The9 (ADR) (NCTY)
Runs Bitcoin mining while rebuilding online gaming and developing the9bit.
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Runs Bitcoin mining while rebuilding online gaming in mainland China and developing the9bit. Its mix of games, digital assets and AI-powered creation reflects repeated changes in business focus.
Bitcoin mining remains active while online gaming is expanding again through collaborations with gaming companies in mainland China. the9bit is a company-presented AI-powered game-creation and digital-asset platform.
The group shifted its primary focus to cryptocurrency mining, providing hash rate to a Bitcoin mining pool for a share of its awards. It later returned to online gaming, using collaborations to re-enter mainland China.
Games, digital assets, AI-powered creation and mining now sit alongside one another rather than forming a stable, single-industry identity. Jun Zhu’s majority voting power made The9 a Nasdaq-defined controlled company.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.9M · Total debt $31.7M · Total assets $148.5M · Shareholders' equity $90.3M
- Revenue
- $2.6M
- Operating income
- −$28.5M
- Net income
- $56.5M
Reported in CNY, converted at the latest exchange rate
No dividends on record.
| Insiders | 68.39% | 10.41M ADS | |
|---|---|---|---|
| 7 holders · as of Aug 3, 2026 | |||
| Other | 31.61% | 4.81M ADS | |
| remainder | |||
15.23M ADS (1 ADS = 40 ordinary shares) as of Sep 11, 2026 · holders as of their latest filing
The share count is from the company's Dec 2022 annual report; nothing newer is on file here.
This company has 3 share classes; every stake here is a share of the whole company.
The reported float (3.07M, 60.1% free) does not reconcile with the share count, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Jun ZhuInsiderdirector | 58.55% | 270.00M A ordinary · 63.61M B ordinary · 574,387 ADS | filed Mar 17, 2026 |
Kwok Ho LaiInsiderdirector | 4.40% | 14.50M A ordinary · 306,701 ADS | filed Mar 17, 2026 |
Wei JiInsiderofficer: Chief Financial Officer | 1.90% | 8.33M A ordinary · 81,543 ADS | filed Aug 3, 2026 |
Kwok Keung ChauInsiderdirector | 1.82% | 9.00M A ordinary · 52,724 ADS | filed Mar 17, 2026 |
Ka Keung YeungInsiderdirector | 1.38% | 7.50M A ordinary · 22,928 ADS | filed Mar 17, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
- NetEase (ADR)
China mobile and PC game development, operations, and distribution
- Hut 8
Bitcoin mining and ASIC Compute infrastructure
- Keel Infrastructure
Bitcoin-mining data centers and hashrate sold to mining pools
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| The9 (ADR) | $3.93 | −2.24% | $61.2M | 1.8 | — | 6.5 | — |
| NetEase (ADR) | $118.26 | +0.67% | $75.00B | 15.7 | 14.9 | 4.3 | +13.9% |
| Hut 8 | $108.26 | +4.68% | $11.64B | — | — | — | +81.4% |
| Keel Infrastructure | $4.20 | +3.07% | $2.46B | — | — | 16.2 | −60.9% |
| Median | 15.7 | 14.9 | 10.2 | +13.9% |