Google wants to be in the online group buying space, badly, and with good reason. The company may have not succeeded in purchasing the current leader in the space, Groupon, which has spurned a $6 billion

The9, a Chinese online game operator and developer, this morning announced that it has entered into a memorandum of understanding with three investors – Chengwei Ventures, ChinaRock Capital Management and China Renaissance K2 Ventures – for the establishment of an investment fund with a total size of $100 million.

The fund, dubbed Fund9, will focus on investments in both Chinese and overseas