The9 (NCTY) director discloses ADS and restricted share stakes

Rhea-AI Filing Summary

The9 LTD director Mackenzie Davin A has filed an initial ownership report showing existing equity holdings rather than new market transactions. The filing lists 43,047 American Depositary Shares, with each ADS representing 300 Class A Ordinary Shares. It also shows 251,100 Class A Ordinary Shares that come from vested restricted shares granted on March 10, 2025 and now free of transfer restrictions. In addition, the director holds 10,500,000 unvested Class A Restricted Shares, including 6,000,000 granted on March 10, 2025 that vest monthly in 1/36th increments and 4,500,000 granted on September 18, 2025, with half vesting on the first anniversary and the remainder on the second anniversary.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Mackenzie Davin A

Role Director

Type	Security	Shares	Price	Value
holding	American Depositary Shares	--	--	--
holding	Class A Ordinary Shares	--	--	--
holding	Class A Ordinary Shares (Restricted)	--	--	--

Holdings After Transaction: American Depositary Shares — 43,047 shares (Direct); Class A Ordinary Shares — 251,100 shares (Direct); Class A Ordinary Shares (Restricted) — 10,500,000 shares (Direct)

Footnotes (1)

1. Each American Depositary Share represents 300 Class A Ordinary Shares of the Issuer. These Class A Ordinary Shares represent vested Restricted Shares held by the reporting person in the form of Class A Ordinary Shares without transfer restrictions. These Class A Ordinary Shares were granted on March 10, 2025 in the form of Restricted Shares. These Class A Ordinary Shares represent the unvested Restricted Shares held in the form of Class A Ordinary Shares by the reporting person. Among these Class A Ordinary Shares, 6,000,000 were granted on March 10, 2025 in the form of Restricted Shares and would vest each month in 1/36th of the total granted amount; 4,500,000 were granted on September 18, 2025 in the form of Restricted Shares, among which 50% would vest on the first anniversary of the grant, and another 50% would vest on the second anniversary of the grant.

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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1. Name and Address of Reporting Person^*

Mackenzie Davin A

(Last) (First) (Middle)

SHUMEIKENG #21, 10F, DANSHUI

(Street)

NEW TAIPEI CITY F5 251

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
The9 LTD [ NCTY ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
American Depositary Shares(1)	43,047	D
Class A Ordinary Shares	251,100(2)	D
Class A Ordinary Shares (Restricted)	10,500,000(3)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Each American Depositary Share represents 300 Class A Ordinary Shares of the Issuer.

2. These Class A Ordinary Shares represent vested Restricted Shares held by the reporting person in the form of Class A Ordinary Shares without transfer restrictions. These Class A Ordinary Shares were granted on March 10, 2025 in the form of Restricted Shares.

3. These Class A Ordinary Shares represent the unvested Restricted Shares held in the form of Class A Ordinary Shares by the reporting person. Among these Class A Ordinary Shares, 6,000,000 were granted on March 10, 2025 in the form of Restricted Shares and would vest each month in 1/36th of the total granted amount; 4,500,000 were granted on September 18, 2025 in the form of Restricted Shares, among which 50% would vest on the first anniversary of the grant, and another 50% would vest on the second anniversary of the grant.

	/s/ Mackenzie Davin Alexander	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What does The9 (NCTY) Form 3 filing for Mackenzie Davin A show?

The Form 3 shows existing ownership by director Mackenzie Davin A, including ADS, vested Class A shares, and large unvested restricted share grants with defined vesting schedules, rather than any new stock purchases or sales.

How many American Depositary Shares does Mackenzie Davin A hold in The9 (NCTY)?

The filing reports 43,047 American Depositary Shares. A footnote explains that each ADS represents 300 Class A Ordinary Shares of The9, giving investors clarity on the underlying economic exposure of this ADS position.

What vested Class A Ordinary Share holdings are disclosed for The9 (NCTY) director?

The report lists 251,100 Class A Ordinary Shares held as vested restricted shares. These shares were originally granted on March 10, 2025 as restricted stock but are now free of transfer restrictions for the reporting person.

How many unvested restricted Class A shares does the The9 (NCTY) director hold?

The director holds 10,500,000 unvested restricted Class A Ordinary Shares. Of these, 6,000,000 were granted on March 10, 2025 and 4,500,000 on September 18, 2025, with vesting tied to specific time-based schedules.

What are the vesting terms for The9 (NCTY) restricted share grants in this Form 3?

For 6,000,000 restricted shares granted on March 10, 2025, 1/36th vests each month. For 4,500,000 granted on September 18, 2025, 50% vests after one year and the remaining 50% after two years.

Does the The9 (NCTY) Form 3 indicate any stock purchases or sales by the director?

No, the Form 3 functions as an initial ownership statement. It records current holdings in ADS, vested shares, and unvested restricted shares, without identifying any buy or sell transactions in the reported entries.