New York, July 25, 2007 – Perfect World Co., Ltd. ("Perfect World"), a leading online game developer and operator in China, today announced that it has priced its initial public offering of 11.8 million American Depositary Shares (ADSs) at $16 per ADS. The ADSs, each representing five Class B ordinary shares, will begin trading on Thursday, July 26, 2007 on the NASDAQ Global Market under the symbol "PWRD".

The offering comprises an initial public offering of 9 million ADSs by Perfect World and an additional offering of 2.8 million ADSs by certain shareholders of Perfect World disclosed in the prospectus. The underwriters have an option, exercisable for 30 days from the date of the prospectus, to purchase up to an additional 1.77 million ADSs from certain existing shareholders of Perfect World at the initial public offering price less the underwriting discounts and commissions to cover over-allotments of the ADSs.

Morgan Stanley and Credit Suisse acted as joint book runners for this offering, and CIBC World Markets and Susquehanna Financial Group, LLLP acted as co-managers for the offering.

A copy of the prospectus relating to the offering may be obtained by contacting Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, New York 10014; Attention: Prospectus Department or by email at prospectus@morganstanley.com; or by contacting Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, NY 10010-3629; Attention: Prospectus Department.

Perfect World's registration statement relating to the securities offered in the offering was declared effective as of July 25, 2007 by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Perfect World

Perfect World (NASDAQ: PWRD) is a leading developer and operator of online games in China. The company develops 3D massively multiplayer online role playing games (MMORPGs) and casual games based on its proprietary Angelica 3D game engine and game development platform. Perfect World currently offers four self-developed 3D MMORPGs - Perfect World, Legend of Martial Arts, Perfect World II and Zhu Xian. The company has licensed its Perfect World II and Legend of Martial Arts games to leading game operators in 11 and seven countries and regions, respectively, including Japan and Taiwan. Perfect World's headquarters are located in 8th Floor, Huakong Building, No. 1 Shangdi East Road, Haidian District, Beijing, People's Republic of China.