The9 (NCTY) director Lai Kwok Ho details large restricted share stake

Rhea-AI Filing Summary

The9 LTD director Lai Kwok Ho has filed an initial statement of beneficial ownership, detailing a substantial equity position in the company. He directly holds 306,701 American Depositary Shares, with each ADS representing 300 Class A Ordinary Shares.

He also holds 14,500,100 Class A Ordinary Shares that are vested, plus two large blocks of restricted Class A Ordinary Shares: 116,500,000 unvested shares and 10,500,000 unvested shares. The footnotes explain staged vesting schedules tied to grant dates on March 10, 2025, September 18, 2025, and September 7, 2023, including monthly vesting, anniversary-based vesting, and a price-based vesting condition requiring the ADS closing price to reach US$20 or higher for certain shares.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Lai Kwok Ho

Role Director

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

Holdings After Transaction: American Depositary Shares — 306,701 shares (Direct); Class A Ordinary Shares — 14,500,100 shares (Direct); Class A Ordinary Shares (Restricted) — 116,500,000 shares (Direct)

Footnotes (1)

1. Each American Depositary Share represents 300 Class A Ordinary Shares. These Class A Ordinary Shares represent the 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, 58,000,000 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; 58,500,000 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% will vest on the second anniversary of the grant. These Class A Ordinary Shares represent the unvested Restricted Shares held in the form of Class A Ordinary Shares by the reporting person. These Class A Ordinary Shares were granted on September 7, 2023, and would vest and be released from lock-up each month in 1/12th of the total amount during the third year, only if the closing trading price of the Issuer's American Depositary Shares reaches US$20 or higher on any trading day after the date 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^*

Lai Kwok Ho

(Last) (First) (Middle)

FLAT C, 15/F, THE HUDSON, NO. 11

DAVIS STREET, KENNEDY TOWN

(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)	306,701	D
Class A Ordinary Shares	14,500,100(2)	D
Class A Ordinary Shares (Restricted)	116,500,000(3)	D
Class A Ordinary Shares (Restricted)	10,500,000(4)	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.

2. These Class A Ordinary Shares represent the 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, 58,000,000 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; 58,500,000 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% will vest on the second anniversary of the grant.

4. These Class A Ordinary Shares represent the unvested Restricted Shares held in the form of Class A Ordinary Shares by the reporting person. These Class A Ordinary Shares were granted on September 7, 2023, and would vest and be released from lock-up each month in 1/12th of the total amount during the third year, only if the closing trading price of the Issuer's American Depositary Shares reaches US$20 or higher on any trading day after the date of the grant.

	/s/ Lai Kwok Ho	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 the The9 (NCTY) Form 3 filing by Lai Kwok Ho show?

The Form 3 shows director Lai Kwok Ho’s initial ownership in The9. He reports direct holdings of ADSs, vested Class A Ordinary Shares, and significant unvested restricted share awards with detailed vesting schedules tied to time and share-price conditions.

How many American Depositary Shares does Lai Kwok Ho hold in The9 (NCTY)?

He holds 306,701 American Depositary Shares of The9. A footnote states that each ADS represents 300 Class A Ordinary Shares, indicating that his ADS position corresponds to a large underlying ordinary share interest in the company.

What vested Class A Ordinary Shares does Lai Kwok Ho report in The9 (NCTY)?

He reports 14,500,100 Class A Ordinary Shares as vested holdings. These shares originated from restricted share grants on March 10, 2025 that have since vested and now trade as ordinary shares without transfer restrictions.

What unvested restricted Class A Ordinary Shares are reported in The9 (NCTY) Form 3?

He reports 116,500,000 unvested restricted Class A Ordinary Shares from grants on March 10, 2025 and September 18, 2025. These awards vest monthly in 1/36th portions or in two 50% tranches on the first and second grant anniversaries.

What are the vesting conditions for the additional 10,500,000 restricted shares in The9 (NCTY)?

The additional 10,500,000 restricted Class A Ordinary Shares were granted on September 7, 2023. They vest in 1/12th monthly portions during the third year, but only if The9’s ADS closing price reaches US$20 or higher on any trading day after the grant.

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

The Form 3 primarily records holdings rather than new transactions. Transaction codes and summaries show no classified buys, sells, exercises, gifts, or tax withholdings, indicating this filing is an initial ownership snapshot instead of a report of trading activity.