Hurray! Holding Co., Ltd. Appoints Citigroup Depositary for Nasdaq Listed ADR Program

New York, February 9, 2005 – Citigroup Depositary Receipt Services, the leading depositary bank, announced today that it has established an American Depositary Receipt (ADR) program for Hurray! Holding Co., Ltd. (Hurray!), a leading provider of wireless value added services in China. The company is headquartered in Beijing, China.

The ADRs are now listed on the Nasdaq under the symbol HRAY (CUSIP 447773 10 2). Each Nasdaq traded ADS represents 100 ordinary shares.

“We look forward to supporting Hurray! Holding Co., Ltd. as the company expands its visibility and reach among U.S. investors,” said Sanjeev Nanavati, Managing Director of Citigroup Depositary Receipt Services.

“The Nasdaq listed ADR program will be an important step forward for Hurray! as we look to expand access to investors in the world’s largest capital market. We are committed to uphold the highest standards for our customers and shareholders,” said Jesse Liu, Chief Financial Officer of Hurray! Holding Co., Ltd.

Hurray! Holding Co., Ltd. (Hurray!) provides wireless value-added services for mobile phones and related software technologies in China. The company is one of the market leaders in terms of revenue in providing Wireless Application Protocol, or WAP, services over China's 2.5G networks. WAP is the predominant 2.5G service available in China and enables mobile phone users to directly access, browse, search and download content through their mobile phones, using WAP portals provided by the mobile operators. Hurray! also provides 2G services such as short messaging services, or SMS, and interactive voice response services, or IVR. Additionally, the company designs, develops, sells and supports a services provisioning and management software platform called VASPro, and is the sole provider to China Unicom for its nationwide WAP portal. For further information, visit www.hurray.com.

For background on Citigroup ADR programs as well as industry trends and developments, visit www.citigroup.com/adr.

###

About Citigroup Global Transaction Services
Citigroup Depositary Receipt Services is a leader in bringing quality issuers to the U.S. market and promoting American Depositary Receipts (ADRs) as an effective capital markets tool. Citibank began offering ADRs in 1928 and today is widely recognized for providing non-U.S. companies with a gateway to the resources of Citigroup and the means to diversify shareholder bases and increase liquidity. In addition, Citigroup’s financial strength and global reach provide clients with access to Citigroup's on-the-ground presence and in-depth knowledge of 90 local markets.
Depositary Receipt Services is a business line within Citigroup® Global Transaction Services, a leading provider of integrated cash management, trade finance and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $121 billion in average liability balances, more than $ 7.3 trillion in assets under custody and the largest proprietary branch network, Citigroup’s award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup® Global Transaction Services provides clients with access to Citigroup’s full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com.

About Citigroup
Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com