The9 : Signed a LegallyBinding Memorandum of Understanding on the Additional Purchase of Bitcoin Mining Machines

Shanghai,China, April 9, 2021

The9 Limited (Nasdaq: NCTY) ("The9"), anestablished Internet company, today announced that it signed a legally binding Memorandumof Understanding (the "MOU") with an unrelated Bitcoin mining machine owner topurchase Bitcoin mining machines by the issuance of Class A ordinary shares.This batch of Bitcoin mining machines consists of 2,000 units of AvalonMiners withtotal hash rate of approximately 100PH/S. According to the MOUs, The9 willissue approximately 8,127,390 Class A ordinary shares (equivalent to 270,913ADSs) to the sellers based on The9 share price of US$24.81 prior to the MOU, witha lock up period of 6 months. The number of Class A ordinary shares to beissued is subject to certain price adjustment mechanisms to be assessed 6months after the signing of the definitive agreements. The9 will designate anindependent valuation firm to conduct examination and assessment of the Bitcoinmining machine fair market value, and will make adjustment to the number of ClassA ordinary shares to be issued if needed.

The9 alsoannounced that it completed the signing of the definitive agreements for 12,246units of Bitcoin mining machines with total hash rate of approximately 288PH/S.The number of Class A ordinary shares to be issued is calculated with referenceto the fair market values on the valuation reports issued by an independentvaluation firm and The9 share price prior to the respective Memorandums ofUnderstanding signing date. The9 will issue a total number of 9,387,840 Class Aordinary shares (equivalent to 312,928 ADSs) to the sellers, with a lock upperiod of 6 months.

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.

Forfurther information, please contact:

Ms.Connie Sun

InvestorRelations Specialist

The9Limited

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