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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:

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​	​	​	​	​	​	​	​
​	​ ​ ​	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.

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- 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.

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