CMGE Announces US$16.4 Million Private Placement

CMGE Announces US$16.4 Million Private Placement

GUANGZHOU, China, Nov. 15, 2013 (GLOBE NEWSWIRE) -- China Mobile Games and
Entertainment Group Limited ("CMGE" or the "Company") (Nasdaq:CMGE), a leading
mobile game company in China, today announced that it has entered into an
agreement to sell in a private placement American depositary shares ("ADSs")
of the Company at US$14.50 per ADS for gross proceeds of approximately US$16.4
million, before deducting related expenses. This investment represents
approximately 4.1% of the issued share capital of the Company as enlarged by
the private placement of ADSs. The National Council for Social Security Fund,
with ICBC Credit Suisse Asset Management (International) Company Limited
acting as the Investment Manager, will acquire 1,035,000 ADSs; ICBCCS Global
China Opportunity Equity Fund, with ICBC Credit Suisse Asset Management Co.,
Ltd. acting as the Investment Manager, will acquire 88,000 ADSs; and ICBC
Credit Suisse Asset Management (International) Company Limited, acting on its
own behalf, will acquire 10,350 ADSs.

Closing of the transaction is subject to customary closing conditions and is
to take place within two weeks of the signing.

The Company plans to use the net proceeds from these transactions for
acquisition of third parties game licenses and intellectual properties,
product development, R&D enhancement, expanding sale and distribution channels
and general corporate purposes.

"We are pleased to welcome the National Council for Social Security Fund and
ICBC Credit Suisse Asset Management as investors," commented Mr. Ken Jian
Xiao, CMGE's Chief Executive Officer. "We believe that the investment by these
established and reputable investors expresses confidence in the long-term
growth and stability of our Company. This investment will also help broaden
the Company's strategic shareholder base."

About National Council for Social Security Fund

National Council for Social Security Fund, established by the State Council of
the PRC, serves as the social security strategic reserve centralized by the
PRC government to meet the social security needs of the future aging
population. National Council for Social Security Fund is permitted to invest
in domestic investments and overseas investments, such as bonds, stocks, funds
and derivative instruments.

About ICBCCS Global China Opportunity Equity Fund

ICBCCS Global China Opportunity Equity Fund, established and managed by ICBC
Credit Suisse Asset Management Co., Ltd., is a open-ended equity fund with a
focus on securities that are issued by overseas Chinese enterprises as well as
international companies that benefit from China's continuous economic growth.

About ICBC Credit Suisse Asset Management Co., Ltd.

ICBC Credit Suisse Asset Management Co., Ltd, is the first bank-established
and bank-held joint-venture fund management corporation in China, founded on
June 21, 2005. It is qualified as a manager of mutual funds, supplementary
pension Fund QDII and special client assets, as well as a National Social
Security Fund manager.

About ICBC Credit Suisse Asset Management (International) Company Limited

ICBC Credit Suisse Asset Management (International) Company Limited, a
wholly-owned subsidiary of ICBC Credit Suisse Asset Management Co., Ltd. is
incorporated in Hong Kong and is principally engaged in the provision of
portfolio investment products and management and advisory services. ICBC
Credit Suisse Asset Management (International) Company Limited and ICBC Credit
Suisse Asset Management Co., Ltd. are fund managers of National Council for
Social Security Fund.

About CMGE

CMGE is a leading mobile game company in China. Its fully integrated
capabilities span the development, operation and publishing of proprietary and
licensed mobile games. The Company's portfolio consists of 570 games,
including 510 single player and 60 social games. Its social games are mainly
developed for Android and iOS-based smartphones. CMGE's extensive distribution
network includes its proprietary Game Center distribution platform, handset
pre-installation, mobile advertisements, telecom operators and major
application stores. The Company currently has 610 employees, including 450 R&D
staff located in offices and R&D centers in Guangzhou, Shenzhen, Beijing,
Chengdu, Shanghai, Hangzhou and Hong Kong. The Company's stock is traded on
NASDAQ under the symbol CMGE. For more corporate and product information,
please visit CMGE's website at http://www.cmge.com.

Forward-looking Statements

This press release contains forward-looking statements. These statements are
made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "confident" and similar
statements. CMGE may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange Commission, in its
annual report to shareholders, in press releases and other written materials
and in oral statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including statements about
CMGE's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties.

A number of factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not limited to the
following: the Company's growth strategies as well as business plans; future
development, results of operations and financial condition; ability to
continue to develop new and attractive products and services; ability to
continue to develop new technologies or upgrade existing technologies; ability
to attract and retain users and customers and further enhance brand
recognition; the expected growth of and trends in the mobile game industry in
China; PRC governmental policies and regulations relating to the mobile game
industry in China; competition in the mobile game industry; and general
economic and business conditions in China. Further information regarding these
and other risks is included in the Company's registration statement on Form
F-1 and other documents filed with the Securities and Exchange Commission.
CMGE does not undertake any obligation to update any forward-looking
statement, except as required under applicable law. All information provided
in this press release and in the attachments is as of the date of the press
release, and CMGE undertakes no duty to update such information, except as
required under applicable law.

CONTACT: For investor and media inquiries, please contact:
         China Mobile Games and Entertainment Group Limited
        
         Tel: +852 2700 6168
         E-mail: ir@cmge.com
        
         In the U.S.
         The Piacente Group
         Investor Relations
         Kathy Price
         Tel: +1 212-481-2050
         E-mail: cmge@tpg-ir.com
 
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