The9 Limited - $NCTY STOCK NEWS

The9 (Nasdaq: NCTY), an established Internet company, has announced a strategic private placement agreement with Fine Vision Fund, managed by Finewill Capital. Fine Vision Fund will invest $3.5 million in The9, with an initial $2.5 million upfront and a subsequent $1 million based on predefined conditions. The agreement involves issuing Class A ordinary shares to Fine Vision Fund at a 15.6% premium for the upfront investment and a 25% premium for the second installment, based on the average closing price over the previous thirty trading days. The issued shares will be subject to a statutory lock-up period. This investment aims to leverage the synergies between traditional and Web3 games, positioning The9 as a leader in this evolving market.

The9 (Nasdaq: NCTY) announced that its subsidiary, China Crown Technology, has secured an exclusive publishing license for the new MIR M game from Wemade. This agreement allows China Crown to publish and service the game in mainland China for both mobile and PC platforms. The license term is 5 years from the commercial launch, expected in early 2025, with a possible 1-year extension. The game may incorporate blockchain technology, subject to PRC regulations. The9 aims to leverage AI in game development to enhance NPCs, procedural content generation, and personalized behavior prediction.

The9 announced a definitive share purchase agreement with KuaiJin Shidai to acquire a 15% stake in KuaiJin, an AI unmanned retail platform in China. The deal involves a cash payment of $1.5 million and the issuance of 318,448,800 restricted Class A shares. The9 also secured an option to purchase up to 51% of KuaiJin within two years, based on a valuation of $60 million. KuaiJin has already transformed over 500 retail stores across 100 cities, offering 24/7 operation and reduced payroll costs via AI-powered systems. The release of The9's shares is contingent on market cap milestones and other conditions.

The9 achieved a 66% increase in net revenues and turned net loss into net income for the year ended December 31, 2023. The company's net revenues rose from RMB108 million in 2022 to RMB179 million in 2023, while net income reached RMB13 million compared to a net loss of RMB975 million in 2022. The Chairman and CEO highlighted the growth in the cryptocurrency mining business and the company's entry into AI applications in various industries.

The9 (NCTY) investee WM Therapeutics Co., achieves breakthroughs in antidepressant drug precision treatment using GenAI technology. The new clinical trial results show significant progress in identifying effective subtypes for depression treatment, offering hope to patients worldwide.

The9 (NCTY) has signed a definitive agreement with WM Therapeutic to purchase additional shares, totaling 30% ownership. The agreement includes cash payment and issuance of restricted shares. WM Therapeutic focuses on GenAI large language model brain disease screening platform and AI drug clinical research platform.

The9 (NCTY) has signed a definitive share purchase agreement to invest in GenAI LLM Digital Precision Medicine Platform for Brain Disease WM Therapeutic. The agreement allows The9 to purchase an additional 21.7% shares of WM Therapeutic, increasing its ownership to 30%. The company is also granted a purchase option to acquire up to 51% of WM Therapeutic. WM Therapeutic focuses on developing AI-based solutions for brain diseases utilizing omics data analysis technology. The agreement involves cash consideration of US$1.5 million and issuance of 251,290,500 restricted Class A ordinary shares to WM Therapeutic. These shares will be subject to lock-up conditions based on The9's market capitalization milestones. The partnership aims to address various central nervous system diseases through innovative technology and strategic collaborations.

The9 Limited (Nasdaq: NCTY) announced the signing of a term sheet to purchase 51% shares of Shenma Limited, a digital human SaaS platform, using cash and restricted shares. Shenma's platform offers AI-generated content and digital human creation services, with plans for monetization and growth. The acquisition aims to capitalize on the growing AIGC market in China and expand The9's presence in the AI industry.

The9 Limited (NCTY) announces the acquisition of 19% shares of Fazhidao, a leading AI SaaS legal service platform in China, with a purchase option for up to 51% shares. Fazhidao's gross sales exceeded US$50 million in 2023, offering various legal services powered by AI technology. The investment includes cash and restricted shares, aiming for global expansion and growth in paid subscribers.