Giant Interactive Announces Joint Venture With Huayi Brothers to Cooperate King of Kings III

SHANGHAI, Dec. 7, 2010 /PRNewswire-Asia/ -- Giant Interactive Group Inc. (NYSE: GA) ("Giant" or the "Company"), a leading Chinese online game developer and operator, today announced that it has entered a binding framework agreement with Huayi Brothers Media Corporation (SZSE: 300027) ("Huayi Brothers"), one of the few fully-integrated media, entertainment and leisure groups in China, to cooperate Giant's 3D MMORPG King of Kings III.

After the transaction is completed as defined by the framework agreement, Giant and Huayi Brothers will jointly own a new entity called Beijing Huayi Giant Information Technology Co., Ltd (the "Joint Venture"), which will obtain the intellectual property of King of Kings III and its development team from Giant.  Huayi Brothers will become the majority shareholder, while Giant and the development team of King of Kings III will become minority shareholders of the Joint Venture.

Mr. Yuzhu Shi, Giant's Chairman and Chief Executive Officer commented, "We are excited to announce this new agreement with Huayi Brothers as we believe it represents an ideal opportunity to explore the convergence of online games with various other entertainment mediums.  Through this venture King of Kings III will continue to benefit from Giant's innovative R&D talent and deep-seeded industry knowledge, but also leverage the enormous marketing capabilities that come with Huayi Brothers' large scale presence throughout China. We are confident that this structure will optimize the potential of King of Kings III and drive the maximum number of users to the game."

Mr. Zhongjun Wang, Huayi Brothers' Chairman of the Board commented, "We are pleased to commence this venture with Giant Interactive and are confident that this partnership will be beneficial to both companies.  Since the development of King of Kings III, Giant has made large strides to tailor the game to the Chinese audience; furthermore, they continue to provide constant updates and recently introduced the game's second expansion pack.  We believe the Joint Venture will provide for continued focus on the game's development, while simultaneously opening new avenues for attracting new players and ultimately driving revenue."  

About Giant

Giant Interactive Group Inc. (NYSE: GA) is a leading online game developer and operator in China in terms of market share according to iResearch Consulting Group, an independent Chinese research center, and focuses on massively multiplayer online role playing games.  Currently, Giant operates multiple games, including ZT Online, ZT Online Green Edition, Giant Online, King of Kings III, The Golden Land, XT Online, Dragon Soul, and My Sweetie.  Giant has several additional online games that it intends to launch, including ZT Online 2, Allods Online, and Elsword.  Giant has built a nationwide distribution network to sell the prepaid game cards and game points required to play its games, which as of September 30, 2010 consisted of over 130 distributors, and reached over 96,000 retail outlets, including internet cafes, software stores, supermarkets, bookstores, newspaper stands, and convenience stores located throughout China.  For more information, please visit Giant Interactive Group on the web at www.ga-me.com.

About Huayi Brothers

Huayi Brother Media Corporation (SZSE: 300027）is one of the few fully-integrated media, entertainment and leisure groups in China. With dedicated operating divisions in film and television production as well as in film distribution, artist talent management, music, advertising and most recently, film exhibition, Huayi Brothers is at the creative forefront of every aspect of the modern entertainment industry in China.  Huayi Brothers has produced many of the highest grossing Chinese language films of all time, including Aftershock, If You Are the One, Detective Dee, The Message, and The Assembly.

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