founded in 2000 with headquarters in Beijing, we provide advisory services in mergers and acquisitions, private placements, as well as initial public offerings. While our clients encompass a wide spectrum of industries, over the years, we have developed core strengths in the TMT, consumer, health care, and clean-tech sectors. In the media and entertainment space, in particular, we have been widely recognized as the unparalleled market leader. For more information please visit our website at www.china-ecapital.com .