The9 Unit Enters Joint Venture With Zhejiang Huanyu for New MIR Game

MT Newswires Live08-23

The9 (NCTY) said Friday that its subsidiary Shanghai The9 Information Technology has formed a joint venture with Chinese game development company Zhejiang Huanyu Network Technology to operate the mobile and PC versions of the new MIR M game.

The joint venture will be a subsidiary of The9, with The9 holding a 51% stake and Huanyu the rest, the company said.

The9 said it will grant Huanyu restricted shares of The9 worth 98 million Chinese renminbi ($13.7 million), which will be unlocked in stages depending on the joint venture's business results in 2025.

Huanyu has committed that the joint venture will have a game revenue of at least 600 million renminbi in 2025, to be increased by at least 30% annually in 2026 and 2027, according to The9.

Shares of the company were up 4% in recent premarket activity.

Price: 7.60, Change: +0.30, Percent Change: +4.11

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