HONG KONG, Sept. 5, 2018 /PRNewswire/ -- The9 Limited (NCTY) (the "Company" or "The9"), an established Internet company, today announced that it has signed a definitive agreement with Plutux Limited, a company incorporated in Gibraltar ("Plutux"), and a shareholder of Plutux ("Participating Shareholder") for the issuance and sale of 21,000,000 ordinary shares (which equals to 7,000,000 American Depositary Shares) of the Company, par value of US$0.01, to the Participating Shareholder at US$0.714 per ordinary share (which equals to US$2.14 per American Depositary Share), in exchange for a minority equity interest in Plutux as consideration (the "Transaction"). The completion of the Transaction is subject to customary closing conditions.
About The9 Limited
The9 Limited is an Internet company based in China. The9 has stepped into blockchain-related business. The9 also develops and/or operates its proprietary mobile games including the CrossFire New Mobile Games, Audition mobile, Fashion Pop and Q Jiang San Guo.
Plutux is an exchange that allows cryptocurrency to cryptocurrency trading in a mobile centric environment that stays ahead of the industry through micro innovations. Their core offerings include advanced trade orders, algorithmic trading strategies, academy, contests, activity campaigns and referral programs. The founding team is primarily comprised of alumni from Harborx (a licensed forex brokerage that has been sold), STI Financial Group (a Hong Kong investment and hedge fund management group), and Green Tomato (one of Hong Kong's leading innovation consultancy) and have top-in-class exchange operations, business development, investment, quantitative trading, mobile application development, and regulatory licensing experiences.