The9 Ltd (Nasdaq: NCTY), a Chinese online game operator and developer, has entered into a memorandum of understanding with Chengwei Ventures, ChinaRock Capital Management and China Renaissance K2 Ventures to create a US$100m investment fund.
Fund9 is designed to invest in both domestic and overseas mobile internet application and platform developers.
Project proposals can be directly submitted online to the fund investment committee for evaluation. The committee will be composed of members appointed by the four fund investors mentioned above.
According to Mr. Jun Zhu, The9’s Chairman and CEO, Fund9 has the opportunity to provide support to developers who will be able to launch advanced mobile applications that will benefit all mobile internet users.