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NEW YORK (TheStreet) -- The9 Limited (NCTY)  stock is increasing by 12.07% to $3.25 in early afternoon trading on Wednesday, after the Shanghai-based online gaming company announced a publishing agreement in China. 

The company's joint venture, OrientalShinyStarLimited, reached a license agreement with the Korean game developer SmilegateEntertainment, The9 Limited said today.

The agreement will allow the operation of Smilegate's new "Cross Fire 2" game in mainland China for five years.

Oriental Shiny Star will pay $50 million upfront and additional payments totaling $450 million for the development of the game.

So far today, 1.39 million shares of The9 Limited have traded, versus its 30-day average of 176,000 shares.

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