XML 34 R9.htm IDEA: XBRL DOCUMENT
v3.26.1

ORGANIZATION AND NATURE OF OPERATIONS | 12 Months Ended
--- | ---
Dec. 31, 2025
ORGANIZATION AND NATURE OF OPERATIONS |
ORGANIZATION AND NATURE OF OPERATIONS | 1. ORGANIZATION AND NATURE OF OPERATIONS The accompanying consolidated financial statements include the financial statements of The9 Limited (“The9”), which was incorporated on December 22, 1999 in the Cayman Islands, its subsidiaries, the consolidated variable interest entity (the “VIE”) and the subsidiaries of the VIE. The9 Limited, its subsidiaries, the VIE and the subsidiaries of the VIE are collectively referred to as the “Group”, the “Company” or where appropriate, the terms the “Group”, “we”, “our”, or “us” also referred to The9 Limited and subsidiaries, which included The9 Limited, its subsidiaries, the consolidated VIE and the subsidiaries of the VIE as a whole, unless specific reference is made to an entity. The Group had been operating an online game business before the Group’s listing until 2021, the Group has turned our business focus to blockchain business and are primarily engaged in the operation of cryptocurrency mining since 2022. In the second half of 2024, we have reentered the online gaming business in mainland China market and engaged in business cooperation with various gaming companies in mainland China. The Company’s principal subsidiaries and VIE are as follows as of December 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Date of | ​ ​ ​ | Place of | ​ ​ ​ | Legal |
Name of Entities | ​ ​ ​ | Registration | ​ ​ ​ | Registration | ​ ​ ​ | Ownership |
Principal subsidiaries: | ​ | ​ | ​ | ​ | ​ | ​ | ​
GameNow.net (Hong Kong) Ltd. (“GameNow Hong Kong”) |  | January‑2000 |  | Hong Kong |  | 100 | %
China The9 Interactive Limited (“C9I”) |  | October‑2003 |  | Hong Kong |  | 100 | %
China The9 Interactive (Beijing) Ltd. (“C9I Beijing”) |  | March‑2007 |  | PRC |  | 100 | %
JiuTuo (Shanghai) Information Technology Ltd. (“Jiu Tuo”) |  | July-2007 |  | PRC |  | 100 | %
China Crown Technology Ltd. (“China Crown Technology”) |  | November‑2007 |  | Hong Kong |  | 100 | %
Shanghai Jiu Gang Electronic Technology Ltd. (“Jiu Gang”) |  | December‑2014 |  | PRC |  | 100 | %
Asian Way Development Ltd(“Asian Way”)* |  | November‑2007 |  | Hong Kong |  | 100 | %
Terry First Limited (“Terry First”) | ​ | June-2021 | ​ | UK | ​ | 100 | %
Lucky Pure Limited (“Lucky Pure”) | ​ | September-2021 | ​ | Cayman Islands | ​ | 100 | %
Gamewinhub Limited(“Gamewinhub”) | ​ | July-2023 | ​ | Hong Kong | ​ | 100 | %
Vast Ocean International Limited(“Vast Ocean”) | ​ | April-2021 | ​ | Hong Kong | ​ | 100 | %
The9 Singapore Pte. Ltd. (“The9 Singapore”) |  | April‑2010 |  | Singapore |  | 100 | %
1111 Limited (“1111”) |  | January -2018 |  | Hong Kong |  | 100 | %
Supreme Exchange Limited (“Supreme”) |  | December‑2018 |  | Malta |  | 90 | %
BET 111 Ltd. (“Bet 111”) | ​ | January -2019 | ​ | Malta | ​ | 90 | %
Coin Exchange Ltd (“Coin”) | ​ | January -2019 | ​ | Malta | ​ | 90 | %
The9 EV Limited (“The9 EV”) | ​ | May-2019 | ​ | Hong Kong | ​ | 100 | %
NBTC Limited (“NBTC”) | ​ | June-2019 | ​ | Hong Kong | ​ | 100 | %
Huiling Computer Technology Consulting (Shanghai) Co. Ltd. (“Huiling”) | ​ | March-2019 | ​ | PRC | ​ | 100 | %
Leixian Information Technology (Shanghai) Co., Ltd. (“Leixian”) | ​ | March-2019 | ​ | PRC | ​ | 100 | %
Shanghai Yuyou Network Technology Co., Ltd. (“Yuyou”) | ​ | December-2016 | ​ | PRC | ​ | 100 | %
Shanghai Yuanyu Network Technology Co., Ltd. (“Yuanyu”) | ​ | November‑2023 | ​ | PRC | ​ | 100 | %
Hangzhou Niuxin Technology Co., Ltd. (“Niuxin”) | ​ | August-2021 | ​ | PRC | ​ | 100 | %
Variable interest entity: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shanghai The9 Information Technology Co., Ltd. (“Shanghai IT” or the “VIE”) (Note 5) |  | September‑2000 |  | PRC |  | N/A | ​
​ Subsidiaries of VIE or Shanghai IT: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | Legal |
​ | ​ | Date of | ​ | Place of | ​ | Ownership Held |
Name of Entities | ​ ​ ​ | Registration | ​ ​ ​ | Registration | ​ ​ ​ | by Shanghai IT |
Shanghai Big data culture media Co., Ltd (“Big data”) | ​ | April-2007 | ​ | PRC | ​ | 68.0078 | %
Silver Express Investments Ltd. (“Silver Express”)* |  | November‑2007 |  | Hong Kong |  | 100 | %
Shanghai Jiushi Interactive Network Technology Co., Ltd. (“Jiushi”) |  | July‑2011 |  | PRC |  | 80 | %
Shanghai ShencaiChengjiu Information Technology Co., Ltd. (“SH Shencai”) |  | May‑2015 |  | PRC |  | 60 | %
Shanghai Zhiaojiqi Information Technology Co., Ltd. (“Shanghai Zhiaojiqi”) | ​ | November-2015 | ​ | PRC | ​ | 100 | %
Wuxi Interest Dynamic Network Technology Co., Ltd. (“Wuxi Qudong”) |  | June‑2016 |  | PRC |  | 100 | %
Shanghai Shuwan Culture Co., Ltd. (“Shuwan”) | ​ | July-2021 | ​ | PRC | ​ | 60 | %
Shanghai Zhongxinshun Network Technology Co., Ltd. (“Zhongxinshun”) | ​ | January‑2025 | ​ | PRC | ​ | 51 | %
Shenzhen Shuzhi Technology Co., Ltd. (“Shuzhi”) | ​ | December‑2024 | ​ | PRC | ​ | 100 | %
Shanghai Mengxiang Hulian Digital Technology Co., Ltd (“Mengxiang Hulian”) |  | June‑2011 |  | PRC |  | 20 | %
* Silver Express has been deregistered in January 2026. * Asian Way Development Ltd has been deregistered in November 2025.

X
- Definition The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482836/275-10-55-4 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482836/275-10-55-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 275 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1 + Details
Name: | us-gaap_NatureOfOperations
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration