Connect with us

Technology

Zhejiang Huanyu and The9 Establish Joint Venture and Signed Non-Exclusive Agreement to Operate New MIR Game with Annual Revenue Commitment of RMB600 Million, Profit Commitment of RMB200 Million and Annual Increase of 30%

Published

3 months ago

on

SHANGHAI, Aug. 23, 2024 /PRNewswire/ — The9 Limited (Nasdaq: NCTY) (“The9”), an established Internet company, today announced that its wholly-owned subsidiary Shanghai The9 Information Technology Co., Ltd. signed a joint venture agreement (hereinafter referred to as the “Agreement”) with Zhejiang Huanyu Network Technology Co., Ltd. (hereinafter referred to as “Huanyu”), a Chinese game development and operation company. The Joint Venture will become one of The9’s consolidated subsidiaries to operate the mobile and PC versions of the new MIR game: MIR M, in which The9 holds a 51% stake and Huanyu holds a 49% stake.

Pursuant to the Agreement, Huanyu promised to guide its existing MIR and related game users to the Joint Venture to ensure the smooth operation of MIR M by the Joint Venture. All after-tax profits of the Joint Venture will be distributed as dividends every quarter according to the shareholding ratio of the Joint Venture partners. Huanyu committed that the Joint Venture will have a game revenue of at least RMB600 million (approximately US$84 million) and a profit of RMB200 million (approximately US$28 million) in 2025, and that the game revenue and profit will increase by at least 30% annually in 2026 and 2027.

The9 promised to grant Huanyu The9 restricted shares. The amount will be RMB 98 million / US dollar to RMB exchange rate on the date of issuance / NCTY share price on the date of issuance. The shares will be issued 5 working days after the Joint Venture submits all relevant materials for applying for the Internet Content Provider license to the local government and obtains an application receipt. These restricted shares will be unlocked in stages according to Huanyu’s commitment to the Joint Venture’s 2025 business results. If the 2025 business results commitment is achieved, The9 will grant Huanyu the second batch of restricted shares according to this mechanism. If the 2026 business results commitment is achieved, The9 will grant Huanyu the third batch of restricted shares according to this mechanism.

Zhu Jun, Chairman and CEO of The9, said: “MIR is a benchmark product in the history of Chinese online games. According to unofficial statistics, MIR games have annual revenue of more than RMB20 billion.

1. Thanks to all MIR games operators for their best efforts in the past 10 years to keep MIR players in the MIR ecosystem;

2. MIR M is different from all the other MIR games on the market. It uses Unreal Engine 4 to create and present top-level graphics, and upgrade traditional MIR games;

3. As Father of MIR, Wemade is well aware of the truth that Chinese games should be made in China. Wemade has formed a very experienced Chinese game development team. They conducted in-depth research and understand the preferences of Chinese MIR players. After about 2 years of dedicated creation, they have created the ultimate MIR;

4. As the exclusive licensee of MIR M in China, The9 is well aware that the key to MIR M success lies in the operators of MIR in the market and the MIR fan groups they control. I believe that the new generation of MIR and our originally created game marketing strategy will make the influence of MIR IP in China even higher;

5. Our total sales target for MIR M in 2025 is RMB2 billion. We will continue to work with different game operating companies to attract MIR type game users to MIR M using this most effective way. The revenue commitment of RMB600 million in the agreement with Huanyu is just the beginning…”

Safe Harbor Statement

This current report contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond The9’s control. The9 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about The9’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The9’s goal and strategies; The9’s expansion plans; The9’s future business development, financial condition and results of operations; The9’s expectations regarding demand for, and market acceptance of, its products and services; The9’s expectations regarding keeping and strengthening its relationships with business partners it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in The9’s filings with the SEC. All information provided in this announcement is as of the date hereof, and The9 does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

The9 Limited
17 Floor,
No. 130, Wu Song Road,
Hong Kou District,
Shanghai 200080, PRC

About The9 Limited 

The9 Limited (The9) is an Internet company listed on Nasdaq in 2004. The9 is committed to become a global diversified high-tech Internet company, and is engaged in online games operation, Bitcoin mining and AI investment businesses in different industries.

About Zhejiang Huanyu Network Technology Co., Ltd. 

Zhejiang Huanyu Network Technology Co., Ltd. is a Chinese game development and operation company, mainly operating MIR and related games. The Group has more than 500 employees, more than 18 million game users, and more than 3.5 million paying users. The cumulative user payment amount exceeded RMB 1.7 billion.

View original content:https://www.prnewswire.com/news-releases/zhejiang-huanyu-and-the9-establish-joint-venture-and-signed-non-exclusive-agreement-to-operate-new-mir-game-with-annual-revenue-commitment-of-rmb600-million-profit-commitment-of-rmb200-million-and-annual-increase-of-30-302229257.html

SOURCE The9 Limited

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

RedThread Report Reveals 50% Drop in L&D’s Involvement in Strategic Discussions, Offers Framework for Reclaiming Influence

Published

27 minutes ago

on

November 14, 2024

By

RedThread Research’s latest report, Hope Isn’t a Plan: Building a Progressive L&D Strategy, highlights a 50% drop in Learning & Development involvement in business strategy discussions over the past two years, signaling a shift from strategic partner to reactive function. The report also provides a comprehensive five-part framework to help L&D leaders articulate their strategy, collaborate effectively across departments, and balance stability with flexibility.

WOODSIDE, Calif., Nov. 14, 2024 /PRNewswire-PRWeb/ — RedThread Research has published its latest report, “Hope Isn’t a Plan: Building a Progressive L&D Strategy,” which underscores the declining strategic role of Learning & Development (L&D) functions and offers a comprehensive framework for leaders seeking to recalibrate their strategies.

“L&D needs to rethink its strategy or risk becoming irrelevant. More than just talking about being strategic, they need to align, act on, and operationalize it. That means doing things differently, thinking more strategically, and embedding learning into the heart of the organization.”

The study reveals a sharp 50% drop in L&D’s involvement in business strategy discussions over the past two years, signaling an alarming shift from strategic partner to reactive supporter. The research also shows that L&D’s involvement in workforce planning discussions similarly declined sharply over this same period.

“L&D needs to reclaim its strategic voice or risk becoming irrelevant,” said Dani Johnson, Co-founder and Principal Analyst at RedThread Research. “More than just talking about being strategic, they need to align, act on, and operationalize it. That means doing things differently, thinking more strategically, and embedding learning into the heart of the organization.”

The report highlights several pressing insights, including:

Declining Strategic Influence: L&D’s diminishing role in strategy discussions has led to a more tactical and reactive function in many organizations.The Importance of Articulating Strategy: Many L&D leaders lack a clearly communicated and well-defined strategy, further compounding their inability to respond effectively to changing business needs.Collaboration as a Cornerstone: Successful employee development requires structured collaboration and cooperation across departments, challenging entrenched mindsets about L&D’s role. L&D functions need a plan for how to best collaborate with other business functions.Balancing Stability with Flexibility: While adaptability is essential, the report argues that stability also forms the foundation for long-term success in L&D efforts.A Five-Part Strategic Framework: The study provides a detailed framework comprising five core elements of an L&D Strategy—Organizational Alignment, Employee Impact, Operations and Governance, Tech and Data, and Stakeholder Engagement.

“Learning and Development can’t afford to play it safe,” added Johnson. “They must be prepared to continually evolve— locking down what works while still flexing to meet what comes next. And they need to double down on strategy to show how that connects back to outcomes — and prove that L&D is not just a cost center but a critical driver of success.”

For access to an infographic of the framework and other exclusive research, navigate to https://members.redthreadresearch.com/spaces/12680089/feed and register for a complimentary Starter Tier membership in the RedThread Research community.

For companies and individuals interested in exploring this research more deeply, RedThread offers exclusive membership opportunities. Join the RedThread research community or the Tech Consortium by visiting the RedThread website (https://www.redthreadresearch.com) or reaching out to RedThread by emailing hello@redthreadresearch.com. 

About RedThread Research

At RedThread Research, we get it.

Sure, we’re experts in performance, people analytics, learning, and D&I – and we’re well-versed in the technologies that support them. But we’re also truth-seekers and storytellers in an industry often short on substance, and too full of #!%. Our mission (indeed, our very reason for existing) is to cut through the noise, and amplify what’s good. We look for the connections (or red threads) between people, data, and ideas – even among seemingly unrelated concepts. The result is high-quality, unbiased, transformative foresight that helps you build a stronger business.

To learn more, visit https://www.redthreadresearch.com.

Heather Gilmartin
RedThread Research
646-275-0742
heathergilmartin@redthreadresearch.com

Media Contact

Heather Gilmartin Adams, RedThreadResearch, 6462750742, heathergilmartin@redthreadresearch.com, https://redthreadresearch.com/

View original content:https://www.prweb.com/releases/redthread-report-reveals-50-drop-in-lds-involvement-in-strategic-discussions-offers-framework-for-reclaiming-influence-302306028.html

SOURCE RedThreadResearch; RedThreadResearch

Continue Reading

Technology

SONOR INVESTMENTS LIMITED APPOINTS NEW INTERIM CHIEF FINANCIAL OFFICER AND TREASURER

Published

27 minutes ago

on

November 14, 2024

By

TORONTO, Nov. 14, 2024 /CNW/ – Sonor Investments Limited (“Sonor”) announced today that Fanny Chantal Grenier was appointed Treasurer and Chief Financial Officer of Sonor effective November 12, 2024 to replace Rosabell Chung Hun who resigned from this position as of such date.

Michael Gardiner, Chairman and Chief Executive Officer of Sonor, stated “we would like to express our gratitude for Rosabell Chung Hun’s significant contributions and dedication to our company”. He went on to say “for the immediate future, Fanny Chantal Grenier is to be appointed as the interim Chief Financial Officer  and Treasurer of the company until we have a permanent replacement. We are in the process of examining our human resources plan that will be discussed and presented at our next board meeting”.

Ms. Grenier presently holds the position of President of Fairwater Capital Corporation, is a qualified CA CPA and brings extensive experience in financial leadership. She has a proven track record in advancing fiscal responsibility and operational efficiency.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

SOURCE Sonor Investments Limited

Continue Reading

Technology

Odyssey Impact’s New Grant Opportunity: $2,500 – $25,000 for Local Nonprofits — But Don’t Bother If You JUST Want to Raise Awareness

Published

27 minutes ago

on

November 14, 2024

By

Odyssey Impact is awarding grants ranging from $2,500 to $25,000 to nonprofits (or those with a verified nonprofit fiscal sponsor) with creative and unique ideas for tackling local challenges and bringing people together in person. The Connected Communities Grants are simple and streamlined… no epic application process and no weeks-long recap reports. The grants were created to help bring about impactful and meaningful change that connects and strengthens local communities. The deadline to apply is December 11, 2024 and winners will be announced in January 2025.

NEW YORK, Nov. 14, 2024 /PRNewswire-PRWeb/ — If you’re tired of JUST TALKING ABOUT A PROBLEM, WE’RE WITH YOU. WE WANT TO FIND SOLUTIONS. And if you’re also tired of filling out long applications, running “awareness” campaigns, or spending weeks cobbling together post-grant reports, Odyssey Impact® has some great news for you.

Through the simple and streamlined Connected Communities Grants, Odyssey Impact® is offering up to $25,000 to nonprofits (or those with a verified nonprofit fiscal sponsor) who want to help solve problems in their communities and bring people together in person.

We’re ditching all that in our new SIMPLE AND STREAMLINED Connected Communities Grants, offering up to $25,000 to nonprofits (or those with a verified nonprofit fiscal sponsor) who want to help SOLVE PROBLEMS in their communities.

Grants will range from $2,500 to $25,000 for applicants with CREATIVE and UNIQUE ideas for tackling local challenges and bringing people together IN PERSON. You know what your town needs and we want to help you make it happen.

Our Mandate is Simple: We want creative ways to help connect people in real-time, in meaningful ways.

Odyssey Impact Board President, Riaz Patel, and co-founder of ConnectEffect, underscores the critical importance of real, in-person connection:

“We’re facing an unprecedented epidemic of isolation, alienation, and loneliness. We don’t need more awareness or research to know it’s a massive problem. We need bold, innovative solutions from creative thinkers to reignite a sense of community across America.”

Interested in applying? Awesome! But here’s what we don’t want:

We’re not looking for “scalable” projects. We ARE looking for local and connected.No “awareness campaigns.” We want to help you take real action instead.No “virtual” events. We are funding in-person, live human stuff.Skip the epic applications. We don’t have the time for those either.No weeks-long recap reports. We’d rather see your great pics and videos.No galas, golf tournaments, or fundraisers. We want project- and program-focused ideas.

Got something cool and community-focused in mind? Perfect! We want unique ideas that make sense for your community, and we want you to spell it out clearly (without all the fluff) — how your project will connect people, foster innovation, and bring the community together.

We need this now more than ever, and if you agree, you are our kind of grantee applicant.

You can apply now through December 11th at odyssey-impact.org,

Winners will be announced in January 2025.

Together, we can truly create impactful and meaningful change that connects and strengthens our local communities.

About Odyssey Impact®

Odyssey Impact® ignites creative, actionable solutions that drive real transformation and connection at the local level. By teaming up with innovative community leaders and those who care about their communities, we’re funding projects that are not only visionary, but also perfectly tailored to meet each community’s unique needs.

Through these efforts, Odyssey Impact is laying the groundwork for a future where real community-driven initiatives create much-needed impact & change and bring us all closer together.

Media Contact

Erin Carenzo, Odyssey Impact, 1 8183817336, erin@carenzoagency.com, https://odyssey-impact.org/

View original content to download multimedia:https://www.prweb.com/releases/odyssey-impacts-new-grant-opportunity-2-500—25-000-for-local-nonprofits–but-dont-bother-if-you-just-want-to-raise-awareness-302305983.html

SOURCE Odyssey Impact; Odyssey Impact

Continue Reading

Trending