SHANGHAI, April 15,
2024 /PRNewswire/ -- The9 Limited (NASDAQ: NCTY)
("The9"), an established Internet company, today announced it filed its annual report
on Form 20-F for the year ended December 31,
2023 with the United States Securities and Exchange
Commission ("SEC"). The annual report, which contains The9's
audited financial statements, can be assessed on the SEC's website at
http://www.sec.gov as well as on the Investor Relations section of
The9's website at http://www.the9.com.
Financial Highlights:
- Net revenues in 2023 increased by 66% year-over-year from
RMB108 million in 2022 to
RMB179 million (US$25 million) in 2023.
- Net income in 2023 was RMB13
million (US$ 2 million),
compared to the net loss of RMB975
million in 2022.
Management Comments:
Commenting on the results of 2023, Jun
Zhu, Chairman and Chief Executive Officer of The9 said, "We
are glad to see a growth in our cryptocurrency mining
business in 2023. While we continue to pursue this cash cow
business and look for more environmental friendly and
cost-effective energy for cryptocurrency mining, at
the same time, the consensus and popularity of
cryptocurrency is a trend that no one can stop. Web3
games with a solid player base are the first demonstration of the
consensus, and we have begun to accelerate our participation in
various new initiatives. In addition, we have been stepping in AI
application business in different vertical industries. The
revolutionary changes in every industry brought by GenAI have been
clearly shown in the projects we have invested in."
As of the date hereof, the total number of issued and
outstanding shares of The9 is 1,675,281,127 (equivalent to
5,584,270 ADSs), being the sum of 1,661,673,793 Class A
ordinary shares and 13,607,334 Class B ordinary shares.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Such
statements are based upon management's current expectations and
current market and operating conditions and relate to events that
involve known or unknown risks, uncertainties and other factors,
all of which are difficult to predict and many of which are beyond
The9's control. The9 may also make written or oral forward-looking
statements in its periodic reports to the SEC, in its annual report
to shareholders, in press releases and other written materials and
in oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about The9's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: The9's goal and strategies; The9's expansion plans;
The9's future business development, financial condition and results
of operations; The9's expectations regarding demand for, and market
acceptance of, its products and services; The9's expectations
regarding keeping and strengthening its relationships with business
partners it collaborates with; general economic and business
conditions; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in The9's filings with the SEC. All information provided
in this announcement is as of the date hereof, and The9 does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
About The9 Limited
The9 Limited (The9) is an Internet company listed on Nasdaq in
2004. The9 aims to become a global diversified high-tech Internet
company, and is engaged in blockchain business including the
operation of cryptocurrency mining. The9 is also
stepping into AI application business in different industries.
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SOURCE The9 Limited