The9 Limited (NASDAQ:NCTY) stock observed trading -84.83% off 52-week high price. On the other end, the stock has been noted 58.73% away from low price over the last 52-weeks. The stock disclosed a move of -30.90% away from 50 day moving average and -16.71% away from 200 day moving average. Moving closer, we can see that shares have been trading -16.51% off 20-day moving average. It has market cap of $54.22M .
The9 Limited (NASDAQ:NCTY) announced that its wholly owned subsidiary Shanghai Jiuchang Investment Co., Ltd. has signed a joint venture agreement (the “JV agreement”) with Shenzhen EN-plus Technologies Co., Ltd. (“EN+”), an electric vehicle charging equipment company incorporated in China, to establish a joint venture (the “JV”) to engage in sales of new energy electric vehicle charging equipment, investment, construction and operation of charging stations, and provision of operational services for urban charging equipment and platforms for electric vehicles.
According to the JV Agreement, The9 will make a cash investment of RMB50 million in the JV in consideration for which it will receive 80% equity interest in the JV, and EN+ will contribute its current and future proprietary electric vehicle charging technology to the JV in consideration for which it will receive a 20% equity interest of the JV. The JV plans to set up 10-20 charging stations in the first year after the capital injection, and set up 30-50 charging stations in the second year after the capital injection. The9’s capital injection to the JV will depend on the progress of business development of the JV, subject to the mutual consent of the parties to the JV agreement.
In this JV cooperation, The9 will be responsible for the market development of the JV and the construction and operation of electric vehicle charging stations owned by the JV; EN+ will provide the JV with the latest product design, quality standards and production technology, free of charge, to ensure that the quality of the JV’s products meets the technical requirements of relevant industry standards in China. EN+ will also provide technical support to the JV and train the relevant personnel of the JV, free of charge, and will be responsible for the after-sales service and maintenance of the JV’s products.
The China based company The9 Limited moved with change of 1.09% to $1.23 with the total traded volume of 10509 shares in recent session versus to an average volume of 799.85K. The stock was observed in the 5 days activity at -11.91%. The one month performance of stock was -31.48%. NCTY’s shares are at -16.15% for the quarter and driving a -0.46% return over the course of the past year and is now at 19.74% since this point in 2018. Right now the stock beta is 2.3. The average volatility for the week and month was at 9.42% and 7.01% respectively. There are 43.96M shares outstanding and 1.88M shares are floated in market.
Category – Market Movers
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