Shares of the China based internet company The9 Limited (NCTY) leapt 12.64% in extended trading on Monday. In the absence of any significant news, the stock came to be adding 37.41% in the normal trading to close at $44.92. The surge then can be attributed to the recovery the stock has been making after losing the grounds in last 2 sessions of the past week.
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The9 Limited is an Internet company based in China that mostly focuses on development and offering of gaming service in the country. The9 also develops and/or operates its proprietary mobile games including the CrossFire New Mobile Games, Audition mobile, Fashion Pop and Q Jiang San Guo.
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The company offers online games, including multiplayer online games, mobile games, Web games, and TV games. It also develops mobile games, including CrossFire New Mobile Game and Audition; and provides technical consulting services. The company was formerly known as GameNow.net Limited and changed its name to The9 Limited in February 2004.
Besides gaming, The9’s business goal now is to become a comprehensive high-tech Internet company, which led the company to venture in the blockchain-related businesses. The9 announced the establishment of its wholly-owned new subsidiary NBTC in January this year to engage in blockchain and cryptocurrency related businesses. Within two months, Bitcoin and Filecoin mining machines had been purchased as the first step to develop The9’s cryptocurrency mining business.
- Last week, The9 Limited announced the appointment of Cai Zhifang as the CEO of NBTC, who will oversee the development of the subsidiary company’s blockchain and cryptocurrency affairs.
- Cai has joined the team and will be responsible for growing the NBTC blockchain and digital currency businesses.
- With his extensive industry knowledge and resources, Mr Cai will formulate and implement NBTC’s business strategy.
- In order to accelerate the establishment of The9’s global leadership in the cryptocurrency industry, he will be introducing the NBTC partnership with worldwide crypto ecosystem partners.