SHANGHAI, China, Nov. 1 /Xinhua-PRNewswire-FirstCall/ -- Giant Interactive Group Inc. ("Giant")(NYSE:GA), one of China's leading online game developers and operators in terms of revenues, announced today that its initial public offering of 57,197,423 American Depositary Shares ("ADSs"), each representing one ordinary share, was priced at an initial offering price of US$15.50 per ADS. Of the 57,197,423 ADSs sold in this offering, 52,467,723 ADSs were sold by Giant and the remainder by the selling shareholder. The gross proceeds from the sale of ADSs are approximately US$886.6 million. The ADSs are expected to begin trading on November 1, 2007 on The New York Stock Exchange under the symbol "GA." The selling shareholder has granted the underwriters a 30-day option to purchase up to an aggregate of 8,579,613 additional ADSs to cover over-allotments, if any. Giant intends to use the net proceeds from this offering for general corporate purposes, including capital expenditures and funding possible future acquisitions. Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Investment Bank are acting as the joint global coordinators and joint book runners for this offering. UBS Investment Bank will be acting as stabilization agent. J.P. Morgan Securities Inc., CIBC World Markets Corp., Piper Jaffray & Co. and Susquehanna Financial Group LLLP are co-managers. The U.S. Securities and Exchange Commission (the "SEC") has declared Giant's registration statement to these securities effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of the securities is made only by means of a prospectus. A copy of the prospectus related to this offering may be obtained by contacting UBS Securities LLC, Attn: Prospectus Department, 299 Park Avenue, New York, NY 10171, phone: 1-212-821-3000 or Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center, New York, NY 10080, phone: 1-212-449- 1000. About Giant Interactive Group Inc. Giant Interactive Group Inc. (NYSE:GA) is one of China's leading online game developers and operators in terms of revenues, focusing on massively multiplayer online role playing games. Giant's game, ZT Online, was voted the most popular online game in China in 2006 according the International Data Corporation. Giant has three additional online games that it intends to commercially launch, including ZT Online PTP, Giant Online and King of Kings III. Giant has built a nationwide distribution network to sell the prepaid game cards and game points required to play its games, which as of August 31, 2007 consisted of over 200 distributors, and reached over 116,500 retail outlets, including internet cafes, software stores, supermarkets, bookstores, newspaper stands and convenience stores located throughout China. Safe Harbor Statement This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements involve a number of risks and uncertainties. A number of factors could cause Giant's actual results, performance, achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the SEC filings of Giant. For more information, please contact: Investor Contact: Eric He, CFO Giant Interactive Group Inc. Tel: +86-21-6451-5001 Investor Relations (HK): Ruby Yim Taylor Rafferty Tel: +852-3196-3712 Investor Relations (US): Mahmoud Siddig Taylor Rafferty Tel: +1-212-889-4350 Media Contact: John Dooley Taylor Rafferty Tel: +1-212-889-4350 DATASOURCE: Giant Interactive Group Inc. CONTACT: Eric He, CFO of Giant Interactive Group Inc., +86-21-6451-5001; Ruby Yim of Taylor Rafferty, +852-3196-3712; Mahmoud Siddig of Taylor Rafferty, 212-889-4350; John Dooley of Taylor Rafferty, 212-889-4350, all for Giant Interactive Group Inc.

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