The9 Limited - American Deposit (NASDAQ:NCTY)

SHANGHAI, April 15, 2020 /PRNewswire/ -- The9 Limited (Nasdaq: NCTY ) ("The9" or the "Company"), an established Internet company, today announced that it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market Inc. ("Nasdaq") dated April 13, 2020, indicating that the Company no longer meets the continued listing requirement of minimum Market Value of Listed Securities ("MVLS") for the Nasdaq Capital Market, as set forth in the Nasdaq Listing Rule 5550(b)(2) because the market value of the Company's securities listed on Nasdaq for the last 30 consecutive business days was below the minimum MVLS requirement of US$35.0 million.

Pursuant to the Rule 5810(c)(3)(C) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until October 12, 2020 (the "Compliance Period"), to regain compliance with Nasdaq's minimum MVLS requirement. If at any time during the Compliance Period, the Company's MVLS closes at US$35.0 million or more for a minimum of ten consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance with Rule 5550(b)(2) prior to the expiration of the Compliance Period, the Company will receive written notification that its securities are subject to delisting.

The Company's management is looking into various options available to regain compliance and maintain its continued listing.

SHANGHAI, March 11, 2020 /PRNewswire/ -- The9 Limited (Nasdaq: NCTY) ("The9" or the "Company"), an established Internet company, today announced that it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market Inc. ("Nasdaq") on March 6, 2020 notifying the Company that the minimum bid price per American depositary share ("ADS"), each representing three Class A ordinary shares of the Company, was below US$1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules. The Nasdaq notification letter does not result in the immediate delisting of the Company's securities.

Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until September 2, 2020 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per ADS is at least US$1.00 for a minimum of ten consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event that the Company does not regain compliance before the expiration of the Compliance Period, the Company may be eligible for an additional 180 calendar day compliance period if it meets the initial listing requirements, with the exception of bid price, of the Nasdaq Capital Market, and provides written notice to Nasdaq of its intention to cure the deficiency during the second compliance period.

On October 3, 2018, the Company received a letter from the Listing Qualifications Department of Nasdaq, pursuant to which Nasdaq informed the Company that due to the Company's failure to regain compliance with the continued listing requirement of US$50 million minimum Market Value of Listed Securities ("MVLS") for the Nasdaq Global Market as set in the Nasdaq Listing Rule 5450(b)(2)(A), the Company's ADSs will be delisted from the Nasdaq Global Market unless measures are taken prior to a certain timeline. The Company decided to transfer its listing venue to Nasdaq Capital Market with which the Company fully complies with the continued listing standards. After Nasdaq's approval of such transfer, the Company has regained compliance of the minimum MVLS for the Nasdaq Capital Market.

HONG KONG, June 17, 2019 /PRNewswire/ -- The9 Limited (NCTY) ("The9") announced today that The9 and its wholly-owned subsidiary have signed a share purchase agreement with Comtec Windpark Renewable (Holdings) Co Ltd ("Comtec"), a wholly-owned subsidiary of Comtec Solar Systems Group Limited (Hong Kong Stock Exchange: HK00712) ("Comtec Group"). Pursuant to the share purchase agreement, The9 will issue 3,444,882 Class A ordinary shares to purchase 9.9% of equity in Zhejiang Kexin Power System Design and Research Company ("Kexin"), a lithium battery management system and power storage system supplier. The9 believes that this investment will further enhance its ability to develop new energy and Internet electric vehicle ecosystem. As one of our independent directors, Mr. Chau Kwok Keung, is an executive director, the chief financial officer and the company secretary of Comtec Group, this transaction between Comtec and the Company constitutes a related party transaction and has been independently reviewed and recommended by the Company's audit committee and approved by the board of directors.

Headquartered in Zhenjiang, China, Kexin is principally engaged in the research and development, design, integration and sales of lithium battery management systems and lithium battery systems for electric vehicles (including electric cars, electric motors and electric bicycles) to electric vehicle manufacturers and for power storage systems to lithium battery manufacturers and to power storage companies.

At present, Kexin has accumulated a significant number of customers of electric vehicle manufacturers and in energy storage power stations, microgrid and distributed energy storage markets, including photovoltaic and wind power stations, overseas power distributors, and photovoltaic component installers.

"The electric vehicle battery and new energy storage market is growing rapidly. We believe that the Chinese Government has been very supportive of these high-tech industries, both in terms of government policies and also in terms of financial support. We believe that the next three to five years will be a rapid development stage for electric vehicles with government support and will witness the growth of major automakers. We anticipate that the demand for electric vehicle battery and new energy storage will show rapid growth," said Mr. Jun Zhu, CEO of The9, "and we believe that our current investments in an electric vehicle manufacturer, a charging equipment company, and a battery management system supplier demonstrate our confidence  in the entire electric vehicle value chain. In the future, we intend to actively bring the Internet electric vehicle eco-industry, including the upstream and downstream areas of applications, to different places in China following the rapid development of the market and the application of new energy technology."

SHANGHAI, June 10, 2019 /PRNewswire/ -- The9 Limited (NCTY) ("The9"), an established Internet company, today announced that it has signed a non-binding Memorandum of Understanding on Strategic Cooperation (the "MOU") with the Development Office of the Hohhot Shaerqin Industrial Zone. The parties will have strategic cooperation on the establishment and development of FF The9 China Joint Venture (the "JV")'s electrical vehicle business in the Hohhot Shaerqin Industrial Zone. The parties are in the process of negotiating the details of the cooperation and intend to enter into definitive agreements in the near future. Pursuant to the MOU, the terms of the MOU will cease to be effective if the parties do not enter into definitive agreement within three months of the MOU.

According to the MOU, Hohhot Shaerqin Industrial Zone will reserve no less than 5,000 mǔ (approximately 3 million square meters) of land for the JV's project and support the JV to obtain the approvals and qualifications required for production of electric vehicles. At the same time, The9 and Hohhot Shaerqin Industrial Zone will further negotiate on jointly set-up of a new energy industry fund to invest in new energy related projects and operations, of which The9 or its affiliate and the government will contribute no less than RMB500 million (including the capital to purchase industrial and commercial land) and RMB1.5 billion (including government capital subsidy, infrastructure facilities and other commercial supporting facilities) respectively.

Hohhot Shaerqin Industrial Zone is also committed to provide project financing of RMB 4 billion for new energy projects, through the lineup of local industry funds and banks to jointly provide interest-free, discounted interest or low interest loans.

"We will focus on using electric vehicle as a user terminal to integrate the upstream and downstream eco-chains of new energy industry, including power generation, energy storage, and power supply businesses. The support from Hohhot Government will greatly help to bring high-end technology of Faraday&Future Inc. into China, and to produce and sell electric vehicles in China market. We aim to making contributions to the development of China's new energy industry," said Mr. Jun Zhu, CEO of The9.

SHANGHAI, March 24, 2019 /PRNewswire/ -- The9 Limited (NCTY) ("The9"), an established Internet company, today announced that it has signed a joint venture agreement (the "JVA") with Faraday&Future Inc., a company incorporated and existing under the laws of California in the U.S. ("FF") to establish a joint venture (the "JV") to manufacture, market, distribute, and sell electric cars in China. The JV's immediate objective is to exclusively manufacture, market, distribute, and sell the Faraday Future's  new brand V9 model, a flagship luxury IAIEV based on the technology and design concepts of the FF 91, FF's flagship consumer car model, and other potential selected car models in China.

Under the terms of the JVA, The9 will make capital contribution of up to US$600 million in three equal installments to the JV, and FF will make contributions including its use right in a piece of land in China for electric cars manufacturing and will grant the JV an exclusive license to manufacture, market, distribute and sell Faraday Future's new brand V9 model and other potential car models in China, in each case subject to the satisfaction of certain conditions. The9 and FF will each have 50% ownership of the JV, while The9 will control the business operations of the JV. FF, the JV and The9 will negotiate and enter into a license agreement pursuant to which FF will grant to the JV an exclusive license to manufacture, market, distribute and sell Faraday Future's  new brand V9 model and other potential selected car models in China.

"We are very pleased to see The9, an Internet company with more than a decade of industry experiences, to partner with FF, a high-tech internet smart mobility company to bring high-quality luxury electric vehicles to the Chinese marketplace," said Mr. Jun Zhu, CEO of The9, "FF has the industry leading product technology and strategy, and a team of world-class top talents and resources. Leveraging the technology capabilities of FF, we believe our alliance with FF provides us with a great opportunity to pursue the fast-growing market of electric vehicles in China. We look forward to a long and successful relationship with FF and we honor this step to diversify our business portfolio as a high-tech Internet company."

 "As a California-based ultra-luxury intelligent mobility brand, FF has hundreds of proprietary patents, along with more than 2,000 industry patents in process to be approved, in both China and the United States. We are committed to be part of the future of the Chinese EV mobility market. Through the establishment of the joint venture, we are able to implement our  dual-home-market and dual-brand strategy and achieve our strategic goal of introducing our luxury EV brand in China. This is only the beginning of a series of strategic actions for FF, all designed to support the completion and launch of its "new species" FF 91 EV in 2019, continue development of the mass-market premium model FF 81 in both China and the United States. " FF founder and CEO YT Jia commented.

 "We are very grateful for this opportunity as it shows the recognition of FF's product technology from The9. I believe that FF's strategic vision and product concept will be perfectly integrated with the Internet and user operation genes of The9 to realize the smooth operation of FF new brand and flagship products in China." said YT Jia.

SHANGHAI, Oct. 9, 2018 /PRNewswire/ -- The9 Limited (NCTY) ("The9" or the "Company"), an established Internet company, today announced that it has obtained approval from The Nasdaq Stock Market, Inc. ("Nasdaq") to transfer its listing venue from Nasdaq Global Market to Nasdaq Capital Market. The Company's ADSs will continue to trade under the symbol of "NCTY" on Nasdaq Capital Market.

On October 3, 2018, the Company received a letter from the Listing Qualifications Department of Nasdaq, pursuant to which Nasdaq informed the Company that due to the Company's failure to regain compliance with the continued listing requirement of US$50 million minimum Market Value of Listed Securities ("MVLS") for the Nasdaq Global Market as set in the Nasdaq Listing Rule 5450(b)(2)(A), the Company's ADSs will be delisted from the Nasdaq Global Market unless measures are taken prior to a certain timeline. The Company decided to transfer its listing venue to Nasdaq Capital Market with which the Company fully complies with the continued listing standards. After Nasdaq's approval of such transfer, the Company has regained compliance of the minimum MVLS for the Nasdaq Capital Market.

SHANGHAI, Sept. 3, 2018 /PRNewswire/ -- The9 Limited (NCTY) (the "Company" or "The9"), an established Internet company, today announced that it has signed a definitive agreement with Leading Choice Holdings Limited, a company incorporated in Hong Kong ("Leading Choice"), and the shareholder of Leading Choice for the issuance and sale of 21,000,000 ordinary shares (which equals to 7,000,000 American Depositary Shares) of the Company, par value of US$0.01, to Leading Choice at US$0.714 per ordinary share (which equals to US$2.14 per American Depositary Share), in exchange for a minority equity interest in Leading Choice as consideration (the "Transaction"). The completion of the Transaction is subject to customary closing conditions.

SHANGHAI, July 17, 2018 /PRNewswire/ -- The9 Limited (NCTY) ("The9" or the "Company"), an established Internet company, today announced that it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market, Inc. ("Nasdaq") dated July 16, 2018 indicating that the Company no longer meets the continued listing requirement of minimum Market Value of Publicly Held Shares ("MVPHS") for the Nasdaq Global Market, as set forth in the Nasdaq Listing Rule 5450(b)(2)(C) because the market value of the Company's publicly held American depositary shares ("ADSs"), each representing three ordinary shares of the Company, for the last 30 consecutive business days was below the minimum MVPHS requirement of US$15,000,000.

Pursuant to Rule 5810(c)(3)(D) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until January 14, 2019 (the "Compliance Period"), to regain compliance with Nasdaq's minimum MVPHS requirement. If at any time during the Compliance Period, the Company's MVPHS closes at US$15,000,000 or more for a minimum of ten consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance with Rule 5450(b)(2)(C) prior to the expiration of the compliance period, the Company will receive written notification that its securities are subject to delisting from the Nasdaq Global Market.

The Company's management is looking into various options available to regain compliance and maintain its continued listing on The Nasdaq Global Market, and is also considering other options, including a potential transfer of its listing of securities to the Nasdaq Capital Market. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market where listed companies must meet certain financial requirements and comply with Nasdaq's corporate governance requirements.

SHANGHAI, May 10, 2018 /PRNewswire/ -- The9 Limited (NCTY) (the "Company" or "The9"), an established Internet company, today announced that it has entered into a term sheet with Plutux Limited, a company incorporated in Gibraltar ("Plutux"), and a shareholder of Plutux ("Participating Shareholder") for the issuance and sale of 12,500,000 ordinary shares of the Company, par value of US$0.01, to the Participating Shareholder at US$1.2 per ordinary share (which equals to US$3.6 per American Depositary Share), in exchange for a minority equity interest in Plutux as consideration (the "Transaction").

The9 expects that this Transaction with Plutux will create synergies between The9's blockchain-related services business and Plutux's cryptocurrency exchange business. Going forward The9 expects to establish a complete ecosystem and business model to serve its blockchain partners' projects more efficiently and effectively.

Since the beginning of this year, The9 has implemented a number of important initiatives to rapidly develop its blockchain consulting services, and has invested in a number of overseas blockchain projects. The9 will continue to strengthen its blockchain consulting business by providing one-stop full-scale blockchain project planning, technology development, digital asset distribution, investment and financing services to its blockchain partners.

The completion of the Transaction is subject to the parties' execution of a definitive agreement and customary closing conditions to be stipulated therein. Except for certain provisions relating to confidentiality, expenses and governing law provisions, the term sheet does not constitute legally binding obligation on the parties to consummate the transaction.

SHANGHAI, May 8, 2018 /PRNewswire/ -- The9 Limited (NCTY) ("The9" or the "Company"), an established Internet company, today announced that it will change the ratio of its American Depositary Share ("ADS") to ordinary shares from one (1) ADS representing one (1) ordinary share to one (1) ADS representing three (3) ordinary shares, effective May 9, 2018.

For The9's ADS holders, the change in the ADS ratio will have the same effect as a one-for-three reverse ADS split. Effective May 9, 2018, ADS holders of The9 will be required on a mandatory basis to surrender their old ADS to the depositary bank for cancellation at the rate of three (3) old ADSs for one (1) new ADS. Holders in the Direct Registration System and in the Depository Trust Company will have their ADSs automatically exchanged and need not take any actions. Only whole ADSs will be distributed. The depositary bank will attempt to sell any fractional ADSs and distribute the cash proceeds. The ADS ratio change will have no impact on The9's underlying ordinary shares.

SHANGHAI, April 30, 2018 /PRNewswire/ -- The9 Limited (NCTY) ("The9" or the "Company"), an established Internet company, announced today that it has established a wholly-owned subsidiary to scale up the blockchain technology-based service business. With the continuous growth of the business, the Company intends to continue to expand that subsidiary, recruit blockchain talents, and provide blockchain technology-based services to worldwide companies. The Company believes that this business will further strengthen The9's efforts to enter into the blockchain consulting business, and to provide one-stop full-range blockchain project planning, technology development, digital asset offshore offering and investing and financing services to enterprises all over the world.

The first group of blockchain experts joining the Company has strong blockchain technology background, including the deputy secretary-general of the to-be-formed China Blockchain Promotion Committee, an expert of China National Big Data Strategy Think Tank, professor of Xi'an Jiaotong-Liverpool University focusing on blockchain studies, an Ethereum expert, a former senior technology architect of Shanghai Lujiazui International Financial Asset Exchange Co., Ltd., a former Hewlett-Packard foundation technology architect, a former technical director and a business development vice president of onshore and offshore blockchain technology companies.

The Company believes that the strong technical background of the team enhances the development of The9's internal blockchain projects, and provides extensive resources support and business development opportunities for its blockchain global partners. The businesses that will be carried out include development of blockchain system and decentralized application product, alliance blockchain development, crypto exchange platform system development, and assisting companies to put their products on blockchain]. The team also intends to utilize The9's resources to expand the online game industry usage of blockchain technology.

Since January 2018, The9 has implemented different strategies to rapidly develop its blockchain consulting services business, including early stage investments in overseas blockchain projects such as Telegram. The Company believes that the establishment of a wholly-owned subsidiary to develop the blockchain technology service business could enhance The9's provision of customized blockchain solution to global companies, including a variety of technical solutions, research and development support and investing and financing services. The9 intends to assist partners in building a comprehensive blockchain ecosystem.

The9 intends to continue to invest in blockchain projects with high potential, research and development of blockchain products, blockchain projects incubation and blockchain consulting services.

SHANGHAI, April 9, 2018 /PRNewswire/ -- The9 Limited (NCTY) ("The9" or the "Company"), an established Internet company, today announced that it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market, Inc. ("Nasdaq") dated April 4, 2018 indicating that the Company no longer meets the continued listing requirement of minimum Market Value of Listed Securities ("MVLS") for the Nasdaq Global Market, as set forth in the Nasdaq Listing Rule 5450(b)(2)(A) because the market value of the Company's securities listed on Nasdaq for the last 30 consecutive business days was below the minimum MVLS requirement of US$50,000,000. Staff notes that the Company also does not meet the requirements of minimum total assets and total revenue of US$50,000,000 each for the most recently completed fiscal year or two of the three most recently completed fiscal years, as set forth in the Nasdaq Listing Rule 5450(b)(3)(A).

Pursuant to Rule 5810(c)(3)(C) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until October 1, 2018 (the "Compliance Period"), to regain compliance with Nasdaq's minimum MVLS requirement. If at any time during the Compliance Period, the Company's MVLS closes at US$50,000,000 or more for a minimum of ten consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance with Rule 5450(b)(2)(A) prior to the expiration of the compliance period, the Company will receive written notification that its securities are subject to delisting from the Nasdaq Global Market.

The Company's management is looking into various options available to regain compliance and maintain its continued listing on The Nasdaq Global Market, and is also considering other options, including a potential transfer of its listing of securities to the Nasdaq Capital Market. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market where listed companies must meet certain financial requirements and comply with Nasdaq's corporate governance requirements.

SHANGHAI, March 22, 2018 /PRNewswire/ -- The9 Limited (NCTY) ("The9" or the "Company"), an established Internet company, today announced that it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market, Inc. ("Nasdaq") dated March 19, 2018 indicating that the Company no longer meets the continued listing requirement of minimum Market Value of Publicly Held Shares ("MVPHS") for the Nasdaq Global Market, as set forth in the Nasdaq Listing Rule 5450(b)(2)(C), because the market value of the Company's publicly held American depositary shares ("ADS"), each representing one ordinary share of the Company, for the last 30 consecutive business days was below the minimum requirement of US$15,000,000.

Pursuant to Rule 5810(c)(3)(D) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until September 17, 2018 (the "Compliance Period"), to regain compliance with Nasdaq's minimum MVPHS requirement. If at any time during the Compliance Period, the Company's MVPHS closes at US$15,000,000 or more for a minimum of ten consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance with Rule 5450(b)(2)(C) prior to the expiration of the compliance period, the Company will receive written notification that its securities are subject to delisting from the Nasdaq Global Market.

The Company's management is looking into various options available to regain compliance and maintain its continued listing on The Nasdaq Global Market, and is also considering other options, including a potential transfer of its listing of securities to the Nasdaq Capital Market. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market where listed companies must meet certain financial requirements and comply with Nasdaq's corporate governance requirements.

SHANGHAI, Feb. 1, 2018 /PRNewswire/ -- The9 Limited ("The9") (NCTY), an established Internet company, today announced that The9 Singapore Pte. Ltd. ("The9 Singapore"), its wholly-owned subsidiary established in Singapore, signed a partnership agreement with C&I Singapore Renewable and Innovative Tech Pte. Ltd. ("C&I") in relation to the proposed cooperation using blockchain technology. Pursuant to the agreement, with respect to the trading and distribution of solar energy using blockchain technology, The9 Singapore will provide C&I with related blockchain technology, one-stop solution and community operation. The parties also contemplate to explore further cooperation opportunities together with different solar energy companies and consumers to create an efficient and decentralized platform for the trading and distribution of solar generated energy, and create synergies for solar rooftop distributed energy projects and energy storage solution business.

C&I is a joint venture company established in Singapore by Comtec Solar Systems Group Limited (HKSE:00712) and ISDN Holdings Limited (HKSE: 01656 and SGX: I07).

In January this year, The9 announced its plan to step into blockchain-related business. The9 will provide global enterprises with a full range of customized services for blockchain-related projects, including complete technical solutions, research and development support, and offshore investing and financing deals, to help enterprises building up blockchain technology ecosystem. The9 may further pursue investment opportunities in new blockchain investments with high potential.

Mr. Jun Zhu, Chairman of The9, commented: "We are pleased to establish a strategic partnership with C&I to develop an innovative platform and a more efficient ecology using blockchain technology in energy production and distribution. We believe this cooperation will not only achieve the execution of energy platform and technology, but more importantly, bring more environmentally-friendly access to electricity and energy for global users and contribute to the green sustainable Earth.

SHANGHAI, Jan. 16, 2018 /PRNewswire/ -- The9 Limited ("The9") (Nasdaq: NCTY), an established internet company, today announced that The9 Singapore Pte. Ltd., its wholly owned subsidiary in established in Singapore, signed a partnership agreement with Gingkoo Technology Company Limited. ("Gingkoo Technology"). The9 will provide blockchain technology product development services and offshore offering, investing and financing services to enterprises all over the world. Gingkoo Technology will provide full support of technical team and support to enhance The9's technical resources in blockchain business.

The9 is one of the earliest enterprises building virtual community in China. In 1999, The9 launched the "Ninth City" online community in which users can use virtual currency to conduct online social and exchange activities such as playing games, reading, music, etc.

Blockchain related technology and application has been growing rapidly in recent years. At present, it is generally believed that blockchain technology is the foundation for the development of the next generation Internet. The9 will provide global enterprises with a full range of customized services for blockchain related projects, including complete technical solutions, research and development support, and offshore investing and financing deals, to help enterprises building up blockchain technology ecosystem. The9 believes from the revenue generated through these services, The9's overseas subsidiaries will be expected to receive certain percentages of the offering size of cryptocurrencies, in the form of both existing cryptocurrencies with large turnover volume (such as Bitcoin BTC and Ether ETH) and the new cryptocurrencies being offered. The9 may further pursue investment opportunities in new blockchain investments with high potential.

Development of blockchain technology related services will be The9's first step in blockchain related business. The9 will gradually enter into other areas like blockchain product development, blockchain projects incubation and blockchain market consultation services, etc.

SHANGHAI, Jan. 8, 2018 /PRNewswire/ -- The9 Limited (the "Company" or "The9") (NCTY), an online game operator, today announced that it has entered into a definitive agreement with Red Ace Limited, a company incorporated under the laws of the British Virgin Islands, for the issuance and sale of 3,571,429 ordinary shares of the Company, each with par value US$0.01, to Red Ace Limited (the "Transaction"). Red Ace Limited will pay for the consideration with a 29% equity interest in Maxline Holdings Limited ("Maxline").

Maxline is based in Hong Kong and is principally engaged in the provision of information technology infrastructure solutions, website and mobile app design, maintenance and support services. Maxline is establishing its business in mainland China. The Company expects that the investment in Maxline will create synergies between its business and Maxline's business.

SHANGHAI, Dec. 4, 2017 /PRNewswire/ -- The9 Limited (the "Company") (NASDAQ: NCTY), an online game developer and operator, today announced that it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market Inc. ("Nasdaq") on November 30, 2017 notifying the Company that the minimum bid price per American depositary share ("ADS"), each representing one ordinary share of the Company, was below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Rule 5450(a)(1) of the Nasdaq Listing Rules. The Nasdaq notification letter does not result in the immediate delisting of the Company's securities.

Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until May 29, 2018 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per ADS is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event that the Company does not regain compliance before the expiration of the Compliance Period, the Company may transfer to the Nasdaq Capital Market where, subject to the determination by the staff of Nasdaq, it may be eligible for an additional 180 calendar day compliance period if it meets the initial listing requirements, with the exception of bid price, of the Nasdaq Capital Market, and provides written notice to Nasdaq of its intention to cure the deficiency.

SHANGHAI, Nov. 2, 2017 /PRNewswire/ -- The9 Limited (NCTY), an online game developer and operator in China, today announced that its subsidiary has signed an exclusive publishing agreement with Alibaba Games' subsidiary, pursuant to which The9's subsidiary granted Alibaba Games' subsidiary an exclusive right to publish its proprietary CrossFire brand new shooting mobile game in China.

The9 Limited's subsidiary has developed the CrossFire brand new shooting mobile game using the CrossFire intellectual property licensed from Smilegate Entertainment, Inc. The9 Limited currently expects to launch the game in 2018.

The9 Limited's joint venture Oriental Shiny Star Limited has also signed a settlement agreement with Smilegate Entertainment, Inc. to terminate the license of CrossFire 2. Under the settlement agreement, The9 Limited will receive cash refund of the previous upfront license fee payment from Smilegate Entertainment, Inc.

SHANGHAI, June 9, 2017 /PRNewswire/ -- The9 Limited (the "Company" or "The9") (NCTY), an online game operator, today announced that effective on June 8, 2017 (the "Effective Date"), its board of directors has repriced and accelerated the vesting of stock options to purchase a total of 17,135,200 ordinary shares, par value US$0.01 each, of the Company (the "Shares"), which were previously awarded to certain directors and employees (the "Grantees") under the Company's 2004 Stock Option Plan, as amended (the "Plan"). In exchange therefor, such Grantees have agreed to the cancellation of stock options to purchase 10,806,667 Shares and have immediately exercised the balance of stock options to acquire a total of 6,328,533 American depositary shares, each representing one Share, which have been determined by an independent appraisal firm to have the same fair value as the stock options subject to repricing and acceleration. The ADSs acquired will be subject to a six-month lock-up period commencing from the date of acquisition. The decision to reprice and accelerate the vesting of the stock options outstanding under the Company's Plan was intended to lower future reported compensation expense. Immediately upon the exercise of the above-said stock options, the total number of outstanding Shares of the Company increased to 55,244,034.

SHANGHAI, June 8, 2017 /PRNewswire/ -- The9 Limited (the "Company" or "The9") (NASDAQ: NCTY), an online game operator, today announced that it has entered into a definitive agreement with each of Ark Pacific Special Opportunities Fund I, L.P., an exempted limited partnership organized under the laws of the Cayman Islands acting by its general partner, Ark Pacific Investment Management Limited ("Ark Pacific"), and Incsight Limited, a company incorporated under the laws of the British Virgin Islands wholly owned by Mr. Jun Zhu, the chairman and chief executive officer of The9 ("Incsight"), for the issuance and sale of a total of 25,000,000 ordinary shares of the Company, each with par value US$0.01, to Ark Pacific and Incsight for a total consideration of US$30 million, or US$1.2 per share (the sale to each of Ark Pacific and Incsight, a "Transaction"). Each of Ark Pacific and Incsight will subscribe for 50% of the total shares to be issued (i.e. 12,500,000 shares) under the Transaction with cash.  

Pursuant to the definitive agreement with each of Ark Pacific and Incsight, the shares to be subscribed by Ark Pacific and Incsight will be subject to a redemption right. The parties agreed that if the rolling volume weighted average price of the Company's ADS market price for any given 30 consecutive trading day period is below US$4 during the second year after completion of the Transaction, each of Ark Pacific and Incsight can exercise its redemption right. The proceeds from the Transaction with Ark Pacific (but not Incsight) will be deposited at a bank account held under the name of a Hong Kong subsidiary of the Company, which will be used to secure the Company's payment of redemption price upon any exercise of the redemption right.

The completion of each Transaction is subject to customary closing conditions and will take place in two stages, whereby The9 will first deliver its shares to Ark Pacific and Incsight, respectively, followed by receipt of the relevant consideration from Ark Pacific and Incsight, respectively, within a specified period of time thereafter. The Transaction with Incsight will additionally be subject to a closing condition that Incsight has obtained approval from the relevant Chinese regulatory authority in relation to the Transaction.

SHANGHAI, April 10, 2017 /PRNewswire/ -- The9 Limited (the "Company" or "The9") (NASDAQ: NCTY), an online game operator, today announced that it has entered into a term sheet with each of IE Limited, and Ark Pacific Capital Management Limited, a company incorporated in Hong Kong ("Ark Pacific"), for the issuance and sale of a total of 25,000,000 ordinary shares of the Company, each with par value US$0.01, to IE and Ark Pacific for a total consideration of US$30 million, or US$1.2 per share (the sale to each of IE and Ark Pacific, a "Transaction"). Each of IE and Ark Pacific will subscribe for 50% of the total shares to be issued (i.e. 12,500,000 shares) under the Transaction. IE will pay for its part of consideration with its stake of an online marketing platform Smartposting, while Ark Pacific will pay for its part of consideration in cash. The9 expects that this Transaction with Smartposting will create synergies between The9's business and Smartposting's business.

Pursuant to the term sheet with Ark Pacific, the shares to be subscribed by Ark Pacific will be subject to a redemption right. Both parties agree that if the Company's ADS market price is below US$4 for a specified period of time during the second year after completion of the Transaction, Ark Pacific can exercise its redemption right. The proceeds from this Transaction with Ark Pacific will be deposited at a bank account held under the name of the Company, which will be used to secure the Company's payment of redemption price upon any exercise of the redemption right.

The completion of the each Transaction is subject to the parties' execution of a definitive agreement and customary closing conditions to be stipulated therein. Subject to satisfaction of due diligence by The9 on Smartposting and receipt of board and shareholder approvals, if required, the term sheet with IE is legally binding. Except for the confidentiality provision, the term sheet with Ark Pacific does not constitute legally binding obligation on the Company or Ark Pacific to consummate the Transaction.

SHANGHAI, Feb. 24, 2017 /PRNewswire/ -- The9 Limited (NCTY) ("The9" or the "Company"), an online game operator and developer in China, today announced that it has received a written notification from the Nasdaq Stock Market, Inc. ("Nasdaq") dated February 22, 2017 indicating that the Company no longer meets the continued listing requirement of minimum Market Value of Publicly Held Shares ("MVPHS") for the Nasdaq Global Market, as set forth in the Nasdaq Listing Rule 5450(b)(2)(C), because the market value of the Company's publicly held American depositary shares ("ADS"), each representing one ordinary share of the Company, for the last 30 consecutive business days was below the minimum requirement of US$15,000,000. Pursuant to Nasdaq Listing Rule 5810(c)(3)(D), the Company has a compliance period of 180 calendar days (or until August 21, 2017) to regain compliance. If at any time during this compliance period the Company's MVPHS closes at $15,000,000 or more for a minimum of ten consecutive business days, Nasdaq will notify the Company that it has achieved compliance with the MVPHS requirement and this matter will be closed. In the event the Company does not regain compliance with Rule 5450(b)(2)(C) prior to the expiration of the compliance period, the Company will receive written notification that its securities are subject to delisting from the NASDAQ Global Market.

The Company's management is looking into various options available to regain compliance and maintain its continued listing on The NASDAQ Global Market, and is also considering other options, including a potential transfer of its listing of securities to the Nasdaq Capital Market. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market where listed companies must meet certain financial requirements and comply with Nasdaq's corporate governance requirements.

SHANGHAI, Dec. 5, 2016 /PRNewswire-FirstCall/ -- The9 Limited (NCTY) ("The9" or the "Company"), an online game operator and developer in China, today announced that the Audit Committee of its Board of Directors has engaged the services of Grant Thornton as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2016.  Grant Thornton replaces the Company's previous independent registered accountant, Deloitte Touche Tohmatsu Certified Public Accountants LLP ("Deloitte"), effective immediately.

During the two fiscal years ended December 31, 2014 and 2015, and the subsequent interim period through the date hereof, there were no (1) disagreements with Deloitte on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make references in connection with their opinion to the subject matter of the disagreement, or (2) reportable events. The audit reports of Deloitte on the Company's consolidated financial statements for the fiscal years ended December 31, 2014 and 2015 did not contain any adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principle.

SHANGHAI, Sept. 13, 2016 /PRNewswire-FirstCall/ -- The9 Limited (the "Company" or "The9," NASDAQ: NCTY), an online game developer and operator in China, today announced that it has obtained the development and operation rights to use CrossFire IP to develop a brand new shooting mobile game in China, through its subsidiary's agreement with Smilegate Entertainment, Inc.

The Company currently expects to start the testing of the CrossFire brand new mobile game by the first quarter of 2017 and commercialize the game afterwards.

SHANGHAI, Nov. 25, 2015 /PRNewswire-FirstCall/ -- The9 Limited (NASDAQ: NCTY) ("The9"), an online game developer and operator, today announced that its joint venture Oriental Shiny Star Limited ("JVC") has entered into a license agreement with Smilegate Entertainment, Inc. ("SG"), a leading Korean game developer, for publishing and operating Cross Fire 2 on an exclusive basis for a five-year term in mainland China. In consideration for the exclusive license, JVC will make an upfront payment of US$50 million and additional payments totaling US$450 million based on certain development and operation milestones, as well as royalty payments based on future sales.

Cross Fire 2 is the sequel of Cross Fire, a blockbuster first-person-shooter PC online game in China. Both Cross Fire and Cross Fire 2 are developed by SG. Cross Fire 2 is being developed using new game engine. Other than the traditional PVP game mode like Cross Fire, Cross Fire 2 also provides PVE game mode to offer enhanced game experience to players.

Majority of JVC's equity is owned by System Link Corporation Limited ("System Link"). System Link is a 50-50 joint venture formed by The9 and Qihoo 360 Technology Co., Ltd., a leading Internet company in China. Through its PRC consolidated subsidiaries, System Link will operate Firefall in China.

SHANGHAI, Nov. 25, 2015 /PRNewswire-FirstCall/ -- The9 Limited (the "Company," NASDAQ: NCTY), an online game operator, today announced that it has signed a definitive agreement with Splendid Days Limited (the "Investor") on November 24, 2015, pursuant to which the Investor will subscribe for 12% senior secured convertible bonds of the Company in an aggregate principal amount ofUS$40,050,000 (the "Notes") in addition to warrants in an aggregate principal amount of US$9,950,000. The Notes will be divided into three tranches, each of which will be convertible into ADSs of the Company at an initial conversion price of US$2.6, US$5.2 andUS$7.8, respectively, per ADS, provided that at no time shall the Investor convert any portion of the Notes if subsequent to such conversion the Investor will hold more than 20% of the outstanding and issued shares of the Company. The Notes will bear interest at a rate of 12% per year, payable upon redemption of the Notes. The Notes will be due in 2018, subject to an extension for two years at the discretion of the Investor. The completion of the transaction is subject to customary closing conditions.

The Investor is a wholly-owned subsidiary of Ark Pacific Special Opportunities Fund I, L.P. ("APSOFI"). APSOFI is a private equity special situations fund managed by Ark Pacific.

SHANGHAI, Nov. 16, 2015 /PRNewswire-FirstCall/ -- The9 Limited (the "Company," NASDAQ: NCTY), an online game developer and operator, today announced that it has entered into a legally binding term sheet with Splendid Days Limited (the "Investor") on November 13, 2015, pursuant to which the Investor has agreed to subscribe 12% senior secured convertible bonds of the Company due 2018 in an aggregate principal amount of US$45 million (the "Notes") in addition to warrants in an aggregate notional amount of US$5 million. The Notes will be divided into three tranches, each of which will be convertible into ADSs or ordinary shares of the Company at an initial conversion price of US$2.6, US$5.2 and US$7.8, respectively, per ADS or ordinary share, and will bear interest at a rate of 12% per year, payable upon redemption of the Notes. The completion of the transaction is subject to the parties' execution of definitive agreements and customary closing conditions.

The Investor is a wholly-owned subsidiary of Ark Pacific Special Opportunities Fund I, L.P. ("APSOFI"). APSOFI is a private equity special situations fund managed by Ark Pacific.

SHANGHAI, November 16, 2015 /PRNewswire-FirstCall/ -- The9 Limited (the "Company," NASDAQ: NCTY), an online game developer and operator, today announced that it has entered into a legally binding term sheet with Splendid Days Limited (the "Investor") on November 13, 2015, pursuant to which the Investor has agreed to subscribe 12% senior secured convertible bonds of the Company due 2018 in an aggregate principal amount of US$45 million (the "Notes") in addition to warrants in an aggregate notional amount of US$5 million. The Notes will be divided into three tranches, each of which will be convertible into ADSs or ordinary shares of the Company at an initial conversion price of US$2.6, US$5.2 and US$7.8, respectively, per ADS or ordinary share, and will bear interest at a rate of 12% per year, payable upon redemption of the Notes. The completion of the transaction is subject to the parties' execution of definitive agreements and customary closing conditions.

The Investor is a wholly-owned subsidiary of Ark Pacific Special Opportunities Fund I, L.P. ("APSOFI"). APSOFI is a private equity special situations fund managed by Ark Pacific.

THE9 LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE YEARS ENDED DECEMBER 31, 2012, 2013 AND 2014

Management Discussion and Analysis

Revenue Composition and Sources of Revenue. In 2012, 2013 and 2014, we generated substantially all of our revenues from online game services, and the remaining portion of our revenues from other services. The following table sets forth our revenues generated from providing online game services and other services, both as absolute amounts and as percentages of total revenues for the periods indicated.

Online Game Services. In 2012, 2013 and 2014, revenues from our online game services amounted to RMB157.4 million, RMB95.1 million and RMB55.4 million (US$8.9 million), respectively. The decrease in revenue from 2013 to 2014 was mainly due to a decrease in revenue from certain web games, including Winning Goal and Winning Dunk, and MMO games, including Planetside 2 and SUN. We primarily generate our online game service revenues through item-based revenue models. Under an item-based revenue model, players of our games play the games for free, but are charged for purchases of in-game items, such as performance-enhancing items, clothing and accessories. Thus, we generate revenues through the sale of such in-game premium features that players use game points to purchase. The distribution of points to end users is typically made through sales of prepaid game cards and prepaid online points. Fees from prepaid game cards and prepaid online points are deferred when initially received. This revenue is recognized over the life of the premium features or as the premium features are consumed. Future usage patterns may differ from the historical usage patterns on which the virtual items and services consumption model is based. We will continue to monitor the operational statistics and usage patterns affecting our recognition of these revenues.

Other Revenues. Other revenues mainly included revenues from mobile advertisement, trainings and short message services. In 2012, 2013 and 2014, our other revenues amounted to RMB6.2 million, RMB11.5 million and RMB9.4 million (US$1.5 million), respectively. Our other revenues decreased from 2013 to 2014 primarily due to a decrease in revenue from Juzi platform caused by intense market competition.

SHANGHAI, March 27, 2015 /PRNewswire-FirstCall/ --The9 Limited (NASDAQ: NCTY) ("The9"), an online game developer and operator, announced its unaudited financial results for the six months ended December 31, 2014 today.

Financial Highlights:

• Net revenues in the second half of 2014 amounted to RMB36.9 million (US$5.9 million), representing an increase of 34.4% from RMB27.4 million (US$4.4 million) in the first half of 2014 and a decrease of 37.2% from RMB58.7 million (US$9.5 million) in the second half of 2013.
• In the second half of 2014, net profit attributable to holders of ordinary shares was RMB34.2 million (US$5.5 million). In the first half of 2014 and the second half of 2013, net loss attributable to holders of ordinary shares was RMB141.9 million (US$22.9 million) and RMB244.4 million (US$39.4 million), respectively.

Management Comments:

Jun Zhu, Chairman and Chief Executive Officer of The9, said, "Red 5 launched Firefall in July 2014 in North America and Europe. We have high expectations for Firefall in the China market. In August 2014, Shanghai Oriental Pearl Culture Development Co. Ltd., a wholly-owned subsidiary of Shanghai Oriental Pearl (Group) Co., Ltd. (SH: 600832), closed its investment in Red 5 and became a minority shareholder of Red 5. Also in August 2014, Qihoo 360 Technology Co., Ltd. (NASDAQ: QIHU) and us established a 50-50 joint venture System Link Corporation Limited to publish and operate Firefall in China for a five-year term. Under this license agreement, System Link is expected to pay to us no less than an aggregate of US$160 million including license fee and royalties during the term of the agreement. All these show the great potential of Firefall in China. We are dedicating our best resources to prepare for the launch of Firefall in China and we target to launch Firefall in China in the second half of 2015. In addition, we are also planning to launch several mobile games in 2015. In August 2014, we sold Huopu Cloud, a subsidiary which developed and held a proprietary web game, for a total consideration of RMB200 million. This sale has proven our in-house game development capability has been recognized by the market."

SHANGHAI, August 29, 2014 /PRNewswire/ -- The9 Limited (NASDAQ: NCTY) ("The9"), an online game developer and operator, announced today that Shanghai The9 Information Technology Co., Ltd., a wholly-owned consolidated variable interest entity of The9, has closed a transaction with Shanghai Zhengwu Investment Center (Limited Partnership) for sale of its wholly-owned subsidiary Shanghai Huopu Cloud Computing Terminal Technology Co., Ltd. ("Huopu Cloud") for a total consideration of RMB200 million in cash. Huopu Cloud holds a web game QiJiGuiLai and has the right to receive a minority portion of royalties generated from operation of the game Firefall® in mainland China upon payment and other conditions. Firefall® is a MMO shooter game developed by Red 5 Studios, Inc., a subsidiary of The9.

The9 has obtained a fair market value appraisal from an independent valuation advisory firm prior to the completion of the transaction. The board of directors of the Company reviewed the transaction and approved it. The9 intends to use the proceeds of the sale for developing and operating its other MMO, web and mobile games.

SHANGHAI, July 31, 2014 /PRNewswire-FirstCall/ -- The9 Limited (NASDAQ: NCTY) ("The9"), an online game developer and operator, announced that The9 and Qihoo 360 Technology Co., Ltd. ("Qihoo 360") had entered into an agreement today to form a joint venture. Pursuant to the joint venture agreement, The9 and Qihoo 360 will each own 50% equity interest in the joint venture and share profits according to this ratio.

The9 and Qihoo 360 agreed that the joint venture will publish and operate Firefall®, a MMO Shooter game developed by Red 5 Studios, Inc., a subsidiary of The9, for a three-year term in China and may be renewed for additional two years upon satisfaction of certain conditions. The license and distribution agreement will be signed separately between the joint venture and the developer.

Unaudited Third and Fourth Quarter 2013 Results

• Net revenues in the fourth quarter of 2013 amounted to RMB24.8 million (US$4.1 million), representing a 26.8% decrease from RMB33.9 million (US$5.6 million) in the third quarter of 2013
• Our fully diluted loss per share and per ADS in the fourth quarter of 2013 was RMB5.33 (US$0.88), compared to RMB5.31 (US$0.88) in the third quarter of 2013 and RMB4.73 (US$0.78) in the fourth quarter of 2012.

Jun Zhu, Chairman and Chief Executive Officer of The9 said, "We are very excited to introduce Fun Box to the China market. Fun Box is the home entertainment set top box developed by our joint venture ZTE9. Unlike the typical online video and music, Fun Box also enables video conferencing on TV. More importantly, with the gamepad and high-end built-in hardware, Fun Box provides excellent video game experience on TV. We are considering different plans to share the maximum business opportunities of Fun Box to The9 shareholders. For our existing online game business, with the signing of a $23 million investment deal from Shanghai Oriental Pearl (Group) Co., Ltd., Firefall has entered into the last stage of beta testing. We are planning a large-scale commercial launch of Firefall in 2014."

SHANGHAI, March 23, 2014 /PRNewswire/ -- The9 Limited (NASDAQ: NCTY) ("The9"), an online game developer and operator, announced today that it has signed a non-binding letter of intent with a company with its principal business operations in China(the "Acquirer") to dispose of certain businesses. In particular, according to the letter of intent, the Acquirer plans to acquire Shanghai Huopu Cloud Computing Terminal Technology Co., Ltd., a wholly-owned consolidated variable interest entity of The9, which mainly holds two web games including ReXue NBA for a total consideration of RMB200 million. It the acquisition proceeds as planned, the Acquirer will also be granted a priority right to license the game Firefall in China. According to the letter of intent, a definitive agreement is expected to be signed in April 2014 subject to, among other conditions, satisfactory completion of due diligence by the Acquirer. There is no assurance that the transaction will proceed as parties expect and a press release will be issued in the event that parties enter into any definitive agreement with respect to the business disposal.

SHANGHAI, January 24, 2014 /PRNewswire-FirstCall/ --The9 Limited (NASDAQ: NCTY) ("The9"), an online game developer and operator, today announced that its subsidiary, Red5 Studios, Inc. ("Red 5"), and two shareholders have entered into share purchase agreements for the issue and sale of Series B Preferred Stock and common stocks of Red 5 to Shanghai Oriental Pearl Culture Development Co., Ltd., ("Oriental Pearl"), respectively, for an aggregate of approximately $23 million consideration, subject to adjustment as set forth in the share purchase agreements. Upon the closing of the transaction, Oriental Pearl will be a 20.01% minority shareholder of Red 5 and Red 5 will remain a subsidiary of The9.

Oriental Pearl is a wholly-owned subsidiary of Shanghai Oriental Pearl (Group) Co., Ltd. (SH: 600832), which is a public company listed in China and is engaged in culture and entertainment industry in China.

The closing of the transaction is subject to certain conditions specified in the share purchase agreements. There can be no assurance that the closing will be completed.

SHANGHAI, Oct. 21, 2013 /PRNewswire-FirstCall/ -- The9 Limited (NASDAQ: NCTY) ("The9"), an online game developer and operator, today announced that it has entered into a non-binding term sheet for the possible issue of common shares by Red5 Studios, Inc. ("Red 5"), a subsidiary of The9, to Shanghai Oriental Pearl Culture Development Co., Ltd., ("Oriental Pearl") and the possible sale to Oriental Pearl by certain shareholders of Red 5 for an aggregate of US$23,945,700 investments. The pre-money valuation of the MMO game Firefall developed by Red5 is US$100,000,000. Upon the completion, Oriental Pearl will be a 20.01% minority shareholder of Red 5 and Red 5 will still be a subsidiary of The9.

Oriental Pearl is a wholly-owned subsidiary of Shanghai Oriental Pearl (Group) Co., Ltd. (SH: 600832), which is a public company listed in China and is engaged in culture and entertainment industry in China.

This transaction is subject to due diligence and other related works. There can be no assurance that definitive investment documents will be entered into by the parties, or that the proposed transaction will be completed.

• Net revenues in the first quarter of 2013 amounted to RMB19.9 million (US$3.2 million), representing a 7% increase fromRMB18.6 million (US$3.0 million) in the fourth quarter of 2012. Net revenues in the second quarter of 2013 amounted toRMB26.2 million (US$4.3 million), representing a 32% increase from RMB19.9 million (US$3.2 million) in the first quarter of 2013.
• In the first quarter of 2013, net loss attributable to holders of ordinary shares was RMB114.1 million (US$18.6 million), representing a 2% decrease from a net loss of RMB115.9 million (US$18.9 million) in the fourth quarter of 2012. In the second quarter of 2013, net loss attributable to holders of ordinary shares was RMB167.8 million (US$27.3 million), representing a 47% increase from RMB114.1 million (US$18.6 million) in the first quarter of 2013, including an impairment loss on investments of RMB32.8 million (US$5.3 million) recorded in the second quarter of 2013.
• As a result of the foregoing, in the first quarter of 2013, our net loss attributable to holders of ordinary shares was RMB114.1 million (US$18.6 million), representing a 2% decrease from RMB115.9 million (US$18.9 million) in the fourth quarter of 2012 and a 3% increase from RMB111.4 million (US$18.1 million) in the first quarter of 2012. Our fully diluted loss per share and per ADS in the first quarter of 2013 was RMB4.79 (US$0.78), compared to RMB4.73 (US$0.77) in the fourth quarter of 2012 and RMB4.55(US$0.74) in the first quarter of 2012.
• In the second quarter of 2013, our net loss attributable to holders of ordinary shares was RMB167.8 million (US$27.3 million), representing a 47% increase from RMB114.1 million (US$18.6 million) in the first quarter of 2013 and a 42% increase fromRMB118.0 million (US$19.2 million) in the second quarter of 2012. Our fully diluted loss per share and per ADS in the second quarter of 2013 was RMB7.34 (US$1.20), compared to RMB4.79 (US$0.78) in the first quarter of 2013 and RMB4.82 (US$0.79) in the second quarter of 2012.

Management Comments:

Jun Zhu, Chairman and Chief Executive Officer of The9 said, "Our net losses in the first and second quarters of 2013 in part reflected our ongoing investments related to the development and upcoming launch of our widely anticipated new games, Firefall and Qiji2. In the second half of 2013, we expect to commence the marketing campaign for Firefall in the U.S. and Europe. We also plan to launch Qiji2 in China in the second half of 2013. We have great expectation for these two games on which we have invested more than $100 million in the past three years."

SHANGHAI, April 28, 2013 /PRNewswire-FirstCall/ -- The9 Limited (NASDAQ: NCTY) ("The9"), an online game developer and operator, announced today that its Chairman and CEO Jun Zhu has purchased 200,000 The9's American depositary shares (ADSs) in the open market since the trading window opened on April 22, 2013. Jun Zhu intends to purchase US$5 million worth of The9 ADSs in the open market. 

SHANGHAI, March 13, 2013 /PRNewswire-FirstCall/ -- The9 Limited (NASDAQ: NCTY) ("The9"), an online game developer and operator, announced today that the Company has repurchased 1,338,053 American Depositary Shares for an aggregate consideration of approximately US$3.8 million under its US$10 million repurchase program announced in December 2012. The repurchased shares account for approximately 6% of the Company's outstanding ordinary shares. The Company will continue to repurchase under its US$10 million repurchase program.

Second Quarter 2012

• Net revenues in the second quarter of 2012 amounted to RMB54.8 million (US$8.6 million), representing an increase of 13% from RMB48.6 million (US$7.7 million) in the first quarter of 2012 and an increase of 115% fromRMB25.5 million (US$4.0 million) in the second quarter of 2011, mainly due to an increase in net revenues from Shen Xian Zhuan.
• Net loss attributable to holders of ordinary shares in the second quarter of 2012 amounted to RMB118.0 million(US$18.6 million) , representing an increase of 6% from RMB111.4 million (US$17.5 million) in the first quarter of 2012.
• Diluted shares for the second quarter came in at ($0.76) vs. last years of ($0.48) 

Management Comments:

Jun Zhu, Chairman and Chief Executive Officer of The9 said, "We have a very high level of confidence in the two Massively Multiplayer Online shooting games in our pipeline. Firefall just released the biggest patch update ever in early August and received highly positive feedback from gamers. Firefall will be commercialized in the U.S. very soon and Red 5 will release more beta invites in the U.S. to attract more gamers to join Firefall. Red 5 has also set up a subsidiary in Ireland in May 2012 to prepare for the launch in Europe. Planetside 2 is another well-known game for which we obtained the license in China. Planetside 2 is already in closed beta in the U.S. We are now localizing the game in China and plan to start the internal technical test in China by the end of this year. We believe these two robust games in our pipeline will significantly strengthen our capability in achieving further growth. "

Second Half 2011 Results

• Net revenues in the second half of 2011 amounted to RMB55.1 million (US$8.7 million), representing an increase of 7% from the first half of 2011 and a slight decrease of 1% from the second half of 2010.
• Net revenues for the fiscal year 2011 amounted to RMB106.4 million (US$16.9 million), representing an increase of 3% from the fiscal year 2010.
• Net loss attributable to holders of ordinary shares in the second half of 2011 amounted to RMB219.7 million (US$34.9 million), representing an increase of 240% from the first half of 2011 and a decrease of 39% from the second half of 2010.
• Net loss attributable to holders of ordinary shares for the fiscal year 2011 amounted to RMB284.3 million (US$45.2 million), representing a decrease of 43% from the fiscal year 2010.

Management Comments:

Commenting on the results of the second half and fiscal year of 2011, Jun Zhu, Chairman and Chief Executive Officer of The9 said, "In 2011, we are still undergoing the strategic transition from a domestic online game operator to an international online game developer and operator with diversified platforms. In the second half of 2011, we further strengthened our MMORPG and web and social game pipeline by following our strategy of focusing on games with the highest quality. Among our robust game pipeline, Firefall, a revolutionary next-generation triple-A title MMOFPS game, will be presented to online gaming enthusiasts worldwide."

Financial Highlights:

First Quarter 2011

• Net revenues for the first quarter of 2011 decreased by 10% from the fourth quarter of 2010, and increased by 17% from the first quarter of 2010 to RMB25.8 million (US$4.0 million).
• Net loss available to ordinary shareholders for the first quarter of 2011 decreased by 82% from the fourth quarter of 2010 and decreased by 31% from the first quarter of 2010 to RMB52.6 million (US$8.1 million).
• Fully diluted loss per share and per ADS for the first quarter of 2011 was RMB2.09(US$0.32), compared with RMB11.52(US$1.78)in the fourth quarter of 2010 and RMB3.02(US$0.47)in the first quarter of 2010.

Second Quarter 2011 

• Net revenues for the second quarter of 2011 decreased by 1% from the first quarter of 2011, and increased by 1% from the second quarter of 2010 to RMB25.5 million (US$3.9 million).
• Net loss available to ordinary shareholders for the second quarter of 2011 decreased by 77% from the first quarter of 2011 and decreased by 82% from the second quarter of 2010 to RMB12.0 million (US$1.9 million).
• Fully diluted loss per share and per ADS for the second quarter of 2011 was RMB0.48 (US$0.07), compared with RMB2.09 (US$0.32) in the first quarter of 2011 and RMB2.62 (US$0.41) in the second quarter of 2010
• Non-gaap EPS was a loss of $0.19 vs $0.35

Management Comments:

Commenting on the results of the first half of 2011, Jun Zhu, Chairman and Chief Executive Officer of The9 said, "With one year dedicated effort to implement our global strategy, we are very pleased to report that we have made good progress in diversifying our business into multiple fields in the online gaming industry. Our new game titles, Shen Xian Zhuan and Firefall are expected to launch in the third and fourth quarter this year respectively. Our web games and social games have shown high growth potential. The9 Game Zone was officially launched in the second quarter which will enhance our core competitiveness in mobile gaming field. With our new business structure as well as our gaming platform and contents, we believe The9 is now entering into a new phase of development and the coming year will be a fruitful one despite many challenges we may have."

SHANGHAI, June 13, 2011 /PRNewswire-Asia-FirstCall/ -- The9 Limited (NASDAQ: NCTY) ("The9"), an online game developer and operator in China, today announced that its Board of Directors has approved a share repurchase program to purchase up to US$25 million of its American Depositary Shares over the next 12 months.  

The9 may make repurchases in the open market and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the "1934 Act"). The program will be conducted in compliance with Rule 10b-18 of the 1934 Act and other applicable legal requirements. The program may be modified or suspended at any time at the company's discretion.

SHANGHAI, May 23, 2011 /PRNewswire-Asia-FirstCall/ -- The9 Limited (NASDAQ: NCTY) ("The9"), an online game operator and developer in China, announced today that on May 20, 2011 the United States District Court for the Southern District of New York entered an order dismissing with prejudice the Consolidated Complaint inGlaser v. The9 Ltd. et al. Securities Litigation, Civil Action No. 1:09-cv-08904-RJH, a securities class action alleging that the company and certain individual defendants engaged in securities fraud. On March 28, 2011 the case was dismissed with leave to amend. On May 12, 2011 the plaintiffs filed a stipulation of voluntary dismissal.

Fourth Quarter Results:

• For the fourth quarter of 2010, The9 reported total net revenues of RMB28.8 million (US$4.4 million), which increased by 8.2% compared to RMB26.6 million (US$4.0 million) in the third quarter of 2010 and increased by 37.7% compared to RMB20.9 million in the fourth quarter of 2009.
• Gross profit for the fourth quarter of 2010 was RMB1.6 million (US$0.2 million) compared to gross profit of RMB0.8 million (US$0.1 million) in the third quarter of 2010 and gross loss of RMB76.0 million in the fourth quarter of 2009.
• Fully diluted loss per share and per ADS for the fourth quarter of 2010 was RMB11.52 (US$1.75), compared with RMB2.73 (US$0.41) in the third quarter of 2010 and RMB8.18 in the fourth quarter of 2009

Commenting on the results of the second half of 2010, Jun Zhu, Chairman and Chief Executive Officer of The9 said, "The second half of 2010 was a critical period for The9 to implement its global strategy. Thanks to the effort of all our employees, our global strategy has been thoroughly implemented in many aspects. First of all, our subsidiary based in California, Red 5 Studios, Inc. ("Red 5"), has been making good progress with Firefall, a promising and exciting FPS title expected to be launched in the U.S. in the fourth quarter of this year. Secondly, ShenXianZhuan, developed by our consolidated variable interest entity Hangzhou Fire Rain Network Technology Co., Limited ("Fire Rain"), will be launched in the domestic market in China in the third quarter of this year. Moreover, our mobile business has been gradually formed and we expect to launch The9 Game Center in the second quarter of this year. On top of that, our other new businesses started to generate more revenues, including web, SNS and IPTV games. Although today The9 is still incurring a loss, we hope to turn around in the near future as long as we stick to our global strategy."