Has this hot news contributed to the recent increase in The9 Limited’s (NCTY) share price?

The9 Limited (NCTY), together with its subsidiaries, operates and develops online games in ‎the People’s Republic of China. The Company offers online games, including multiplayer, ‎Web games, and TV games. Yesterday the Company opened a trading session at the price of ‎‎$9.66 and closed up 73.95% to $14.98.In the extended-hours session, it tracked back to finish ‎at 28.95%up at $19.20.‎

What’s new…‎

An established internet company, The9 Limited (NCTY), has recently announced that it has ‎signed a legally binding agreement to cooperate with several cryptocurrency mining investors, ‎including Jianping Kong, formerly a director co-chairman of Canaan Inc., Qifeng Sun, and Li ‎Zhang. The9 will issue ordinary shares of Class A to the Investors by the Term Sheet. Upon ‎realization of the transactions contemplated by the Term Sheet, the9 will receive proceeds by ‎existing pre-agreed conditions. It is expected that the Investors will use their mining resources ‎to assist The9 in developing its mining business. To operate its blockchain and cryptocurrency ‎business, The9 will set up a wholly-owned subsidiary NBTC Limited.‎

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