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The9 signs term sheet with Oriental Pearl Culture Development

The9 announced that it has entered into a non-binding term sheet for the possible issue of common shares by Red5 Studios, a subsidiary of The9, to Shanghai Oriental Pearl Culture Development and the possible sale to Oriental Pearl by certain shareholders of Red 5 for an aggregate of $23.95M in investments. Upon the completion, Oriental Pearl will be a 20.01% minority shareholder of Red 5 and Red 5 will still be a subsidiary of The9. This transaction is subject to due diligence.