The 100 Most-Promising Private Technology Ventures Celebrated at Hong Kong Event

SAN FRANCISCO, Calif., Aug. 31 /Xinhua-PRNewswire/ -- Red Herring Magazine announced on the 29th that Funshion Online Technologies Co., Ltd. has been officially selected as a winner of the prestigious "Red Herring 100 Asia" 2007 awards. The news was announced at a gala dinner during the event in Hong Kong, China, "Red Herring 100 Asia," which occurred from August 29 to 31.

Winners were selected from a pool of more than 600 applicants based in 16 countries/regions including China, India, Japan, Singapore, Korea, Australia and Vietnam. The names of the 200 companies short-listed as finalists for the Red Herring 100 Asia 2007 along with the 100 announced winners can be found online at http://www.herringevents.com/asia07/index.html .

The Red Herring editorial team carefully selected the winning companies based on both quantitative and qualitative criteria such as financial performance, technology innovation, quality of management, execution of strategy, and integration into their ecosystem. The 100 winners are based in 16 countries/regions including China, India, Japan, Singapore, Korea, Australia and Vietnam.

"After a rigorous evaluation process, we're very happy with winners we selected," said Joel Dreyfuss, Editor-in-Chief of Red Herring. "There was a large pool to choose from and we're impressed by the caliber of innovative talent bursting from Asia's business and technology sector."

"The 'Red Herring 100 Asia' 2007 award is definitely a recognition of Funshion's leading position in the Internet video sector," said by Frank Luo, founder and CEO of Funshion. "Since launching the first release of our video-on-demand software, called 'Funshion,' millions of users now enjoy Funshion-streaming services everyday. Many users treat Funshion as a must-have software on their PCs; and they tell their friends and relatives to use Funshion. We are happy to be seeing organic and accelerating growth during the past year. We look forward to cooperating with global content providers and media companies to offer a better video-on-demand service on the Internet."

The finalists and winning companies were celebrated during the "Red Herring 100 Asia" awards ceremony in Hong Kong, on August 29-31. "Red Herring 100 Asia" is an exclusive event honoring 100 cutting-edge private technology companies from across the Asia-Pacific region. The event brings together an elite roster of entrepreneurial and global venture investment firms to showcase excellence in innovation. It features three days of keynote discussions, roundtable panels and networking events designed for participants to make connections and learn what it takes to achieve the best in business and technology in Asia.

Distinguished speakers at "Red Herring 100 Asia" included Richard Li, Chairman of PCCW; John Chen, Chairman of Sybase; James Ding, Chairman of AsiaInfo; John Hummelstad, Apac Director of Microsoft Venture and many others. For a full list of Red Herring 100 Asia speakers, visit http://www.herringevents.com/Asia07/speakers.html .

Register for RH 100 Asia at http://www.herringevents.com/asia07/index.html .

About Funshion

Funshion delivers high-quality and high-speed video-on-demand services over the Internet. By building and operating a rich media content delivery platform, Funshion bridges content owners and end users. On this platform, content owners can publish the legal content and end users can obtain their desired content either through a media streaming method or through file downloading. Currently Funshion serves the largest peer-to-peer video-on-demand user community worldwide.

About Red Herring

Red Herring is a global media company uniting the world's best high technology innovators, venture investors and business decision makers in a variety of forums: a leading innovation magazine; an online daily technology news service; technology research, and major events for technology leaders around the globe. Red Herring provides an insider's access to the global innovation economy, featuring unparalleled insights on the emerging technologies driving the economy. For more information, visit http://www.redherring.com/ .

For more information, please contact: Contact at Funshion: Mr. Qinzhou She Marketing Director Address: 6 Zhichun Road, Jinqiuzhichun D1-601, Haidian District, Beijing 100088, China Tel: +86-10-8235-1015 x811 Fax: +86-10-8235-1015 x816 Email: sheqz@funshion.com or pr@funshion.com Contact at Red Herring: Ellen Gao Chief Rep., Red Herring, Inc Tel: +86-10-8591-1602; +86-10-8591-1166 x810 Fax: +86-10-8591-1601 Email: egao@redherring.com Media Contact Information and Accreditation: Jenny Chong Terpin Communication Inc. for Red Herring Tel: +1-310-821-6100 x103 Email: jenny@terpin.com

CONTACT: Mr. Qinzhou She, Marketing Director for Funshion, 6 Zhichun Road,
Jinqiuzhichun D1-601, Haidian District, Beijing 100088, China, +86-10-8235-
1015 x811, or alternate phone, +86-10-8235-1015 x816, or email,
sheqz@funshion.com, or alternate email, pr@funshion.com, for Funshion; Ellen
Gao Chief Rep. of Red Herring, Inc, +86-10-8591-1602, or alternate phone, +86-
10-8591-1166 x810, or fax, +86-10-8591-1601, or email, egao@redherring.com,
for Red Herring; Jenny Chong of Terpin Communication Inc., +1-310-821-6100
x103, or jenny@terpin.com, for for Red Herring

Web site: http://www.herringevents.com/asia07/index.html