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The9 Limited (Nasdaq: NCTY) is a diversified high-tech Internet company headquartered in Shanghai, listed on Nasdaq since 2004. Initially known for securing the exclusive license to operate and distribute the popular online game World of Warcraft in China, The9 has since expanded its operations into several cutting-edge sectors.
The9 operates a robust cryptocurrency mining business, providing computing power to Bitcoin mining pools in exchange for a fractional share of Bitcoin. This solid revenue stream is complemented by their initiatives in AI and blockchain technology.
One of The9's notable projects is Shenma.io, a digital human SaaS platform driven by AI-generated content (AIGC). With 350,000 registered users and a library of 150,000 short video scripts, Shenma.io allows users to create and monetize digital human clones with proprietary cloning technology, enhancing content management and engagement.
The9's strategic expansion into AI applications is further evidenced by their investment in WM Therapeutic, a company developing AI-driven solutions for brain diseases. The recent acquisition of a 21.7% share in WM Therapeutic brings The9's total stake to 30%, with an option to increase this to 51%. WM Therapeutic uses GenAI and multi-dimensional omics technology for precision diagnostics and treatment of central nervous system disorders.
Another significant venture is The9’s partnership with Kuaijin Shidai, an AI-powered retail platform transforming traditional stores into unmanned retail outlets, significantly reducing operational costs and enhancing profitability. The9 has purchased a 15% stake in Kuaijin, with an option to increase this to 51%.
In the education sector, The9 has acquired a 19% stake in Weixiang, an AI-powered educational technology company. Weixiang leverages AI to enhance online schooling through platforms like TikTok and WeChat, reaching millions of followers and providing innovative educational solutions.
The9 continues to show strong growth and diversification, focusing on blockchain technology, AI applications, and strategic investments in high-potential companies. With a commitment to technological innovation and market expansion, The9 aims to solidify its position as a leader in the global tech industry.
The9 Limited (Nasdaq: NCTY) announced the signing of a second purchase agreement with Shenzhen MicroBT Electronics for 482 WhatsMiner M31S+ machines. This deal follows a strategic framework agreement made in February, aiming for a total acquisition of 5,000 mining machines within one year. Each machine operates at a hash rate of approximately 80-86TH/s, leading to an overall increase of around 40 PH/s in The9's Bitcoin hash rate. This expansion highlights The9's commitment to enhancing its capabilities in the cryptocurrency mining sector.
The9 Limited (Nasdaq: NCTY) announced a significant agreement to purchase 24,000 Antminer S19j Bitcoin mining machines from Bitmain Technologies Limited. Deliveries are set to commence in November 2021. The Antminer S19j, launched in February 2021, offers a hash rate of 90TH/s with a power consumption of 3,100W. This acquisition is expected to enhance The9's hash rate by approximately 2,160PH/S, marking a critical step towards the company's goal of increasing its mining capacity.
On March 15, 2021, The9 Limited (Nasdaq: NCTY) announced the appointment of Mr. Wang Wei as Vice President of its subsidiary, NBTC Limited. Mr. Wang, a blockchain industry pioneer, will oversee global operations and management of cryptocurrency mining machines at NBTC. He has previously led maintenance and after-sales for Canaan Technology, managing hundreds of thousands of mining machines. Under his leadership, NBTC aims to enhance operational efficiency and safety in cryptocurrency mining, furthering The9's global hash rate goals by acquiring Bitcoin and Filecoin mining machines.
The9 Limited (NASDAQ: NCTY) announced a conference call and webcast on March 30, 2021, at 8:00 AM ET to discuss its 2020 unaudited financial results and developments in its cryptocurrency mining business. The financial results will be released on March 29, 2021. Interested parties can join the call via various toll-free numbers based on their location, and a live webcast will also be available. The9 aims to diversify its operations in the high-tech Internet sector.
The9 Limited (Nasdaq: NCTY) announced the signing of three MOUs to purchase 10,252 Bitcoin mining machines, including AvalonMiner, AntMiner, and WhatsMiner, by issuing approximately 5,883,750 Class A ordinary shares. This transaction is valued at US$38.51 per share, with a lock-up period of six months. The total hash rate from these machines is approximately 192PH/S. A valuation firm will assess the fair market value of the machines, and adjustments to the share issuance may occur accordingly.
The9 Limited (Nasdaq: NCTY) has appointed Cai Zhifang as CEO of its subsidiary, NBTC Limited, to spearhead blockchain and cryptocurrency initiatives. Mr. Cai, a pioneer in the blockchain sector, co-founded YiBit Digital Technology in 2013 and managed significant Bitcoin mining operations, accounting for nearly 5% of the global hash rate at its peak. His leadership aims to leverage NBTC's partnerships to enhance The9's position in the cryptocurrency market. Notably, The9 established NBTC earlier this year and has begun acquiring mining equipment.
The9 Limited (Nasdaq: NCTY) has signed a memorandum of understanding to acquire 70% equity in Hangzhou SuanLi Technology Co., Ltd. (Interhash) for approximately US$7 million. The payment will be made via Class A ordinary shares based on a prior closing market price of US$82.89. Established in 2019, Interhash offers cryptocurrency mining management services and aims to be a leading provider in the blockchain SaaS sector. This acquisition aligns with The9's strategy to enhance its cryptocurrency mining operations and provide decentralized services to users worldwide.
The9 Limited (Nasdaq: NCTY) announced a US$10 million framework agreement with a Filecoin mining machine vendor to purchase mining equipment in cash. The company has previously acquired and deployed mining machines, now owning an independent node on the Filecoin blockchain and achieving 8 Pebibytes of effective storage mining power. Future purchases will depend on Filecoin price trends and its economic model. The9 aims to diversify as a high-tech Internet company.
The9 Limited (Nasdaq: NCTY) announced a standby equity distribution agreement (SEDA) with YA II PN, LTD on February 5, 2021. This agreement allows The9 to sell up to US$100 million of its American Depositary Shares (ADSs) over 36 months, based on funding requirements. The preliminary purchase price will be 90% of the average of the three lowest daily volume weighted average prices during the preceding five trading days. The proceeds are intended to support The9's business growth.
The9 Limited (Nasdaq: NCTY) has signed six binding Memorandums of Understanding (MOUs) to acquire 10,489 Bitcoin mining machines, boosting its hash rate to approximately 251PH/S. This purchase will involve issuing around 7,178,160 Class A ordinary shares, based on a share price of $23.35. Additionally, The9 finalized agreements for a past batch of 26,007 machines at a share price of $11.18, issuing 26,838,360 shares. Following these acquisitions, The9's total hash rate will reach approximately 800PH/S, in line with its strategy to enhance its cryptocurrency mining capabilities.
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