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Sky-Mobi(NASDAQ:MOBI) ($7.99) – a leading mobile application platform in China, today announced :it has entered into a share purchase agreement to repurchase from its shareholders, Sequoia Capital China Partners Fund II, L.P., Sequoia Capital China Principals Fund II, L.P. and Sequoia Capital China II, L.P., an aggregate of 16,000,000 common shares of par value US$0.00005 per share at a purchase price of US$0.985 per share. Each ADS represents eight common shares of the Company. The share repurchase transaction is expected to be closed within 20 business days. The share repurchase transaction is not part of the US$20 million share repurchase program announced on May 30, 2014. The Company may, from time to time, repurchase shares on the open market, in negotiated transactions or otherwise in compliance with all of the conditions of Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, pursuant to the US$20 million share repurchase program.