Joint Venture Partner Committed Annual Profit of RMB100 Million in 2025 SHANGHAI, Oct. 9, 2024 /PRNewswire/ -- The9 Limited (NASDAQ:NCTY) ("The9"), an established Internet company, today announced that its wholly-owned subsidiary Shanghai The9 Information Technology Co., Ltd. signed a joint venture agreement (hereinafter referred to as the "Agreement") with ShaoXing TongZe Network Technology Co., Ltd. (hereinafter referred to as "TongZe"), an AI algorithms and big data marketing service provider in China. The9 will hold a 51% stake and TongZe will hold a 49% stake in the Joint Venture. The Joint Venture will become one of The9's consolidated subsidiaries to operate AI algorithms and big data

SHANGHAI, Aug. 23, 2024 /PRNewswire/ -- The9 Limited (NASDAQ:NCTY) ("The9"), an established Internet company, today announced that its wholly-owned subsidiary Shanghai The9 Information Technology Co., Ltd. signed a joint venture agreement (hereinafter referred to as the "Agreement") with Zhejiang Huanyu Network Technology Co., Ltd. (hereinafter referred to as "Huanyu"), a Chinese game development and operation company. The Joint Venture will become one of The9's consolidated subsidiaries to operate the mobile and PC versions of the new MIR game: MIR M, in which The9 holds a 51% stake and Huanyu holds a 49% stake. Pursuant to the Agreement, Huanyu promised to guide its existing MIR and relat

SHANGHAI, June 2, 2024 /PRNewswire/ -- The9 Limited (NASDAQ:NCTY) ("The9"), an established Internet company, today announced that it signed a definitive share purchase agreement (the "Agreement") with Wuhan Weixiang Science And Technology Co., Ltd. ("WeiXiang"), an AI-powered educational technology company in China, to purchase 19% of WeiXiang by cash and issuance of The9's restricted shares. The9 is also granted a purchase option to purchase up to 51% of the total shares of WeiXiang based on a valuation calculated as 7 times of Weixiang's audited annual profit after tax, provided that such valuation should be higher than US$45 million. Weixiang was founded by Mr. Xu Wang, a pioneer in the

SHANGHAI, May 24, 2024 /PRNewswire/ -- The9 Limited (NASDAQ:NCTY) (the "Company"), an established Internet company, today announced that it agreed and signed a private placement agreement (the "Agreement") with Fine Vision Fund, established by Finewill Capital, an internationally renowned investment institution. The fund is dedicated to investing in global game projects and supporting the future of the game industry. Pursuant to the Agreement, Fine Vision Fund will invest US$3.5 million to the Company, with upfront investment of US$2.5 million and second installment of US$1 million which is based on a pre-agreed condition. The Company will issue Class A ordinary shares to Fine Vision Fund. T

SHANGHAI, May 24, 2024 /PRNewswire/ -- The9 Limited (NASDAQ:NCTY) (the "Company"), an established Internet company, today announced that its wholly-owned subsidiary China Crown Technology Limited ("China Crown"), a company incorporated in Hong Kong, entered into an exclusive publishing license agreement (the "License Agreement") with Wemade Co., Ltd. ("Wemade"). Pursuant to the License Agreement, China Crown will exclusively publish and service the new MIR M game in mainland China, in both Mobile and PC version. The game may include blockchain technology in accordance with relevant PRC laws and regulations, subject to further agreement between the parties. The license term is 5 years from th

SHANGHAI, May 20, 2024 /PRNewswire/ -- The9 Limited (NASDAQ:NCTY) ("The9"), an established Internet company, today announced that it signed a definitive share purchase agreement (the "Agreement") with Kuaijin Shidai (Xiamen) Technology Co., Ltd. ("KuaiJin"), a company operating unmanned retail store platform in China, to purchase 15% of KuaiJin by cash and issuance of The9's restricted shares. The9 is also granted a purchase option to purchase up to 51% of the total shares of KuaiJin. The purchase option is exercisable within 2 years and will be based on KuaiJin's valuation at US$60 million. KuaiJin provides standardized cost-effective solution to retail stores in China. Within 48 hours, tr

SHANGHAI, April 15, 2024 /PRNewswire/ -- The9 Limited (NASDAQ:NCTY) ("The9"), an established Internet company, today announced it filed its annual report on Form 20-F for the year ended December 31, 2023 with the United States Securities and Exchange Commission ("SEC"). The annual report, which contains The9's audited financial statements, can be assessed on the SEC's website at http://www.sec.gov as well as on the Investor Relations section of The9's website at http://www.the9.com. Financial Highlights: Net revenues in 2023 increased by 66% year-over-year from RMB108 million in 2022 to RMB179 million (US$25 million) in 2023.Net income in 2023 was RMB13 million (US$ 2 million), compared to

SHANGHAI, April 15, 2024 /PRNewswire/ -- The9 Limited (NASDAQ:NCTY) ("The9"), an established Internet company, today announced that its investee WM Therapeutics Co., Ltd. (未名脑脑) ("WM Therapeutics") has achieved revolutionary breakthroughs in the proprietarily developed research and development of antidepressant drug precision treatment. WM Therapeutics' GenAI multi-dimensional omics drug clinical research technology has made significant progress in new clinical trial, bringing new hope to depression patients. WM Therapeutics, a world-leading precision brain disease medical company based on GenAI and multi-dimensional omics biomarker technology, today announced its latest clinical trial resul

SHANGHAI, March 26, 2024 /PRNewswire/ -- The9 Limited (NASDAQ:NCTY) ("The9"), an established Internet company, today announced that it signed a definitive share purchase agreement (the "Agreement") with WM Therapeutic Co., Ltd. ("WM Therapeutic"), a company operating Generative AI (GenAI) large language model (LLM) multi-dimensional and multi-omics digital precision medicine platform for brain disease, to purchase an additional 21.7% shares of WM Therapeutic by cash and issuance of The9's restricted shares. The9 had invested 8.3% shares of WM Therapeutic in 2021. With the signing of this Agreement, The9 will own 30% of WM Therapeutic. The9 is also granted a purchase option to purchase up to

SHANGHAI, March 5, 2024 /PRNewswire/ --  The9 Limited (NASDAQ:NCTY) ("The9"), an established Internet company, today announced that it signed a legally binding term sheet (the "Term Sheet") with Shenma Limited ("Shenma") to purchase 51% shares of Shenma by cash and issuance of The9's restricted shares. Pursuant to the Term Sheet, The9 will pay cash consideration of US$1 million and will issue restricted Class A ordinary shares to Shenma or its shareholders with the value of US$14.3 million. The value of each share will be determined by the average closing price of The9's American depositary shares ("ADS"), each representing 300 Class A ordinary shares of The9, for a period of 20 trading day

SHANGHAI, March 15, 2021 /PRNewswire/ -- The9 Limited (Nasdaq: NCTY) ("The9"), an established Internet company, today announced the appointment of Mr. Wang Wei as the Vice President of NBTC Limited (hereinafter referred to as "NBTC"), a wholly-owned subsidiary of The9. Mr. Wang will lead the global operation and management of the cryptocurrencies mining machines in NBTC. Mr. Wang is an early pioneer in the blockchain industry. Before joining The9, he served as the head of Canaan Technology's technical service center, leading the team responsible for the maintenance and after-sales service of hundreds of thousands of mining machines. At the same time, Mr. Wang's team assisted customers in bui

SHANGHAI, Feb. 26, 2021 /PRNewswire/ -- The9 Limited (Nasdaq: NCTY) ("The9"), an established Internet company, today announced the appointment of Cai Zhifang as the Chief Executive Officer of NBTC Limited (hereinafter referred to as "NBTC"), a wholly-owned subsidiary of The9, to lead the development of blockchain and cryptocurrency business in NBTC. Mr. Cai has been on board. Mr. Cai is an early pioneer in the blockchain industry. In 2013, Mr. Cai co-founded YiBit Digital Technology Company Limited, one of the earliest integrated platforms in blockchain industry in China. In 2015, Mr. Cai served as the general manager of WeiTui Technology Limited Company, which self-operated Bitcoin mining