The9 Limited Announces Formation of Mobile Internet Development Fund with Three Institutional Funds
SHANGHAI, Dec. 21, 2010 /PRNewswire-Asia-FirstCall/ -- The9 Limited (Nasdaq: NCTY) ("The9"), an online game operator and developer in China, announced today that it has entered into a non-binding memorandum of understanding with Chengwei Ventures, ChinaRock Capital Management and China Renaissance K2 Ventures with respect to the formation of an investment fund (Fund9) with a total size of US$100,000,000 .
Fund9 will focus on investments in both domestic and overseas mobile internet application and platform developers. All mobile internet application and platform project proposals can be directly submitted online to the fund investment committee for evaluation. Fund9's fund investment committee will be composed of members appointed by the four fund investors mentioned above.
Mr. Jun Zhu, The9's Chairman and Chief Executive Officer, commented, "Mobile internet application and platform has become a significant part of the mobile and internet industry with a rapidly growing number of smartphone users, especially in China. We noticed that there are many talented and creative domestic development teams in need of support during their development. If they receive financial and other support such as marketing, operation and administration, their chance of success will be much higher. I believe Fund9 has a unique opportunity to provide such support to these talented developers who will be able to launch more advanced mobile applications that will ultimately benefit all mobile internet users. We will also target talented overseas mobile internet application and platform developers with the ultimate goal of bringing the best products to China."
About The9 Limited
The9 Limited is an online game operator and developer in China. The9's business is primarily focused on developing and operating high-quality games for online game market. The9 directly, or through affiliates, operates licensed MMORPGs and advanced casual games including Soul of The Ultimate Nation™, EA SPORTS™ FIFA Online 2, Atlantica and Kingdom Heroes 2 Online, as well as its proprietary games World of Fighter and Winning Goal, in mainland China. It has also obtained exclusive licenses to operate other games in mainland China, including Free Realms, Planetside Next and others. In addition, The9 is developing various proprietary games, including Shen Xian Zhuan, FireFall and other MMORPGs and advanced causal games.
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Ms. Phyllis Sai
SOURCE The9 Limited