Chau Kwok Keung reports The9 (NCTY) ADS and 9M restricted shares

Rhea-AI Filing Summary

The9 LTD director Chau Kwok Keung has filed an initial ownership report showing sizeable equity holdings. The filing lists 52,724 American Depositary Shares and 9,000,000 unvested Class A restricted shares held directly. Each ADS represents 300 Class A shares, and the restricted shares vest under multi-year schedules granted in 2025.

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^*

Chau Kwok Keung

(Last) (First) (Middle)

FLAT B, 9B, BLOCK 2, ROYAL PENINSULA

8 HUNG LAI ROAD

(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)	52,724	D
Class A Ordinary Shares (Restricted)	9,000,000(2)	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 the unvested Restricted Shares held in the form of Class A Ordinary Shares by the reporting person. Among these Class A Ordinary Shares, 4,500,000 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/ Chau Kwok 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 does Chau Kwok Keung’s Form 3 filing for The9 (NCTY) show?

The Form 3 shows Chau Kwok Keung’s existing ownership in The9 at the time he became a reporting insider. It reports 52,724 American Depositary Shares and 9,000,000 unvested Class A restricted shares held directly, without indicating any recent purchases or sales.

How many American Depositary Shares does Chau Kwok Keung hold in The9 (NCTY)?

The filing reports that he holds 52,724 American Depositary Shares of The9 directly. A footnote explains that each American Depositary Share represents 300 Class A Ordinary Shares, giving investors a clear sense of his ADS-based exposure to the company.

What restricted Class A Ordinary Shares are reported for The9 (NCTY)?

The report lists 9,000,000 Class A Ordinary Shares as unvested restricted shares held directly. These represent equity awards that have been granted but will only become fully owned as they vest over time, according to the schedules outlined in the footnotes.

How do the restricted share grants for The9 (NCTY) vest over time?

According to the footnotes, 4,500,000 restricted shares granted on March 10, 2025 vest monthly in 1/36th increments. Another 4,500,000 granted on September 18, 2025 vest 50% on the first anniversary and the remaining 50% on the second anniversary of that grant.

Does the The9 (NCTY) Form 3 indicate recent insider buying or selling?

The Form 3 does not indicate recent buying or selling activity. It functions as an initial ownership statement, listing Chau Kwok Keung’s existing ADS and restricted share holdings when he became subject to reporting, rather than recording new transactions.

What is the relationship between The9 (NCTY) ADS and Class A Ordinary Shares?

The filing states that each American Depositary Share of The9 represents 300 Class A Ordinary Shares. This ratio helps investors translate the reported ADS position into the underlying number of ordinary shares represented by those depositary receipts.