The9 (NCTY) Company Report

Analyst Coverage

Research analysts covering The9.

Recent press releases and 8-K filings for NCTY.

The9's Investee NYB Announces Plan to Go Public on Nasdaq

NCTY

M&A

New Projects/Investments

The9 Limited's Singapore investee company, Nanyang Biologics Pte. Ltd. (NYB), announced a plan to go public on Nasdaq through a business combination with RF Acquisition Corp II (RFAI), a special purpose acquisition company.
The Proposed Transaction values NYB at approximately $1.5 billion in pre-transaction equity value.
Existing NYB shareholders, including The9, will roll over 100% of their equity and retain a majority of the combined company's outstanding shares.
The closing of the transaction is expected in the first or second quarter of 2026, subject to shareholder approval and customary closing conditions.
NYB, an AI-driven drug discovery company, has partnered with Nvidia, Hewlett Packard Enterprise, and Equinix to build the world's largest natural compound library for AI drug discovery.

Oct 2, 2025, 11:36 AM

The9's Investee NYB to Go Public via $1.5 Billion SPAC Merger

NCTY

M&A

New Projects/Investments

Delisting/Listing Issues

The9 Limited's Singapore investee company, Nanyang Biologics Pte. Ltd. (NYB), is set to become a publicly listed company on Nasdaq under the ticker symbol "NYB" through a business combination with RF Acquisition Corp II (RFAI).
The Proposed Transaction values NYB at approximately $1.5 billion in pre-transaction equity value, with existing NYB shareholders, including The9, retaining a majority stake and board control.
NYB, an AI-driven drug discovery company, has partnered with Nvidia, Hewlett Packard Enterprise, and Equinix to build the world's largest natural compound library and scalable AI platforms for drug discovery.
The closing of the business combination is expected in the first or second quarter of 2026.

Oct 2, 2025, 11:00 AM

The9 Announces Joint Venture Acquisition for Mobile Games

NCTY

M&A

New Projects/Investments

The9 Limited's wholly-owned subsidiary has entered into a definitive agreement to acquire a 51% equity stake in a joint venture (Shanghai ZhongXinShun Network Technology Co., Ltd.) from Shanghai ZhongShun HengXin Network Technology Co., Ltd..
The joint venture will operate two proprietary mobile games: Glory All Stars, which has achieved more than RMB2 billion cumulative gross revenue with a stable gross margin of approximately 40%, and Ultraman: Hero Beyond Time, a new action RPG based on the Ultraman IP that has over 2.5 million registered users since its closed beta test.
The consideration for the 51% equity includes RMB69 million (approximately US$9.7 million) in cash and RMB46 million (approximately US$6.5 million) in The9 restricted shares, with both payments contingent on the joint venture's actual profit achievements over the coming three years.

Sep 19, 2025, 10:04 AM

The9 Acquires Majority Stake in Mobile Game Joint Venture

NCTY

M&A

New Projects/Investments

Product Launch

The9 Limited's subsidiary, Shanghai The9 Information Technology Co., Ltd., acquired a 51% equity stake in Shanghai ZhongXinShun Network Technology Co., Ltd., a new Joint Venture formed to operate proprietary mobile games.
The Joint Venture will operate Glory All Stars, an action RPG that has generated over RMB2 billion cumulative gross revenue with a stable gross margin of approximately 40%, and Ultraman: Hero Beyond Time, a newly developed action RPG based on the Ultraman IP.
The consideration for the 51% equity includes RMB69 million (approximately US$9.7 million) in cash and The9 restricted shares valued at RMB46 million (approximately US$6.5 million).
Both cash and restricted share payments are structured as installments, contingent upon the Joint Venture's profit achievements over the next three years.
All after-tax profits of the Joint Venture will be distributed quarterly as dividends according to the shareholding ratio.

Sep 19, 2025, 6:00 AM

The9 Limited Announces $9BIT Whitepaper Release and Token Ownership

NCTY

New Projects/Investments

Product Launch

The 9BIT Foundation has released the $9BIT whitepaper, detailing the token's utility, allocation, and role in powering a sustainable, community-driven ecosystem.
The9 Limited (NCTY) will be distributed 19% of the $9BIT token supply for its contribution to the $9BIT ecosystem.
The $9BIT tokens are expected to be listed on at least one major crypto exchange (Bybit, KuCoin, Gate, Coinbase, or Bitget) before December 31, 2025.
The9's Web3.5 gaming platform, the9bit, which will reward gamers with $9BIT tokens, has already surpassed 2 million users in weeks.

Sep 11, 2025, 1:15 PM

The9 Limited's the9bit Platform Reaches 1 Million Users

NCTY

Product Launch

New Projects/Investments

The9 Limited (Nasdaq: NCTY) announced on August 27, 2025, that its GameFi platform, the9bit, has surpassed 1 million users in less than one month since its launch.
the9bit is a next-generation gaming platform that allows players to earn flexible, token-convertible points by playing games, completing missions, watching ads, and engaging with content.
The platform aims to combine a simple Web2 user experience with a powerful Web3 engine, offering features like auto-generated wallets and local fiat support.
The9 Limited, listed on Nasdaq in 2004, operates in online games and Bitcoin mining.