Funtalk China Holdings Limited Announces Closing of Going Private Transaction for $7.20 per Share

Funtalk China Holdings Limited

announced today the completion of the transactions contemplated by the previously announced definitive agreement, dated as of May 31, 2011, by and among Fortress Group Limited , a newly-formed entity formed by the Consortium Members , Fortress Merger Sub Limited, a wholly owned subsidiary of Parent, and the Company. As a result of the Transaction, the Company became a wholly owned subsidiary of Parent. Under the terms of the definitive agreement, which was adopted by the Company's shareholders at an extraordinary general meeting held on August 22, 2011, each ordinary share of the Company issued and outstanding immediately prior to the effective time of the Transaction has been cancelled in exchange for the right to receive US$7.20 per share in cash without interest and less any applicable taxes, except for the ordinary shares beneficially owned by Parent, Merger Sub, the Consortium Members or any direct or indirect wholly owned subsidiary of Funtalk which were cancelled without receiving any consideration.