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

LPTX Stock

LPTX Stock

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.‎

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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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