07:16 AM EDT, 08/23/2024 (MT Newswires) -- 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 ( NCTY ), with The9 ( NCTY ) holding a 51% stake and Huanyu the rest, the company said.

The9 ( NCTY ) said it will grant Huanyu restricted shares of The9 ( NCTY ) 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 ( NCTY ).

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

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