{"id":407152,"date":"2021-01-03T23:03:17","date_gmt":"2021-01-04T04:03:17","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=407152"},"modified":"2021-01-03T23:03:17","modified_gmt":"2021-01-04T04:03:17","slug":"the9-signed-a-legally-binding-cooperation-and-investment-term-sheet-with-cryptocurrencies-mining-investors-led-by-jianping-kong-to-start-the-cryptocurrencies-business","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the9-signed-a-legally-binding-cooperation-and-investment-term-sheet-with-cryptocurrencies-mining-investors-led-by-jianping-kong-to-start-the-cryptocurrencies-business\/","title":{"rendered":"The9 Signed a Legally Binding Cooperation and Investment Term Sheet with Cryptocurrencies Mining Investors Led by Jianping Kong to Start the Cryptocurrencies Business"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SHANGHAI<\/span>, <span class=\"xn-chron\">Jan. 3, 2021<\/span> \/PRNewswire\/ &#8212; The9 Limited (Nasdaq: NCTY) (&#8220;The9&#8221;), an established Internet company, today announced that it signed a legally binding cooperation and investment term sheet (the &#8220;Term Sheet&#8221;) with several investors in the cryptocurrencies mining industry including <span class=\"xn-person\">Jianping Kong<\/span>, the former\u00a0Director and Co-Chairman of Canaan Inc. (Nasdaq: CAN, the first Bitcoin mining machine manufacturer listed on Nasdaq), <span class=\"xn-person\">Qifeng Sun<\/span>, the former\u00a0Director of Canaan Inc., <span class=\"xn-person\">Li Zhang<\/span> and Enguang Li\u00a0(collectively, the &#8220;Investors&#8221;). Pursuant to the Term Sheet, The9 will issue Class A ordinary shares and warrants to the Investors. The9 is expected to receive proceeds from the transactions contemplated under the Term Sheet in accordance with certain pre-agreed conditions, if realized. The Investors are expected to utilize their cryptocurrencies mining\u00a0industry resources to assist The9 for its development of cryptocurrencies mining\u00a0business. The9 will set up a new wholly owned subsidiary NBTC Limited to operate its blockchain and cryptocurrencies\u00a0business.<\/p>\n<p>Pursuant to the Term Sheet, The9 will issue 8,108,100 Class A ordinary shares (equivalent to 270,270 ADSs) at <span class=\"xn-money\">US$0.1233<\/span> per Class A ordinary share (equivalent to <span class=\"xn-money\">US$3.7<\/span> per ADS) and 207,891,900 warrants, each warrant representing the right to purchase one Class A Ordinary share (equivalent to 6,929,730 ADSs assuming full exercise of warrants) to the Investors. The warrants will be divided into four equal tranches. The exercise price of three tranches of warrants is <span class=\"xn-money\">US$0.1233<\/span> per Class A ordinary share (equivalent to <span class=\"xn-money\">US$3.7<\/span> per ADS) while the exercise price of the other tranche of warrants is <span class=\"xn-money\">US$0.2667<\/span> per Class A ordinary share (equivalent to <span class=\"xn-money\">US$8<\/span> per ADS). Each tranche of the warrants is subject to its vesting conditions including market capitalization of The9 reaching <span class=\"xn-money\">US$100 million<\/span>, <span class=\"xn-money\">US$300 million<\/span>, <span class=\"xn-money\">US$500 million<\/span> and <span class=\"xn-money\">US$1 billion<\/span> within the timeframes of 6 months, 12 months, 24 months and 36 months, respectively. If the Investors exercise all of the warrants, The9 is expected to raise an aggregate consideration of approximately <span class=\"xn-money\">US$34 million<\/span> in this transaction from the Class A ordinary shares issuance consideration and warrants exercise. The9 has the right to decide whether the Investors shall make payments in the form of U.S. dollars or cryptocurrencies (including Bitcoin) in the definitive agreement.<\/p>\n<p>&#8220;The9 has begun to deploy its blockchain and cryptocurrencies business strategy. This time, we are cooperating with investors including Mr. <span class=\"xn-person\">Jianping Kong<\/span>. They have rich experience and resources in the field of cryptocurrencies mining\u00a0machine manufacturing and cryptocurrencies mining\u00a0operation and should be able to assist The9 to launch our cryptocurrencies mining\u00a0operation. Our goal is to build up cryptocurrencies mining machines for The9 that will contribute 8% to 10% of the global hash rate of Bitcoin, 10% of the global hash rate of Ethereum and 10% of the global hash rate of Grin and become one of the world&#8217;s largest cryptocurrencies mining companies in terms of hash rate.\u00a0This will also speed up our other cryptocurrency\u00a0related businesses. It has been 12 years since the birth of Bitcoin. We believe that cryptocurrencies will bring more convenience to our daily life,&#8221; said Mr. <span class=\"xn-person\">Jun Zhu<\/span>, Chairman and CEO of The9.<\/p>\n<p>&#8220;We will assist The9 to purchase cryptocurrencies mining machines including but not limited to AvalonMiners, AntMiners, WhatsMiners and Ipollo miners, and build up a professional team to focus on cryptocurrencies business,&#8221; said Mr. <span class=\"xn-person\">Jianping Kong<\/span>.<\/p>\n<p>\n        <b>About The9 Limited<\/b>\n      <\/p>\n<p>The9 Limited (The9) is an Internet company based in <span class=\"xn-location\">China<\/span> listed on Nasdaq in 2004. The9 aims to become a diversified high-tech Internet company.<\/p>\n<p>\n        <span id=\"spanHghltd511\">Website: <\/span><br \/>\n        <a target=\"_blank\" href=\"https:\/\/www.the9.com\/en\" rel=\"nofollow noopener noreferrer\"><br \/>\n          <span id=\"spanHghlt6b01\">https:\/\/www.the9.com\/en<\/span><br \/>\n        <\/a>\n      <\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN36241&amp;sd=2021-01-03\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/the9-signed-a-legally-binding-cooperation-and-investment-term-sheet-with-cryptocurrencies-mining-investors-led-by-jianping-kong-to-start-the-cryptocurrencies-business-301199995.html\">http:\/\/www.prnewswire.com\/news-releases\/the9-signed-a-legally-binding-cooperation-and-investment-term-sheet-with-cryptocurrencies-mining-investors-led-by-jianping-kong-to-start-the-cryptocurrencies-business-301199995.html<\/a><\/p>\n<p>SOURCE  The9 Limited<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN36241&amp;Transmission_Id=202101032300PR_NEWS_USPR_____CN36241&amp;DateId=20210103\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire SHANGHAI, Jan. 3, 2021 \/PRNewswire\/ &#8212; The9 Limited (Nasdaq: NCTY) (&#8220;The9&#8221;), an established Internet company, today announced that it signed a legally binding cooperation and investment term sheet (the &#8220;Term Sheet&#8221;) with several investors in the cryptocurrencies mining industry including Jianping Kong, the former\u00a0Director and Co-Chairman of Canaan Inc. (Nasdaq: CAN, the first Bitcoin mining machine manufacturer listed on Nasdaq), Qifeng Sun, the former\u00a0Director of Canaan Inc., Li Zhang and Enguang Li\u00a0(collectively, the &#8220;Investors&#8221;). Pursuant to the Term Sheet, The9 will issue Class A ordinary shares and warrants to the Investors. The9 is expected to receive proceeds from the transactions contemplated under the Term Sheet in accordance with certain pre-agreed conditions, if realized. The Investors are expected to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the9-signed-a-legally-binding-cooperation-and-investment-term-sheet-with-cryptocurrencies-mining-investors-led-by-jianping-kong-to-start-the-cryptocurrencies-business\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The9 Signed a Legally Binding Cooperation and Investment Term Sheet with Cryptocurrencies Mining Investors Led by Jianping Kong to Start the Cryptocurrencies Business&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-407152","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The9 Signed a Legally Binding Cooperation and Investment Term Sheet with Cryptocurrencies Mining Investors Led by Jianping Kong to Start the Cryptocurrencies Business - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the9-signed-a-legally-binding-cooperation-and-investment-term-sheet-with-cryptocurrencies-mining-investors-led-by-jianping-kong-to-start-the-cryptocurrencies-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The9 Signed a Legally Binding Cooperation and Investment Term Sheet with Cryptocurrencies Mining Investors Led by Jianping Kong to Start the Cryptocurrencies Business - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SHANGHAI, Jan. 3, 2021 \/PRNewswire\/ &#8212; The9 Limited (Nasdaq: NCTY) (&#8220;The9&#8221;), an established Internet company, today announced that it signed a legally binding cooperation and investment term sheet (the &#8220;Term Sheet&#8221;) with several investors in the cryptocurrencies mining industry including Jianping Kong, the former\u00a0Director and Co-Chairman of Canaan Inc. (Nasdaq: CAN, the first Bitcoin mining machine manufacturer listed on Nasdaq), Qifeng Sun, the former\u00a0Director of Canaan Inc., Li Zhang and Enguang Li\u00a0(collectively, the &#8220;Investors&#8221;). Pursuant to the Term Sheet, The9 will issue Class A ordinary shares and warrants to the Investors. The9 is expected to receive proceeds from the transactions contemplated under the Term Sheet in accordance with certain pre-agreed conditions, if realized. 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(Nasdaq: CAN, the first Bitcoin mining machine manufacturer listed on Nasdaq), Qifeng Sun, the former\u00a0Director of Canaan Inc., Li Zhang and Enguang Li\u00a0(collectively, the &#8220;Investors&#8221;). Pursuant to the Term Sheet, The9 will issue Class A ordinary shares and warrants to the Investors. The9 is expected to receive proceeds from the transactions contemplated under the Term Sheet in accordance with certain pre-agreed conditions, if realized. 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