IPO Profile

The9 Limited
30/F CITIC Square No. 1168 Nanjing Road (W) Shanghai 200041, People�s Republic of China
Tel: 8621-3217-4567
Web:
Ticker: NCTY
Stock Exchange: Nasdaq
Shares Issued: 6,250,000.00
Price Offered: $0.00
Amount Raised: $87,500,000.00

Underwriters:
Bear Stearns & Co.
CLSA Asia-Pacific Markets




Company Description:
We are an online game operator and developer in China. Through 9Webzen Limited, a joint venture in which we own 51%, we have become one of the three largest online game operators in China, as measured by estimated 2003 online game revenues in China according to International Data Corporation, or IDC, a leading market research firm. We began to offer our self-developed online virtual community game �the9 City� in 2000 and commercialized the9 City in December 2000. Currently, our business is primarily focused on operating �MU� in China through 9Webzen in which Webzen Inc., a leading online game developer and operator in Korea, owns 49%. 9Webzen has obtained an exclusive license from Webzen to operate MU in China. MU is a three-dimensional, or 3D, massively multiplayer online role playing game, or MMORPG, which allows thousands of players to concurrently log on to network servers to �role-play� characters in a virtual world. Because MMORPGs require a significant amount of time to master, they tend to have a high degree of user attraction, which means that users tend to spend greater amounts of time playing these games than using other Internet applications. In the three months ended September 30, 2004, we recorded over 189,000 MU peak concurrent players and over 134,000 MU average concurrent players, which measure the highest and daily average numbers, respectively, of game players simultaneously logged on to our game servers. During the same period, we also recorded over 1,527,000 average monthly active paying MU players, which measures the monthly average of the total number of game players who have used their prepaid game playing time during each month of the quarterly period. According to a December 2003 report issued by IDC, MU was ranked among the three most popular online games in China.