Stock Alert: The9 Ltd. Surges 75%

By RTTNews Staff Writer   ✉   | Published:

Shares of The9 Limited (NCTY) surged over 75% on Monday morning after the tech company announced a deal with cryptocurrencies mining investors led by Jianping Kong to start the cryptocurrencies business.

NCTY is currently trading at $6.28, up $2.74 or 77.40%, on the Nasdaq.

The9 Ltd. today announced that it signed a legally binding cooperation and investment term sheet with several investors in the cryptocurrencies mining industry including Jianping Kong, the former Director and Co-Chairman of Canaan Inc., Qifeng Sun, the former Director of Canaan Inc., Li Zhang and Enguang Li.

The investors are expected to utilize their cryptocurrencies mining industry resources to assist The9 for its development of cryptocurrencies mining business. The9 will set up a new wholly owned subsidiary NBTC Limited to operate its blockchain and cryptocurrencies business.

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