HRCT - SinoBull Group Selected by Anshan Securities Co. To Provide Online Trading

SinoBull Group Selected by Anshan Securities Co. To Provide Online Trading in Shanghai
Strategic Alliance Between Hartcourt's Subsidiary and China's Leading Brokerage Firm Is Another Step to Solidify SinoBull's Market Position in China
LOS ANGELES, June 8 /PRNewswire/ -- The Hartcourt Companies Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT), www.hartcourt.com, today announced that its SinoBull subsidiary was selected by Anshan Securities, a leading Chinese securities firm, to provide a complete online trading solution based on UAC's platform to Anshan's regional offices in Shanghai. Installation of the system utilizing China Telecom's 162 secured packet data networks is expected to begin immediately. SinoBull Group and Anshan Securities also signed a strategic alliance memorandum that calls for a multi-year technology provider and preferred client relationship. The alliance will further expand Anshan Securities' online trading capability to all other regional offices after the initial implementation in Anshan's Shanghai branch office.

In 1999, China Telecom and UAC Stock Trading Online, now a SinoBull Group subsidiary, formed a strategic partnership relationship. UAC is the first and only operating agent to utilize the China Telecom's national packet data network (ChinaPac, or 162 network). UAC has since started to deploy a national stock online trading network based on ChinaPac. The network, built and operated by China Telecom, was designed to transmit sensitive financial data nationwide in a fast and secure manner.

Jiang Tai, President of Shanghai Guo Mao, now also a SinoBull Group subsidiary, said that the Anshan Securities is a leading and well-respected full service securities firm in China. Anshan's Shanghai office is the first securities brokerage firm in Shanghai to use China Telecom's 162 network. We are very pleased to work with Anshan Securities to introduce SinoBull's online trading platform and solutions to Shanghai's financial industry.

Dr. Charlie Yang, Chief Operating Officer of Hartcourt commented: ``Our strategic alliance with Anshan Securities reflects both parties' commitment in jointly promoting advanced online trading technology and products to financial institutions in Shanghai. Shanghai has developed very fast over last few years and could surpass Hong Kong in next 5 to 10 years as the new financial center in China. This is also the first step in a possible joint venture between Hartcourt and Anshan Securities once the Chinese government allows foreign participation in brokerage services.''

About the Anshan Securities:

Anshan Securities was established in 1988 based in Liaoning Province upon the approval by the People's Bank of China. The Company is the first member of China Securities Association, and is the member of Shanghai Stock Exchange, Shenzhen Stock Exchange, and All-China Stock Exchange Joint Quotation System. The Company has 14 business offices and over 500 staff members.

About the SinoBull Group:

SinoBull is a technology-driven financial services group providing retail investors and financial institutions in Greater China with access to comprehensive financial information and the ability to execute financial transactions online. SinoBull offers these services through four major channels: financial portal, online trading platform, data broadcasting and financial technology solutions. SinoBull.com Ltd. is planning to complete an Initial Public Offering later this year.

About Hartcourt:

The Hartcourt Companies, Inc. is a holding and development company that is building a network of Internet and telecommunication service companies in The People's Republic of China (China), including Hong Kong, in partnership with Chinese entrepreneurs as well as Chinese government-owned entities.

Its mission is to become one of the leading broadband applications infrastructure providers in Asia, including the development of broadband networks and vertical market focused content for broadband and wireless applications. Detailed information on Hartcourt and its major subsidiary SinoBull, which has developed a financial services Web portal and a platform providing secure online stock trading for major brokerage firms in China may be obtained via the company's Web site, www.hartcourt.com.

Forward-looking statements

Certain statements in this news release may constitute ``forward looking'' statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements.