Hong Kong, August 20, 2004 -- In the latest of a growing list of PRC acquisitions on which Morrison & Foerster's China M&A team has advised, Morrison & Foerster attorneys based in the firm's Beijing, Hong Kong and New York offices represented Joyo.com, the leading PRC internet online retailer, together with its principal institutional shareholders, Kingsoft Holdings Limited and Legend Capital, in a cash acquisition by Amazon.com valued at US$75 million.

The parties signed a definitive merger agreement on August 10, 2004 and the transaction is scheduled to close in the 3rd quarter, subject to customary conditions to closing. and its shareholders.

This transaction is the latest in a string of recent PRC acquisitions in which Morrison & Foerster's China M&A team has participated on the sell-side and buy-side. These transactions include: Kodak's US$150 million acquisition of a 20% interest in PRC state-owned Lucky Film Co. Ltd; Thomson's divestiture of its optical key component PRC manufacturing assets to, and related DVD technology development alliance with, Foxconn; and Rakuten's US$110 million acquisition of a 22% interest in Nasdaq-listed Ctrip.com. Steve Toronto, Beijing managing partner who led Morrison & Foerster's transaction team commented, "We're delighted to work with Joyo.com, Legend Capital and Kingsoft Holdings on this significant acquisition by Amazon.com, which brings together the world's top business-to-consumer website and one of China's leading e-tailers. This transaction is symbolic of the renewed importance and value recognition that multinationals are seeing in PRC assets, and we of course are pleased to assist our clients in realizing this value in transactions such as this one has."

About Joyo.com
Joyo.com was founded in May 2000 and today is the largest online music, video and book store in China. In addition, it sells IT software products, health & beauty products, as well as gifts and toys online.

About Amazon Services, Inc.
Amazon.com, a Fortune 500 company based in Seattle, opened on the World Wide Web in July 1995 and today offers Earth's Biggest Selection. Amazon.com seeks to be Earth's most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices. Amazon.com and other sellers offer millions of unique new, refurbished and used items in categories such as health and personal care, jewelry and watches, gourmet food, sports and outdoors, apparel and accessories, books, music, DVDs, electronics and office, kids and baby, and home and garden.