<SEC-DOCUMENT>0001104659-25-091396.txt : 20250919
<SEC-HEADER>0001104659-25-091396.hdr.sgml : 20250919
<ACCEPTANCE-DATETIME>20250919060402
ACCESSION NUMBER:		0001104659-25-091396
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250919
FILED AS OF DATE:		20250919
DATE AS OF CHANGE:		20250919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			The9 LTD
		CENTRAL INDEX KEY:			0001296774
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34238
		FILM NUMBER:		251324858

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		17 FLOOR, NO. 130 WU SONG ROAD
		STREET 2:		HONG KOU DISTRICT
		CITY:			SHANGHAI
		PROVINCE COUNTRY:   	F4
		BUSINESS PHONE:		(86) 21 - 5172 9999

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		17 FLOOR, NO. 130 WU SONG ROAD
		STREET 2:		HONG KOU DISTRICT
		CITY:			SHANGHAI
		PROVINCE COUNTRY:   	F4
</SEC-HEADER>
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<TYPE>6-K
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<FILENAME>tm2526541d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of September&nbsp;2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number: 001-34238</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE9 LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>17 Floor, No.&nbsp;130 Wu Song Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hong Kou District, Shanghai 200080</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>People&rsquo;s Republic of China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form&nbsp;20-F &#8239;<FONT STYLE="font-family: Wingdings">&#120;</FONT>&#8239;&#8239;Form&nbsp;40-F &#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt DengXian; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="font: 10pt DengXian; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt DengXian; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font: 10pt DengXian"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2526541d1_ex99-1.htm">99.1</A></FONT></TD>
    <TD STYLE="font: 10pt DengXian; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><P STYLE="font: 10pt DengXian; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2526541d1_ex99-1.htm">Press Release &ndash; The9 Announces JV Acquisition to Operate Proprietary Mobile Games Ultraman: Hero Beyond Time (<FONT STYLE="font-family: Arial Unicode MS,sans-serif; font-size: 10pt">&#22885;&#29305;&#26364;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT><FONT STYLE="font-family: Arial Unicode MS,sans-serif; font-size: 10pt">&#36229;&#26102;&#31354;&#33521;&#38596;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
and Glory All Stars (</FONT><FONT STYLE="font-family: Arial Unicode MS,sans-serif; font-size: 10pt">&#33635;&#32768;&#20840;&#26126;&#26143;</FONT>)</A></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt DengXian; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><BR>
SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>THE9 LIMITED</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By</FONT></TD>
    <TD STYLE="text-align: left; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">:</FONT></TD>
    <TD STYLE="width: 43%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ George Lai</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">George Lai</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Director and Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: September&nbsp;19, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2526541d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The9 Announces JV Acquisition to Operate Proprietary
Mobile Games Ultraman:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hero Beyond Time (&#22885;&#29305;&#26364;:&#36229;&#26102;&#31354;&#33521;&#38596;) and Glory All Stars (&#33635;&#32768;&#20840;&#26126;&#26143;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shanghai,
China, September&nbsp;19, 2025 </B></FONT>&mdash; The9 Limited (Nasdaq: NCTY) (&ldquo;The9&rdquo;), an established Internet company, today
announced that its wholly-owned subsidiary Shanghai The9 Information Technology Co.,&nbsp;Ltd. has entered into a definitive agreement
with Shanghai ZhongShun HengXin Network Technology Co.,&nbsp;Ltd. (&ldquo;ZhongShun&rdquo;) to acquire 51% equity of ZhongShun&rsquo;s
wholly-owned subsidiary, Shanghai ZhongXinShun Network Technology Co.,&nbsp;Ltd. (the &ldquo;Joint Venture&rdquo;). ZhongShun will contribute
the exclusive rights of its two proprietary mobile games into the Joint Venture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Glory All Stars</FONT> &ndash;
An action RPG that has achieved more than RMB2 billion cumulative gross revenue since its launch, with a stable gross margin of approximately
40%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Ultraman: Hero Beyond Time &ndash; A newly developed action RPG title based on the globally renowned Ultraman
IP, designed as an upgraded version of Glory All Stars with proven game play mechanics stability and strong IP-driven appeal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All after-tax profits of the Joint Venture will
be distributed as dividends every quarter according to the shareholding ratio of the Joint Venture partners. The consideration of the
Joint Venture&rsquo;s 51% equity includes RMB69 million (approximately US$9.7 million) and The9 restricted shares with a value of RMB46
million (approximately US$6.5 million). Both payment of cash and restricted shares are based on instalments and are only payable according
to the actual achievement of the Joint Venture's profits as committed by ZhongShun in the coming 3 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;We are very excited to join forces with
The9. Glory All Stars has already proven itself as a blockbuster title, generating more than RMB2 billion cumulative gross revenue over
the past 4 years with a healthy 40% gross margin. Building on this foundation, Ultraman: Hero Beyond Time is positioned to become the
next blockbuster success. With the Ultraman franchise massive global fan base and our data-driven design, we believe this title has the
potential to surpass Glory All Star&rsquo;s lifetime performance within 3 years after launch. So far, we have over 2.5 million registered
users since close beta test.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Beyond these two titles, the Joint Venture
with The9 is also preparing additional proprietary games in our pipeline, in order to build a long-term franchise ecosystem. Together
with The9&rsquo;s proven publishing strength and our development expertise, we are confident that the Joint Venture will continue to deliver
more blockbuster games and create tremendous value to the shareholders,&rdquo; said Yu Su, CEO of ZhongShun.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Safe Harbor Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This current report contains forward-looking statements.
These statements are made under the &ldquo;safe harbor&rdquo; provisions of the United States Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by terminology such as &ldquo;will,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo;
 &ldquo;future,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates&rdquo; and similar statements.
Such statements are based upon management&rsquo;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&rsquo;s control. The9 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and
Exchange Commission (&ldquo;SEC&rdquo;), 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&rsquo;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&rsquo;s goal and strategies; The9&rsquo;s expansion plans; The9&rsquo;s future business development,
financial condition and results of operations; The9&rsquo;s expectations regarding demand for, and market acceptance of, its products
and services; The9&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The9 Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17 Floor,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No.&nbsp;130, Wu Song Road,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hong Kou District,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shanghai 200080, PRC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About The9 Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The9 Limited (The9) is an Internet company listed
on Nasdaq in 2004. The9 is committed to become a global diversified high-tech Internet company and is engaged in online games operation
and Bitcoin mining business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investor Relations Contact</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Ms.&nbsp;Rebecca Cai<BR>
Investor Relations Specialist<BR>
The9 Limited<BR>
Tel: +86 (21) </FONT>6108-6080<BR>
Email:&nbsp;IR@corp.the9.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Website: </FONT>www.the9.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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