updated 12/9/2010 11:47:15 PM ET 2010-12-10T04:47:15

HANGZHOU, China, Dec. 9, 2010 (GLOBE NEWSWIRE) -- Sky-mobi Limited (Nasdaq:MOBI) ("Sky-mobi" or the "Company"), the operator of the leading mobile application store in China, announced today that its initial public offering of 7,250,000 American Depositary Shares ("ADSs") has been priced at $8.00 per ADS.

Sky-mobi is offering 6,125,000 American depositary shares, or ADSs, and the selling shareholders named in the prospectus are offering an additional 1,125,000 ADSs. The Company will not receive any of the proceeds from the sale of ADSs by the selling shareholders. The ADSs, each representing 8 common shares of Sky-mobi, will begin trading on December 10, 2010, on the Nasdaq Global Market under the ticker symbol "MOBI". The underwriters have an option to purchase up to 918,750 additional ADSs from Sky-mobi and an additional 168,750 ADSs from the selling shareholders at the initial public offering price less the underwriting discount to cover over-allotments.

Citigroup was the sole bookrunner. Piper Jaffray, Oppenheimer & Company and Rodman and Renshaw acted as co-managers for the offering.

Sky-mobi's registration statement relating to these securities was declared effective as of December 9, 2010 by the U.S. Securities and Exchange Commission. Copies of the prospectus related to the offering may be obtained from the prospectus department of Citigroup, Attention: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 (Tel: 800-831-9146); or Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, Suite 800, Minneapolis, MN 55402, telephone: 800-747-3924 or email: prospectus@pjc.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Sky-mobi Limited:

Sky-mobi Limited (Nasdaq:MOBI), operates the leading mobile application store in China.  Sky-mobi works with handset companies to pre-install its Maopao mobile application store on handsets and with content developers to provide users with high quality applications and content titles.  Users of the Maopao store can browse, download and purchase a wide range of applications and content such as single-player games, mobile music and books. In addition, Sky-mobi has established a leading mobile social network community in China, the Maopao Community, where it offers popular localized mobile social games as well as applications and content with social network functions to its registered members. The Maopao store enables mobile applications and content to be downloaded and run on a variety of mobile handsets with different hardware and operating system configurations.

The Sky-mobi Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8458

CONTACT:  Sky-mobi Limited
          Mr. Carl Yeung, CFO
          +(86) 571-87770978 (Hangzhou)
          ir@sky-mobi.com

          CCG Investor Relations
          Mr. Ed Job, Account Manager
            +(1) 646-213-1914 (New York)
          Kristin Knies, Senior MI Executive
            +(1) 646-833-3401

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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