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Red 5's new investor is the Shanghai Oriental Pearl group (update)

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Firefall developer Red 5 Studios may have a new investor, the Shanghai Oriental Pearl group, according to a press release from Red 5 parent company The9 Limited.

The proposed sale would total about $24 million, for which the Shanghai Oriental Pearl group would receive an equity stake of about 20 percent in Red 5. The press release values Red 5' free-to-play online shooter Firefall at $100 million. China Securities Network News reports that the investment would be the group's first in the video game ecosystem.

The9 Limited acquired a majority stake in Red 5 in 2010. Today's proposed transaction would take place between The9 and the Shanghai Oriental Pearl group. Red 5 would remain a subsidiary of The9.

We've reached out to Red 5 Studios for comment and will update this article with more information as we have it.

For more on the game and the team behind it, be sure to read Polygon's Firefall feature.

Update: A representative for Red 5 told Polygon that "At this time we do not have any comment."

Thanks for the tip, Fan Zhang.