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The9 Limited (NCTY) reported a sharp accounting turnaround for the three and six months ended June 30, 2026, driven almost entirely by a large cryptocurrency token award and mark-to-market gains, while core operations remained loss-making. Net income attributable to shareholders was RMB220.9 million (US$32.6 million) in Q2 and RMB377.7 million (US$55.7 million) in H1 2026, versus losses in 2025, but segment operations for Cryptocurrency Mining and Online Game Services together produced a RMB190.3 million loss in H1. Revenues fell 71.5% year over year to RMB17.7 million as mining activity was reduced.
The9 received 1.9 billion 9BIT tokens, recording a RMB264.0 million cryptocurrency reward and an additional RMB391.2 million fair value gain in H1. Cash and cash equivalents declined to RMB12.7 million (US$1.9 million), while loans totaled RMB145.5 million and convertible notes RMB56.7 million. The company recorded significant impairments, including RMB82.6 million on its Shenma investment and RMB31.4 million on equipment and intangibles. An incentive plan could grant senior management up to 12% of outstanding shares if quarterly net income keeps exceeding Q1 2026, and Q2 has met this condition.
The9 Limited (NCTY) reports that its investee Nanyang Biologics (NYB), an AI-driven drug discovery company in which The9 holds a strategic stake through subsidiary Gamenow.net, has cleared a key step toward a planned Nasdaq listing. Shareholders of RF Acquisition Corp II (RFAI) approved NYB’s proposed business combination at an extraordinary general meeting held on August 19, 2026, a transaction that would list the combined company on Nasdaq under ticker “NYB,” subject to customary closing conditions. Upon completion, The9 expects to hold approximately 15%–16% of the combined Nasdaq-listed company. NYB’s Vecura™ AI platform uses a proprietary library of more than one million natural compounds to identify novel bioactive drug candidates, aligning with The9’s strategy to extend beyond its core AI-powered gaming ecosystem into broader AI-enabled industries.
The9 Limited reports continued expansion of its the9bit offline-to-online initiative in Southeast Asia, building a network of 41 signed brand partners across Indonesia, Malaysia and Vietnam, with 127 additional brands in the pipeline. Key partners include Malaysia’s Tealive, with over 800 outlets, Vietnam’s Highlands Coffee, with over 850 outlets, and various local venues in Yogyakarta, Indonesia.
Early marketing activations have driven both user engagement and paid campaigns. During activation periods, the9bit platform averaged about 120,000 daily active users across the region, while paid marketing services for brands such as Flaky and TwoTone generated recurring revenue streams. Since partnership marketing activities began in late May, the ecosystem’s $9BIT token has risen approximately 35%, from about US$0.037 to US$0.050, reflecting growing market interest. The company plans to extend this O2O partnership model into American and European markets as part of its broader growth strategy.
The9 LTD Chief Financial Officer Ji Wei reported initial beneficial ownership, including 81,543 American Depositary Shares, each representing 300 Class A Ordinary Shares, and 8,333,533 Class A Ordinary Shares from vested restricted stock. Ji Wei also holds substantial unvested restricted Class A Ordinary Shares with detailed time‑based and price‑based vesting schedules from grants in 2023 and 2025.
The9 Limited reported record Q1 2026 profitability driven by digital asset gains, while core operations remained loss-making. Net income attributable to ordinary shareholders was RMB156.8 million (US$22.7 million) for the three months ended March 31, 2026, versus a loss of RMB66.2 million a year earlier, delivering the strongest quarter since its 2004 IPO.
Revenue fell 65.3% year over year to RMB12.8 million (US$1.9 million), mainly from reduced Bitcoin mining activity. Loss from operations was RMB99.3 million as both cryptocurrency mining and online game services posted segment losses. The swing to profit came largely from a cryptocurrency reward of RMB188.6 million and fair value gains of RMB70.8 million on 9BIT tokens, partly offset by a RMB68.6 million fair value loss on other cryptocurrencies. As of March 31, 2026, The9 held 1.425 billion 9BIT tokens carried at RMB259.4 million, and later received another 475 million tokens; total crypto holdings, including BTC and 9BIT, were valued at about US$110 million as of late July.
Cash and cash equivalents declined to RMB16.3 million, with net cash used in operating activities of RMB33.4 million, while debt included RMB138.4 million of loans and RMB54.5 million of convertible notes. The9’s AI game platform the9bit surpassed 8 million registered users and 110,000 games. The board approved a long-term incentive plan covering up to 12% of outstanding shares, vesting only if each remaining 2026 quarter exceeds Q1 net income, and appointed long-time CFO George Lai as CEO, with founder Jun Zhu continuing as Executive Chairman.
The9 Limited, a Cayman Islands holding company, has registered a shelf program to offer, issue and sell from time to time up to US$188 million of Class A ordinary shares (including ADSs), preferred shares, debt securities, warrants, subscription rights and units in one or more primary offerings.
The ADSs trade on Nasdaq under “NCTY”; on July 17, 2026 the ADS closing price was US$3.89, and the public float was about US$46.2 million based on 3,562,494,161 Class A ordinary shares held by non-affiliates. Offerings under this shelf are limited by Form F-3 General Instruction I.B.5 to no more than one-third of that public float in any 12‑month period while float remains below US$75 million.
The9 is a holding company that consolidates, but does not own, a PRC variable interest entity used to conduct restricted online gaming activities in mainland China; the VIE contributed 0.2%, 0.3% and 32.8% of consolidated net revenues in 2023, 2024 and 2025. The group also operates global cryptocurrency mining and had mined 2,196.72 Bitcoins in total and held 347 Bitcoins as of March 31, 2026. The company highlights extensive risks from PRC regulation of VIE structures, data and offshore offerings, cash-transfer and dividend restrictions, and potential future trading prohibitions under the Holding Foreign Companies Accountable Act.
The9 Limited files an amendment to a Form F-3 shelf registration to offer up to $188 million of securities, including Class A ordinary shares (and ADSs), preferred shares, debt securities, warrants, subscription rights and units from time to time after the effective date.
The prospectus states the ADSs trade on Nasdaq under “NCTY” and cites a closing price of $4.94 and a public float of approximately $58.7 million as of June 17, 2026. The filing discloses material operational and regulatory risks tied to its contractual VIE structure in mainland China, PRC licensing and filing requirements, HFCAA/PCAOB inspection considerations, cash‑transfer limits, and historical financials for the consolidated VIE.
The9 Limited amended a shelf registration on June 2, 2026 to permit one or more offerings of its securities, registering up to US$188 million (or equivalent) of Class A ordinary shares, ADSs, preferred shares, debt securities, warrants, subscription rights and units, to be sold from time to time after effectiveness. The ADSs trade on Nasdaq under the symbol NCTY, with a closing price of US$4.85 on June 1, 2026. The prospectus discloses a public float of approximately US$57.6 million based on 3,562,494,161 Class A ordinary shares held by non-affiliates as of June 1, 2026. The prospectus reiterates material risks tied to its VIE structure, China regulatory and filing requirements (CSRC), and potential identification under the HFCAA. Use of proceeds is stated as for general corporate purposes, with specific terms to be set in future prospectus supplements.
The9 Limited filed an Amendment No. 1 to a Form F-3 shelf registration to offer up to US$188 million of Class A ordinary shares (including ADSs), preferred shares, debt securities, warrants, subscription rights and units, to be sold from time to time “after the effective date.” The prospectus discloses a Nasdaq listing (ADS ticker NCTY) and a closing ADS price of US$5.66 on May 7, 2026. It states a public float of US$67.2 million (based on 3,562,494,161 Class A ordinary shares held by non-affiliates) and summarizes material risks tied to its consolidated VIE structure, PRC regulatory uncertainty, HFCAA inspection risks, cash-transfer and dividend limitations, and licensing requirements in mainland China.