The9 : The9Signed LegallyBinding Memorandum of Understanding on the Purchase of Bitcoin Mining Machines

Shanghai,China, January 25, 2021

The9 Limited(Nasdaq: NCTY) ("The9"), anestablished Internet company,today announced that it signed five legallybinding Memorandum of Understanding (collectively the "MOUs") with five Bitcoinmining machine owners to purchase Bitcoinmining machines by the issuance of Class A ordinary shares. After the completion of thetransaction, The9 is expected toown 26,007 Bitcoin mining machines, with atotalhash rate of approximately 549PH/S, accounting for about 0.36% of the global hash rate of Bitcoin. Majority of these mining machines have alreadybeendeployed in Xinjiang, Sichuan andGansu in China.

According to the MOUs, The9 will issue a certain amount of Class A ordinaryshares to each Bitcoin mining machine owners in exchange for the transferof the Bitcoin mining machines and related rights and interests of equal valueto The9. The9 will designate its wholly-owned subsidiariesincluding NBTC Limited to own these mining machines.

The9 will designate a third-party valuation firm to conduct examination and assessment of the fair market price of the Bitcoin miningmachines.The parties expect to complete the signing of the definitive agreementsand execute the transactionswithin one month after the signing of the MOUs.

Today The9 also signed the definitivecooperation and investment agreementwith Mr. Jianping Kong, the formerDirector and Co-Chairman of Canaan Inc. (Nasdaq: CAN, the first Bitcoin mining machine manufacturerlisted on Nasdaq) and the other partners, who will all assist The9forits development of cryptocurrencies mining business. NBTC Limitedhas just started to purchase Bitcoin mining machines, with the plan to establishcryptocurrencies miningmachine facilities worldwide.

AboutThe9 Limited

The9Limited (The9) is an Internet company based in China listed on Nasdaq in 2004.The9 aims to become a diversified high-tech Internet company.

For further information, please contact:

Ms.Connie Sun

InvestorRelations Specialist

The9Limited

Tel: [phone]

Email:[e-mail]

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