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MarketScreener Homepage  >  Equities  >  Nasdaq  >  The9 Limited    NCTY

THE9 LIMITED

(NCTY)
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The9 Limited : signs an Memorandum of Understanding with the government in Hohhot, China and FF The9 China Joint Venture will receive resources and financial support from Hohhot Government

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06/10/2019 | 05:01am EDT

SHANGHAI, June 10, 2019 /PRNewswire/ -- The9 Limited (Nasdaq: NCTY) ("The9"), an established Internet company, today announced that it has signed a non-binding Memorandum of Understanding on Strategic Cooperation (the "MOU") with the Development Office of the Hohhot Shaerqin Industrial Zone. The parties will have strategic cooperation on the establishment and development of FF The9 China Joint Venture (the "JV")'s electrical vehicle business in the Hohhot Shaerqin Industrial Zone. The parties are in the process of negotiating the details of the cooperation and intend to enter into definitive agreements in the near future. Pursuant to the MOU, the terms of the MOU will cease to be effective if the parties do not enter into definitive agreement within three months of the MOU.

According to the MOU, Hohhot Shaerqin Industrial Zone will reserve no less than 5,000  (approximately 3 million square meters) of land for the JV's project and support the JV to obtain the approvals and qualifications required for production of electric vehicles. At the same time, The9 and Hohhot Shaerqin Industrial Zone will further negotiate on jointly set-up of a new energy industry fund to invest in new energy related projects and operations, of which The9 or its affiliate and the government will contribute no less than RMB500 million (including the capital to purchase industrial and commercial land) and RMB1.5 billion (including government capital subsidy, infrastructure facilities and other commercial supporting facilities) respectively.

Hohhot Shaerqin Industrial Zone is also committed to provide project financing of RMB 4 billion for new energy projects, through the lineup of local industry funds and banks to jointly provide interest-free, discounted interest or low interest loans.

"We will focus on using electric vehicle as a user terminal to integrate the upstream and downstream eco-chains of new energy industry, including power generation, energy storage, and power supply businesses. The support from Hohhot Government will greatly help to bring high-end technology of Faraday&Future Inc. into China, and to produce and sell electric vehicles in China market. We aim to making contributions to the development of China's new energy industry," said Mr. Jun Zhu, CEO of The9.

About The9 Limited

The9 Limited ("The9") is an Internet company based in China listed on Nasdaq in 2004. The9 has aimed to become a diversified high-tech Internet company.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. 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. Among other things, statements about the potential transactions may constitute forward-looking statements. 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 important factors could cause actual results to differ materially from those contained in any forward-looking statement. The9 does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Website: https://www.the9.com/en/

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View original content:http://www.prnewswire.com/news-releases/the9-limited-signs-an-memorandum-of-understanding-with-the-government-in-hohhot-china-and-ff-the9-china-joint-venture-will-receive-resources-and-financial-support-from-hohhot-government-300864342.html

SOURCE The9 Limited

© PRNewswire 2019

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