The9 (NCTY) director Zhu Jun reports large multi-class share holdings

Rhea-AI Filing Summary

The9 LTD director Zhu Jun has filed an initial statement of holdings, showing significant ownership across multiple classes of the company’s equity. He reports 571,347 American Depositary Shares (ADSs) held directly and 3,040 ADSs held indirectly through Incsight Limited, a British Virgin Islands company he wholly owns. Each ADS represents 300 Class A Ordinary Shares. Zhu Jun also reports 270,000,100 vested Class A Ordinary Shares, plus unvested Restricted Class A Ordinary Shares totaling 365,000,000 and 54,000,000 in separate grants with multi-year vesting schedules and, in one case, a vesting condition tied to the ADS closing price reaching US$20 or higher. In addition, he holds 57,500,000 Class B Ordinary Shares directly and 6,107,334 Class B Ordinary Shares indirectly through Incsight Limited, with each Class B share convertible into one Class A Ordinary Share at his option.

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^*

Zhu Jun

(Last) (First) (Middle)

17 FLOOR, NO. 130 WU SONG ROAD,

HONG KOU DISTRICT

(Street)

SHANGHAI F4 200080

(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)	571,347	D
American Depositary Shares(1)	3,040	I	By Incsight Limited Corporation(2)
Class A Ordinary Shares	270,000,100(3)	D
Class A Ordinary Shares (Restricted)	365,000,000(4)	D
Class A Ordinary Shares (Restricted)	54,000,000(5)	D
Class B Ordinary Shares(6)	57,500,000	D
Class B Ordinary Shares(6)	6,107,334	I	By Incsight Limited Corporation(2)

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 American Depositary Shares are held in the name of Incsight Limited, which is a company registered in the British Virgin Islands and wholly-owned by the reporting person.

3. 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, 5,000,100 were granted on September 7, 2023, 100,000,000 were granted on March 10, 2025, and 165,000,000 were granted on September 18, 2025, each in the form of Restricted Shares at the granting

4. 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, 200,000,000 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; 165,000,000 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.

5. 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.

6. Each Class B Ordinary Share is convertible into one Class A Ordinary Share of the Issuer at any time at the option of the reporting person.

	/s/ Zhu Jun	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 Zhu Jun’s Form 3 filing reveal about his The9 (NCTY) holdings?

The Form 3 shows Zhu Jun holds substantial equity in The9 (NCTY), including ADSs, vested Class A Ordinary Shares, unvested restricted Class A shares, and Class B Ordinary Shares. This establishes his baseline beneficial ownership as a company director.

How many American Depositary Shares of The9 (NCTY) does Zhu Jun report?

Zhu Jun reports 571,347 American Depositary Shares held directly and 3,040 ADSs held indirectly through Incsight Limited. Each ADS represents 300 Class A Ordinary Shares, giving him significant exposure to The9’s Class A equity through these instruments.

What restricted Class A Ordinary Shares does Zhu Jun hold in The9 (NCTY)?

He reports large blocks of restricted Class A Ordinary Shares, including grants from September 7, 2023, March 10, 2025, and September 18, 2025. These vest over time in monthly or anniversary-based schedules, with one grant tied to the ADS price reaching US$20.

What is the significance of Zhu Jun’s Class B Ordinary Shares in The9 (NCTY)?

Zhu Jun holds 57,500,000 Class B Ordinary Shares directly and 6,107,334 indirectly via Incsight Limited. Each Class B share is convertible into one Class A Ordinary Share at his option, giving him flexibility to shift between share classes.

How is Incsight Limited related to Zhu Jun’s The9 (NCTY) ownership?

Incsight Limited is a British Virgin Islands company wholly-owned by Zhu Jun. Certain ADSs and Class B Ordinary Shares are held in Incsight’s name, meaning these indirect holdings are attributed to him as beneficial owner through this entity.

What does each The9 (NCTY) ADS represent according to Zhu Jun’s filing?

Each American Depositary Share of The9 represents 300 Class A Ordinary Shares. This ratio, disclosed in the filing, helps investors understand how Zhu Jun’s ADS holdings translate into underlying Class A equity exposure in the company.