The9 Investee Nanyang Biologics (NYB) Advancing Planned Nasdaq Listing for the US$1.5 Billion Business Combination

Rhea-AI Summary

The9 (Nasdaq: NCTY) announced that its Singapore investee Nanyang Biologics (NYB) has obtained notice of effectiveness from the SEC for its Form F-4 registration statement, a key step toward NYB’s planned Nasdaq listing under ticker “NYB.”

The business combination assigns NYB a pre-transaction valuation of about US$1.5 billion. The9, via wholly owned subsidiary Gamenow.net (Hong Kong) Limited, is an existing NYB shareholder and is expected to own 15%–16% of the combined company after closing, according to the registration prospectus. The Nasdaq listing remains subject to the SPAC’s August 19, 2026 extraordinary general meeting and Nasdaq approval. NYB is an AI-first drug discovery company focused on natural compounds, leveraging its over one million-compound library and DTIGN graph neural network within its Vecura™ AI platform, and collaborates with partners including NVIDIA, Hewlett Packard Enterprise, Equinix, NVIDIA’s Ignition AI Accelerator, Tribe, and J&J Innovation’s JLABS.

Positive

• US$1.5 billion pre-transaction valuation for NYB in business combination
• The9 expects post-closing ownership of 15%–16% in the combined NYB entity
• NYB’s Form F-4 registration statement declared effective by the SEC
• NYB platform built on a library of 1+ million natural compounds and DTIGN AI model
• Strategic collaborations with NVIDIA, Hewlett Packard Enterprise, Equinix and presence at JLABS

Negative

• Planned Nasdaq listing remains subject to SPAC shareholder vote on August 19, 2026
• Listing also requires separate Nasdaq approval, so transaction closing is not yet certain

Market Reaction – NCTY

-0.66% $4.50

15m delay

-0.66% Vs previous close

-17.1% Trough Tracked

$4.50 Last Price

$4.18 $5.47 Day Range

$71.46M Market Cap

0.1x Rel. Volume

Following this news, NCTY has declined 0.66%, reflecting a mild negative market reaction. Argus tracked a trough of -17.1% from its starting point during tracking. Our momentum scanner has triggered 2 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $4.50.

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Market Context

FLD was up 7.290051132440567% in the available peer momentum scan, adding company-specific context t...

Analysis

FLD was up 7.290051132440567% in the available peer momentum scan, adding company-specific context to this announcement. The effective F-3/A shelf and its registered primary offerings remain financing risks to monitor.

Key Figures

Pre-transaction valuation: approximately US$1.5 billion Expected ownership: 15% to 16% SPAC meeting date: August 19, 2026 +5 more

8 metrics

Pre-transaction valuation approximately US$1.5 billion NYB business combination

Expected ownership 15% to 16% The9 ownership of combined company after closing

SPAC meeting date August 19, 2026 Extraordinary general meeting condition for Nasdaq listing

Natural compound library over one million natural compounds NYB drug discovery platform

NVIDIA collaboration date August 2025 Memorandum of Understanding with NVIDIA, Hewlett Packard Enterprise and Equinix

AI accelerator joining date September 2024 Ignition AI Accelerator with NVIDIA and Tribe

Company founding year 1999 The9 Limited

Nasdaq listing year 2004 The9 Limited

Historical Context

4 past events · Latest: Aug 06 (Positive)

Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 06	Brand partnership expansion	Positive	+0.4%	The9 reported 41 signed brands and regional platform activity.
Jul 27	Quarterly earnings report	Positive	+41.4%	The9 reported US$23 million quarterly net income and sequential growth expectations.
Jul 27	Leadership change	Positive	+41.4%	George Lai became CEO, succeeding founder Jun Zhu.
Feb 24	Digital asset announcement	Positive	+17.5%	The9 disclosed 950,000,000 9BIT tokens and a US$0.02 token price.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

The9's four selected prior news events all had positive 24-hour price reactions, including 41.43% for the July 27 announcements.

Key Terms

form f-4 registration statement, notice of effectiveness, spac, drug-target interaction graph neural network

4 terms

form f-4 registration statement regulatory

"obtained the notice of effectiveness from the U.S. Securities and Exchange Commission for its Form F-4"

A Form F-4 registration statement is a filing with the U.S. Securities and Exchange Commission used by non‑U.S. (foreign) companies when they plan to issue securities in connection with mergers, acquisitions, exchange offers or other business combinations involving U.S. markets. It combines a prospectus and proxy/disclosure materials so investors can see the transaction terms, the securities being offered, financial statements and risk factors — like a detailed brochure and contract summary that helps investors understand what they would own and what could go wrong.

notice of effectiveness regulatory

"obtained the notice of effectiveness from the U.S. Securities and Exchange Commission"

A notice of effectiveness is an official confirmation from a regulator that a company’s registration statement, prospectus, or similar filing is legally active and may be used to offer or sell securities. It matters to investors because it clears the way for a company to issue new shares or other securities—like a permit that lets a fundraiser start—and can change supply, ownership stakes, and short-term market activity.

spac financial

"subject to the result of the SPAC company extraordinary general meeting"

A special purpose acquisition company (SPAC) is a company formed specifically to raise money through an initial public offering (IPO) with the goal of buying or merging with an existing private company. For investors, a SPAC offers a way to invest in a potential future business without initially knowing which company it will acquire, making it a way to access new investment opportunities that might otherwise be difficult to invest in directly.

View in glossary

drug-target interaction graph neural network technical

"DTIGN, a Drug-Target Interaction Graph Neural Network that predicts"

A drug-target interaction graph neural network is a type of machine learning model that represents molecules (drugs) and biological targets (like proteins) as nodes and their relationships as edges, then analyzes that network to predict which drugs will bind to which targets. Think of it like a social-network map that learns patterns of connections to forecast new friendships; for investors, it is relevant because it can accelerate discovery, reduce early-stage costs and change the perceived value of research programs, partnerships or licensing deals.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NYB Obtained Notice of Effectiveness from SEC for Its Form F-4 Registration Statement

The9 expects to own 15% to 16% of the combined company following NYB listing

HONG KONG, Aug. 11, 2026 /PRNewswire/ -- The9 Limited (Nasdaq: NCTY) ("The9" or the "Company"), a global diversified high-tech company, today announced that its Singapore investee Nanyang Biologics Pte. Ltd. ("NYB") obtained the notice of effectiveness from the U.S. Securities and Exchange Commission for its Form F-4 registration statement filed in connection with the previously announced business combination, a key milestone toward NYB's planned listing on Nasdaq under the reserved ticker symbol "NYB."

The business combination assigns NYB a pre-transaction valuation of approximately US$1.5 billion. The9, through its wholly-owned subsidiary Gamenow.net (Hong Kong) Limited ("Gamenow"), is an existing shareholder in NYB. As disclosed in the prospectus included in the registration statement, Gamenow is expected to own 15% to 16% of the combined company following closing. The Nasdaq listing is subject to the result of the SPAC company extraordinary general meeting to be held on August 19, 2026 and Nasdaq approval.

NYB is a Singapore-headquartered, AI-first drug discovery company focused on natural compounds. At the center of its platform is a library cataloging over one million natural compounds, and DTIGN, a Drug-Target Interaction Graph Neural Network that predicts how natural compounds bind to disease targets. Based on this proprietary library and fully operational predictive model, NYB has designed the Vecura™ AI platform for AI-driven discovery of novel bioactive candidates and mechanisms that are currently underexplored by conventional synthetic-first approaches.  

In August 2025, NYB entered into a Memorandum of Understanding with NVIDIA, Hewlett Packard Enterprise and Equinix focusing on building the largest natural compound library in the world, developing scalable AI platforms for drug discovery, and creating secure, enterprise-grade infrastructure for healthcare innovation. In addition, NYB joined the Ignition AI Accelerator with NVIDIA and Tribe in September 2024 and maintains a presence at Johnson & Johnson Innovation's JLABS, working with leading partners to drive innovation and support the platform's compute requirements.

About The9 Limited

The9 Limited (Nasdaq: NCTY) is a global, diversified high-tech company redefining how games are created, played, and monetized. Founded in 1999 and Nasdaq-listed since 2004, The9 brings over two decades of gaming heritage to its flagship platform the9bit, an AI-powered digital asset ecosystem built around AI game creation and the $9BIT token economy, where every participant can play, create, earn, and own a stake in its growth. Beyond the9bit, The9 continues to explore emerging opportunities across AI-empowered industries and the broader digital ecosystem, including an equity stake in AI-driven drug discovery company NYB, building a multi-engine business positioned at the frontier of AI and the new economy, reshaping how value is created and shared.

No Offer or Solicitation

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Forward-Looking Statements

This release contains statements that are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements, which are based on management's beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. The use of the words "will," "expects," "intends," "anticipates," "estimates," "predicts," "believes," "should," "potential," "may," "preliminary," "forecast," "objective," "plan," or "target," and other similar expressions, are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including, but not limited to statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance, developments in the capital and credit markets, expected future financial performance, and the markets in which we operate. For a discussion of these and other risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statement, see The9's filings with the U.S. Securities and Exchange Commission. The9 undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law.

View original content:https://www.prnewswire.com/news-releases/the9-investee-nanyang-biologics-nyb-advancing-planned-nasdaq-listing-for-the-us1-5-billion-business-combination-302848142.html

SOURCE The9 Limited

FAQ

What did The9 (NCTY) announce about Nanyang Biologics’ Nasdaq listing plans on August 11, 2026?

The9 announced that Nanyang Biologics obtained SEC effectiveness for its Form F-4, advancing its planned Nasdaq listing. According to The9, this is a key milestone in the SPAC business combination that could list NYB under ticker “NYB,” subject to remaining approvals.

What is Nanyang Biologics’ valuation in the The9 (NCTY) business combination?

Nanyang Biologics is assigned a pre-transaction valuation of about US$1.5 billion in the business combination. According to The9, this valuation underpins the SPAC deal that supports NYB’s planned Nasdaq listing, pending shareholder and exchange approvals.

How much of Nanyang Biologics will The9 (NCTY) own after the SPAC merger?

The9 expects to own approximately 15%–16% of the combined company after closing. According to The9, this ownership will be held through its wholly owned subsidiary Gamenow.net (Hong Kong) Limited, assuming completion of the NYB business combination and listing.

What regulatory milestone did Nanyang Biologics achieve before its planned Nasdaq listing?

Nanyang Biologics obtained a notice of effectiveness from the SEC for its Form F-4 registration statement. According to The9, this effectiveness is a key regulatory step toward completing the SPAC business combination and pursuing a Nasdaq listing under the ticker “NYB.”

What conditions remain before Nanyang Biologics can list on Nasdaq after the The9 (NCTY) announcement?

NYB’s Nasdaq listing is still subject to the SPAC’s extraordinary general meeting on August 19, 2026, and Nasdaq approval. According to The9, completion of the business combination and listing depends on these remaining votes and regulatory processes.

What does Nanyang Biologics’ AI drug discovery platform involve, as highlighted by The9 (NCTY)?

Nanyang Biologics uses an AI-first platform built on a library of over one million natural compounds and its DTIGN graph neural network. According to The9, this powers the Vecura AI system for discovering novel bioactive candidates and mechanisms in drug discovery.

Which major technology partners work with Nanyang Biologics mentioned in The9’s (NCTY) update?

Nanyang Biologics has collaborations with NVIDIA, Hewlett Packard Enterprise and Equinix through a 2025 memorandum of understanding. According to The9, NYB also participates in NVIDIA and Tribe’s Ignition AI Accelerator and maintains a presence at Johnson & Johnson Innovation’s JLABS.