Yeung Ka Keung reveals large The9 (NCTY) ADS and restricted share stake

Rhea-AI Filing Summary

The9 LTD director Yeung Ka Keung has filed an initial ownership report showing substantial equity holdings. He reports direct ownership of 22,928 American Depositary Shares, with each ADS representing 300 Class A Ordinary Shares. He also directly holds 7,500,000 Class A Ordinary Shares that represent vested restricted shares.

In addition, Yeung reports 10,500,000 unvested Class A Ordinary Shares granted as restricted shares. Of these, 6,000,000 granted on March 10, 2025 vest monthly in 1/36 increments, while 4,500,000 granted on September 18, 2025 vest 50% on the first and 50% on the second anniversaries.

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

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1. Name and Address of Reporting Person^*

Yeung Ka Keung

(Last) (First) (Middle)

E1, 7/F, SHATIN HEIGHTS

8003 TAI PO ROAD, SHATIN, N.T.

(Street)

HONG KONG K3 00000

(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)	22,928	D
Class A Ordinary Shares	7,500,000(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. Among these Class A Ordinary Shares, 3,000,000 were granted on March 10, 2025, and 4,500,000 were granted on September 18, 2025, each in the form of Restricted Shares at the granting.

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/ Yeung Ka Keung	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).
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FAQ

What insider holdings did Yeung Ka Keung report in The9 LTD (NCTY) Form 3?

Yeung Ka Keung reported direct ownership of 22,928 American Depositary Shares, 7,500,000 vested Class A Ordinary Shares, and 10,500,000 unvested Class A Ordinary Shares as restricted stock. This filing establishes his initial disclosed equity stake in The9 LTD.

How many The9 LTD (NCTY) restricted shares held by Yeung Ka Keung are vested and unvested?

Yeung holds 7,500,000 vested Class A Ordinary Shares that originated as restricted shares and 10,500,000 unvested Class A Ordinary Shares. The unvested portion is subject to specific time-based vesting schedules tied to grant dates in March 2025 and September 2025.

What are the vesting terms for Yeung Ka Keung’s unvested The9 LTD (NCTY) restricted shares?

Of the 10,500,000 unvested restricted shares, 6,000,000 granted on March 10, 2025 vest monthly in 1/36 increments. The remaining 4,500,000 granted on September 18, 2025 vest 50% on the first anniversary and 50% on the second anniversary of that grant.

How do The9 LTD (NCTY) American Depositary Shares held by Yeung Ka Keung relate to Class A Ordinary Shares?

Each American Depositary Share of The9 LTD represents 300 Class A Ordinary Shares. Yeung holds 22,928 ADS, giving him exposure to a much larger number of underlying Class A Ordinary Shares through this depositary share structure as disclosed in the filing footnotes.

Does the The9 LTD (NCTY) Form 3 show recent insider buying or selling by Yeung Ka Keung?

The Form 3 lists Yeung’s existing holdings but does not show explicit buy or sell transactions. It classifies the entries as holdings with unknown transaction codes, serving primarily to disclose his ownership position rather than recent trading activity.