124,065,972 common shares. Chardan Capital Markets, LLC acted as the
Company’s agent in connection with the financing.

(Logo: http://photos.prnewswire.com/prnh/20110608/NY15763LOGO )

FIL Investment Management (Hong Kong) Limited (“Fidelity”), acting on behalf
of various accounts, was the single largest investor and subscribed for
73,440,972 common shares. Fidelity’s investment represents 9.4% of the
Company’s issued and outstanding common stock.

YOU On Demand intends to use the proceeds from the financing to continue the
development of its national Pay-Per-View and Video On Demand platform in
China, marketing and promotions, and for general corporate purposes.

“Fidelity’s interest and involvement in YOU On Demand is a testament to the
strength of our business and growth plan.” said Shane McMahon, YOU On
Demand’s Chairman and CEO. “This financing will allow us to execute our
strategy of delivering premium content to the largest cable market in the
world.”

About YOU On Demand Holdings, Inc.

YOU On Demand is the first national Pay-Per-View and Video On Demand
platform in China. The Company plans to offer high quality premium content
to customers across China through its Near Video On Demand (NVOD), Video On
Demand (VOD) and Subscription Video On Demand (SVOD) services. The Company
consists of a portfolio of businesses that include alliances with leading
media operators, comprehensive end-to-end content delivery, an exclusive
billing solution, governmental partnerships and approvals, and value-added
services.

YOU On Demand has secured strategic partnerships with the largest media
entities in China, and has a highly experienced management team with a
strong background in Cable, Television, Media and Telecom. The company is
headquartered in New York, NY, with its China headquarters in Beijing. For
more information, visit http://www.yod.com/

SafeHarbor Statement

This press release contains certain statements that may include “forward
looking statements.” All statements other than statements of historical fact
included herein are “forward-looking statements.” These forward looking
statements are often identified by the use of forward-looking terminology
such as “believes,” “expects” or similar expressions, involve known and
unknown risks and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are reasonable,
they do involve assumptions, risks and uncertainties, and these expectations
may prove to be incorrect. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. The Company’s actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety of
factors, including those discussed in the Company’s periodic reports that
are filed with the Securities and Exchange Commission and available on its
website (http://www.sec.gov). All forward-looking statements attributable to
the Company or persons acting on its behalf are expressly qualified in their
entirety by these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.

Contact:
YOU On Demand Holdings, Inc.
Nini Le
T: (212) 206-1216
IR@yod.com