[6-K] The9 LTD Current Report (Foreign Issuer)

Rhea-AI Filing Summary

The9 Limited disclosed a press release that its Singapore investee, NYB, plans to become a Nasdaq-listed company through a business combination with SPAC RF Acquisition Corp II in a deal valued at US$1.5 billion. The announcement indicates NYB will pursue a public listing in the United States via the SPAC merger structure, which would give NYB Nasdaq access and an implied transaction value of US$1.5 billion. The filing is signed by George Lai, Director and Chief Financial Officer of The9.

Positive

• Material liquidity event: NYB plans a Nasdaq listing via a business combination valued at US$1.5 billion.
• Strategic market access: The SPAC route targets a U.S. public listing on Nasdaq, potentially accelerating NYB's access to capital markets.

Negative

• None.

Insights

M&A Specialist

TL;DR: NYB intends to list on Nasdaq via a US$1.5B SPAC merger, a material strategic liquidity event for the investee and its shareholders.

The announcement that NYB will combine with RF Acquisition Corp II in a US$1.5 billion transaction is a clear, material corporate action that can accelerate NYB's access to U.S. public capital markets. For The9 as an investor, this could crystallize value or provide a pathway to realize investment proceeds, depending on The9's ownership stake and any lock-up provisions, none of which are disclosed here. The SPAC route typically offers a faster listing process than a traditional IPO, but it also transfers certain execution and shareholder-approval risks to the deal process. Because the filing provides headline terms only, further documentation will be required to assess pro forma ownership, implied equity values for existing shareholders, and any covenant or dilution effects.

Corporate Governance Expert

TL;DR: The disclosed SPAC transaction is material and may affect shareholder outcomes; governance and disclosure details are not provided in this filing.

The press release signals a strategic transaction for NYB and is material for stakeholders, including The9. However, the filing contains only the transaction announcement and lacks details on definitive agreements, shareholder approvals, timelines, and governance changes post-merger. Those items are important to evaluate potential conflicts, related-party arrangements, and any change in board composition or control resulting from the business combination. Absent those specifics, the filing confirms intent and headline valuation but does not allow a full assessment of corporate governance implications.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2025

Commission File Number: 001-34238

THE9 LIMITED

17 Floor, No. 130 Wu Song Road

Hong Kou District, Shanghai 200080

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F   x         Form 40-F   ¨

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press Release – The9’s Singapore Investee NYB Announce Plan to Go Nasdaq via US$1.5 Billion Business Combination with SPAC RF Acquisition Corp II

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	THE9 LIMITED
	By	:	/s/ George Lai
	Name:	:	George Lai
	Title:	:	Director and Chief Financial Officer

Date: October 2, 2025

FAQ

What did The9 disclose in the 6-K about NYB and Nasdaq?

The filing states NYB, a Singapore investee of The9, announced a plan to go public on Nasdaq through a business combination with SPAC RF Acquisition Corp II valued at US$1.5 billion.

Does the filing provide deal terms beyond the US$1.5 billion valuation?

No. The filing only announces the plan and the headline valuation; it does not provide additional deal terms, ownership breakdowns, or definitive agreement details.

Who signed the filing for The9 Limited?

The filing is signed by George Lai, Director and Chief Financial Officer of The9 Limited.

Which SPAC is NYB combining with according to the filing?

The filing names the SPAC as RF Acquisition Corp II.

Is there any financial performance or earnings data for NYB in the filing?

No. The filing contains only the transaction announcement and does not include financial or earnings information for NYB.