NCTY on Nasdaq

The9

Logo: The logo may be obtained from The9 ., Non-free logo, via Wikipedia5

Shanghai-based online game operator

The9 Ltd. (Chinese: 第九城市) is a Shanghai-based online game operator which had the exclusive licence to operate and distribute World of Warcraft in China (launched in June 2005, it has since become the largest online game), a licence it secured after successfully aiding Webzen Games with the distribution of Mu Online in China. However, in April 2009, Blizzard said that the licence has been moved to NetEase.com.3 Its shares trade on Nasdaq under the symbol NCTY.1 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 20, 2026.

Overview

$15.4MRevenue, fiscal 20256
-$58.5MNet income, fiscal 20256
1999Founded1

Compare with OpenWorld, Inc., BTCS Inc. or BTC Digital Ltd., or pick any stock.

  • TickerNCTY on Nasdaq1
  • Industryvideo game industry1
  • HeadquartersShanghai1
  • Websitewww.the9.com
  • Incorporated inCayman Islands7
  • Business address17 Floor, No. 130 Wu Song Road, Hong Kou District, Shanghai7
  • Filer categoryNon-accelerated filer7
  • Legal formLimited4
  • LEI529900PMX9KSG4W5TA364
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressc/o COLLAS CRILL CORPORATE SERVICES LIMITED, P. O. Box 709, Floor 2, Willow House, Cricket Square, KY1-1107 Grand Cayman, Cayman Islands4
  • Registered withGeneral Registry, 952764

See how the biggest companies compare on our leaderboards

The9 Ltd. (Chinese: 第九城市) is a Shanghai-based online game operator which had the exclusive licence to operate and distribute World of Warcraft in China (launched in June 2005, it has since become the largest online game), a licence it secured after successfully aiding Webzen Games with the distribution of Mu Online in China. However, in April 2009, Blizzard said that the licence has been moved to NetEase.com.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

1.7%Gross margin6
-260.5%Operating margin6
-379.0%Net margin6
0.8%Revenue growth, 20256
-214.2%Return on equity6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Cryptocurrency Mining brought in 52% of the revenue The9 broke down this way in fiscal 2025.

  1. Cryptocurrency Mining56.4M CNY652%down 49% from 2024
  2. Online Game Services Items51.5M CNY648%up 5187% from 2024
Business segments by year
Business segments202320242025
Cryptocurrency Mining168.3M CNY110.7M CNY56.4M CNY
Online Game Services Items5.7M CNY975.0K CNY51.5M CNY

Regions

Asia and Eastern Europe brought in 60% of the revenue The9 broke down this way in fiscal 2025.

  1. Asia and Eastern Europe64.4M CNY660%down 37% from 2024
  2. China35.4M CNY633%up 12160% from 2024
  3. North America8.1M CNY67%down 5% from 2024
Regions by year
Regions202320242025
Asia and Eastern Europe134.3M CNY103.0M CNY64.4M CNY
China428.0K CNY289.0K CNY35.4M CNY
North America39.3M CNY8.5M CNY8.1M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue91¢$15.2M
  • Research and development8¢$1.4M
  • Income tax0¢$16.0K

Out of $15.4M in revenue.6 The company lost money this year.

Financial statements

Revenue91011121314156$15.4M in 2025+506% since 2018
0$10.0M$20.0M$30.0M2018: $2.5M$2.5M20182019: $49.1K$49.1K2019−98%2020: $95.9K$95.9K2020+95%2021: $21.3M$21.3M2021+22143%2022: $17.2M$17.2M2022−19%2023: $25.2M$25.2M2023+46%2024: $15.3M$15.3M2024−39%2025: $15.4M$15.4M2025+1%
Gross profit91011121314156$259.0K in 2025+79% since 2018
-$10.0M-$5.0M0$5.0M$10.0M2018: $144.9K$144.9K20182019: -$143.8K-$143.8K20192020: -$28.9K-$28.9K2020−80%2021: $7.5M$7.5M20212022: -$9.5M-$9.5M20222023: -$4.6M-$4.6M2023−51%2024: -$219.0K-$219.0K2024−95%2025: $259.0K$259.0K2025
Operating income9101314156-$40.2M in 2025+164% since 2018
-$100.0M-$50.0M0$50.0M$100.0M2018: -$15.2M-$15.2M20182019: -$23.5M-$23.5M2019+54%2020: $51.6M$51.6M20202021: -$48.3M-$48.3M20212022: -$95.9M-$95.9M2022+99%2023: -$44.8M-$44.8M2023−53%2024: -$8.1M-$8.1M2024−82%2025: -$40.2M-$40.2M2025+399%
Net income91011121314156-$58.5M in 2025+85% since 2018
-$200.0M-$100.0M0$100.0M2018: -$31.6M-$31.6M20182019: -$25.5M-$25.5M2019−19%2020: $61.0M$61.0M20202021: -$64.5M-$64.5M20212022: -$141.3M-$141.3M2022+119%2023: $2.8M$2.8M20232024: -$10.1M-$10.1M20242025: -$58.5M-$58.5M2025+481%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Revenue107.9M CNY111.7M CNY174.0M CNY
Total net revenues107.9M CNY111.7M CNY174.0M CNY
Total cost of revenues-106.1M CNY-113.3M CNY-213.2M CNY
Gross profit (loss)1.8M CNY-1.6M CNY-39.1M CNY
Product development-9.8M CNY-856.0K CNY-2.0M CNY
Sales and marketing-34.0M CNY-246.0K CNY-1.7M CNY
General and administrative-205.8M CNY-157.8M CNY-196.8M CNY
Impairment on advance and other assets-7.8M CNY-794.0K CNY
Impairment on equipment0 CNY-6.5M CNY-161.0M CNY
Realized gain on exchange cryptocurrencies10.6M CNY60.8M CNY42.8M CNY
Fair value change on cryptocurrencies-36.2M CNY48.3M CNY40.0M CNY
Total operating expenses-282.9M CNY-57.2M CNY-278.6M CNY
Loss from operations-281.1M CNY-58.8M CNY-317.8M CNY
Loss on disposal of subsidiaries-1.5M CNY-11.6M CNY-282.0K CNY
Impairment on equity investments-41.6M CNY0 CNY0 CNY
Impairment on other investments-65.0M CNY
Changes in fair value on other investments-278.0K CNY-7.2M CNY3.5M CNY
Interest income449.0K CNY
Interest expense-23.3M CNY-34.2M CNY-31.4M CNY
Gain (loss) on fair value of derivative, option assets and liabilities-5.7M CNY45.0M CNY23.2M CNY
Gain on extinguishment of convertible notes1.2M CNY
Gain (loss) on disposal of equity investee and available-for-sale investments0 CNY-7.7K CNY1.7M CNY
Gain on disposal of other investment3.4M CNY
Foreign currency exchange gain (loss)3.0M CNY-713.0K CNY-6.8M CNY
Gain on extinguished liabilities of WoW175.3M CNY
Other income (expenses), net2.2M CNY-5.1M CNY8.3M CNY
Loss from continuing operations before income tax expense and share of loss in equity method investments-408.2M CNY-72.5M CNY-144.3M CNY
Income tax expense-110.0K CNY
Share of loss in equity method investments-571.0K CNY-1.1M CNY0 CNY
Loss from continuing operations-408.9M CNY-73.6M CNY-144.3M CNY
Loss from discontinued operations, net of tax-2.0M CNY
Gain on disposal of discontinued operations, net of tax158.8M CNY
Gain from discontinued operations, net156.9M CNY
Net income (loss)-408.9M CNY-73.6M CNY12.6M CNY
Net loss attributable to noncontrolling interest-6.5M CNY-218.0K CNY-7.4M CNY
Net income(loss) attributable to The9 Limited ordinary shareholders-402.4M CNY-73.4M CNY20.0M CNY
Currency translation adjustments-34.0K CNY-148.0K CNY785.0K CNY
Total comprehensive income (loss)-408.9M CNY-73.8M CNY13.4M CNY
Noncontrolling interest-6.5M CNY-218.0K CNY-7.4M CNY
The9 Limited-402.5M CNY-73.6M CNY20.8M CNY
Continuing operations - Basic-0 CNY-0 CNY-0 CNY
Continuing operations - Diluted-0 CNY-0 CNY-0 CNY
Discontinued operations - Basic0 CNY
Discontinued operations - Diluted0 CNY
Total - Basic-0.18 CNY-0.05 CNY0.02 CNY
Total - Diluted-0.18 CNY-0.05 CNY0.02 CNY
Weighted average number of shares outstanding, Basic2.3B shares1.4B shares1.0B shares
Weighted average number of shares outstanding, Diluted2.3B shares1.4B shares1.0B shares

Compare The9 with another company

Corporate structure

The9 sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of The9

  • Jun Zhu Filed SCHEDULE 13D/A on The9, latest Apr 28, 2025 (3 filings since Sep 27, 2023)
  • CVI Investments, Inc. Filed SC 13G/A on The9, latest Feb 14, 2022
  • Jianping Kong Filed SC 13G/A on The9, latest Feb 14, 2022 (2 filings since Nov 17, 2021)
  • The9 Shanghai, China

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What The9 reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$6.7M6 Dec 31, 2025$23.9M15 Dec 31, 2024−72.0%
Property and equipment, net$6.2M6 Dec 31, 2025$2.3M15 Dec 31, 2024+174.9%
Operating-lease assets (leased space)$1.7M6 Dec 31, 2025$587.0K15 Dec 31, 2024+188.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$8.4M6 Dec 31, 2025$1.5M15 Dec 31, 2024+459.5%
Long-term investments$24.5M6 Dec 31, 2025

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, gross17.3M CNY6 Dec 31, 2025
Accumulated amortization$200.0K6 Dec 31, 2025
Finite-lived intangibles, net$2.3M6 Dec 31, 2025$1.2M15 Dec 31, 2024+83.2%

Leadership

Who has led The9, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (5)

Products and brands

Note: Game licences acquired In rough order of release.

Mu Online (the partnership has ended)

World of Warcraft (the partnership has ended)

Joyful Journey West

Read the full text

Guild Wars (Chinese version) (The deal with NCsoft ended prematurely 31 March 2008)

Soul of the Ultimate Nation

Granado Espada

Hellgate: London

Huxley

Ragnarok Online 2

FIFA Online 2

Atlantica Online

Free Realms

PlanetSide 2

Firefall

Winning Goal

From Wikipedia’s article on The9, shared under CC BY-SA 4.0.8

Timeline

  1. 1999Founded Founded1

Filings

112 filings to the SEC since October 2021: 5 annual reports, 7 insider forms, 6 large holders, 94 other. The latest 20:

  1. Sep 28, 20266-K EDGAR
  2. Aug 24, 20266-K EDGAR
  3. Aug 21, 20266-K EDGAR
  4. Aug 6, 20266-K EDGAR
  5. Aug 3, 20263 OWNERSHIP DOCUMENT EDGAR
  6. Jul 27, 20266-K EDGAR
  7. Jul 20, 2026EFFECT EDGAR
  8. Jul 20, 2026F-3/A EDGAR
  9. Jun 18, 2026F-3/A EDGAR
  10. Jun 2, 2026F-3/A EDGAR
  11. May 8, 2026F-3/A EDGAR
  12. Apr 16, 2026F-3 EDGAR
  13. Apr 16, 202620-F EDGAR
  14. Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
  15. Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
  16. Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
  17. Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
  18. Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
  19. Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
  20. Feb 24, 20266-K EDGAR

The 112 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Citadel Advisors LLC30,745$150.7K0.0%New
Independent Advisor Alliance11,672$57.2K0.0%−50
UBS Group AG635$3.1K0.0%+306
Morgan Stanley269$1.3K0.0%−149
Rhumbline Advisers152$7440.0%No change
Group One Trading LLC51$2500.0%No change
Jpmorgan Chase & Co42$2120.0%No change
Allworth Financial LP35$1720.0%New
Hrt Financial LP20,180$980.0%+8,155

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How The9 is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARThe9 LTD2
  • CIK0001296774
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company24
  • Incorporated inCayman Islands24
  • Fiscal year endsDecember 312
  • Industry code (SIC)6199 Finance Services2
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance2
  • Business address17 Floor, No. 130 Wu Song Road, Hong Kou District, Shanghai, China2
  • Phone(86) 21 - 5172 99992
  • Shares outstanding4,567,660,012 shares; 4,504,052,678 Common Class A shares; 412,731,807 Adr shares; 63,607,334 Common Class B shares as of Dec 31, 202524
  • AuditorRBSM LLP, New York, New York PCAOB ID 587; no auditor attestation of internal control over financial reporting24
  • On EDGAR sinceNov 26, 20042
  • Filings436 in all: 6-K (226), SC 13G/A (28), CORRESP (27), 20-F (22), UPLOAD (20), SC 13D/A (17), SC 13G (14), S-8 (9)2
    All 32 form types

    3 (7), SC 13D (7), 424B5 (6), 144 (5), EFFECT (5), F-1/A (5), F-3/A (5), POS AM (4), 424B3 (3), 8-A12B/A (3), F-1 (3), 20-F/A (2), 424B4 (2), 8-A12B (2), F-3 (2), F-6 (2), F-6 POS (2), S-8 POS (2), 8-A12G (1), F-3ASR (1), FWP (1), NT 20-F (1), RW (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (20-F) Apr 16, 2026

Securities registered for trading

ClassSymbolExchange
American Depositary SharesNCTYNasdaq
Class A ordinary shares, par value US$0.01 per shareNasdaq

From the cover page of the 20-F filed Apr 16, 2026 (Section 12(b) of the Exchange Act).24

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24