The9 Signed Legally Binding Memorandum of Understanding on the Acquisition of a Cryptocurrency Cloud Mining Blockchain SaaS Company

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Feb 22, 2021, 05:00 ET

SHANGHAI, Feb. 22, 2021 /PRNewswire/ -- The9 Limited (Nasdaq: NCTY) ("The9"), an established Internet company, today announced that it signed a legally binding memorandum of understanding (the "MOU") on the Acquisition of 70% equity of Hangzhou SuanLi Technology Co., Ltd. (hereinafter referred to as "Interhash"), a cryptocurrency cloud mining blockchain Software-as-a-Service ("SaaS") company. The acquisition consideration is approximately US$7 million, subject to due diligence and valuation to be conducted by an independent valuation firm. The9 will pay the acquisition consideration by issuance of Class A ordinary shares based on the closing market price of US$82.89 prior to the signing of the MOU.

Established in June 2019, Interhash is a one-stop comprehensive platform that provides cryptocurrency mining-related management services to worldwide users. Users can place an order with one click to use the services, which save the users from involving in the complicated process of cryptocurrency mining including purchasing, installing and hosting cryptocurrency mining mahcines. The team of Interhash are all veterans who have been involved in the blockchain industry in the early days, especially in the field of cryptocurrency mining, with long time industry experience and resources. Interhash has managed AvalonMiners, AntMiners, WhatsMiners, Ipollo miners and Ebit miners for users. The cumulative Bitcoin hash rate under Interhash's management is approximately 590PH/S. Utilizing the team's long time experience and resources in the cryptocurrency mining industrial chain, Interhash's goal is to become a leading cryptocurrency cloud mining blockchain SaaS company.

The9's acquisition of Interhash is a strategic action to expand its cryptocurrency mining business after the continuous purchase of Bitcoin and other cryptocurrency mining machines for accumulating cryptocurrency assets. The9's goal is to further provide decentralized cryptocurrency cloud mining services to users on top of its current centralized cryptocurrency mining business. Such one-stop mining provides an easy entry point to worldwide users for cryptocurrency cloud mining, and let the worldwide users share the benefits from cryptocurrencies.

About The9 Limited

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

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

SOURCE The9 Limited