Sungy Mobile Announces the Formation of a "Special Committee"

Sungy Mobile Limited GOMO ("Sungy Mobile" or the "Company"), a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, today announced that in response to the preliminary non-binding proposal dated April 13, 2015 (the "Proposal") that the Company's board of directors (the "Board") received, the Board has formed a special committee of independent directors (the "Special Committee") to review and evaluate the Proposal. The Proposal from Mr. Yuqiang Deng, chairman and chief executive officer of Sungy Mobile, and Mr. Zhi Zhu, co-chief operating officer of the Company, outlines their interest in acquiring all of the Company's outstanding ordinary shares that are not currently beneficially owned by them, including ordinary shares represented by the Company's American depositary shares or "ADSs" (each representing six Class A ordinary shares of the Company), at a price of $4.90 in cash per ADS, or approximately $0.82 in cash per ordinary share. The Special Committee is composed of Mr. Yong Chen, Dr. Feng Li and Ms. Xiangguang Zou, who are independent directors of the Company and are unaffiliated with the Proposal. Mr. Yong Chen will be the chairman of the Special Committee. The Board also expects that the Special Committee will retain independent advisors, including independent financial and legal advisors, to assist it in this process. The Company cautions its shareholders and others considering trading its securities that neither the Board nor the Special Committee has made any decision with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be made by Mr. Yuqiang Deng, Mr. Zhi Zhu or any other person, that any definitive agreement will be executed relating to the proposed transaction, or that the proposed transaction or any other transaction will be approved or consummated.