The9 Limited announced that its wholly-owned subsidiary entered into a definitive agreement to acquire 51% equity of Shanghai ZhongXinShun Network Technology Co., Ltd., forming a new Joint Venture.
The Joint Venture will operate two proprietary mobile games: 'Glory All Stars' and 'Ultraman: Hero Beyond Time.' 'Glory All Stars' has generated over RMB2 billion in cumulative gross revenue over the past four years with a 40% gross margin.
'Ultraman: Hero Beyond Time' has garnered over 2.5 million registered users since its closed beta test and is projected to surpass 'Glory All Stars'' lifetime performance within three years after launch. The consideration for the 51% equity includes RMB69 million, approximately US$9.7 million, in cash and RMB46 million, approximately US$6.5 million, in restricted shares, payable in installments based on profit achievements over three years.
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