SHANGHAI - The9 Limited (NASDAQ:NCTY), a Shanghai-based Internet company, announced today that its Chairman and CEO, Jun Zhu, intends to purchase up to 10% of the company's outstanding American depositary shares (ADS) on the open market. The planned transactions will be conducted over time, adhering to market prices and in compliance with applicable rules and regulations.
Mr. Zhu's decision to invest in The9's shares comes amid market volatility, which he acknowledged in a statement. Despite the fluctuations, he expressed confidence in the potential of The9's business and its strategy for long-term growth. The9, which has been listed on Nasdaq since 2004, is focused on diversifying its Internet presence, with significant involvement in the blockchain and cryptocurrency mining sectors.
The news of this potential share purchase by the company's CEO could be seen as a sign of strong belief in the company's future prospects from its leadership. It is worth noting, however, that the company's announcement included forward-looking statements, which involve risks and uncertainties. These statements are not guarantees of future performance and are subject to changes based on various factors, including market conditions and the company's operational developments.
Investors are reminded that the information regarding the CEO's intention to buy shares is based on a press release statement from The9 Limited. As with all investments, the performance and value of The9's shares will continue to be subject to market conditions and the company's business outcomes.
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