The9 Limited (ADR) (NASDAQ: NCTY) is having an overwhelmingly strong start to the trading session this morning after the company announced news surrounding the blockchain. As we’ve seen with various others, including RCON and SPI, who just released blockchain news today as well, the stock is soaring. Today, we’ll talk about the news, what we’re seeing from NCTY, and what we’ll be watching for ahead.
NCTY Gains On Blockchain News
As mentioned above, The9 Limited is having an incredibly strong start to the trading session this morning after announcing that its wholly owned subsidiary, The9 Singapore Pte. Ltd., has signed a partnership agreement with Gingkoo Technology Company Limited.
In the release, NCTY said that it will provide blockchain technology product development services and offshore offering, investing and financing services to enterprises all over the world. Through the agreement, Gingkoo Technology will provide full support of the technical team and support to enhance The9’s technical resources in the blockchain space.
With the world of blockchain growing quickly, NCTY intends on providing global enterprises with a full range of customized services for blockchain related projects. The company said these services will include research and development support as well as offshore investing and finance deals designed to help enterprises building up the blockchain technology ecosystem.
What We’re Seeing From The Stock
One of the first things that we learn when we start to dabble in the world of investing is that the news moves the market. In particular, news surrounding the blockchain has led to some massive movements as of late. So, it’s no surprise that with NCTY releasing news surrounding the blockchain, we’re seeing strong gains in the value of the stock. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (11:04), NCTY is trading at $1.40 per share after a gain of $0.40 per share or 40.00% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on NCTY. In particular, we’re interested in following the company’s work in the blockchain space and excited to see the new innovations as they become available. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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