The9 Limited (ADR) (NASDAQ: NCTY) is having an overwhelmingly strong start to the trading session in the pre-market hours this morning after announcing that it has entered into a partnership. Of course, the partnership news led to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about the news, what we’re seeing from NCTY as a result, and what we’ll be watching for ahead.
NCTY Gains On Partnership Agreement
As mentioned above, The9 Limited is having an incredibly strong start to the trading session this morning after announcing partnership news. In a press release issued early this morning, the company announced that its wholly-owned subsidiary established in Singapore, has entered into a partnership agreement with C&I Singapore Renewable and Innovative Tech Pte. Ltd.
The partnership is a step in the right direction with regard to the goal of the company to move forward with blockchain technology. According to the agreement, NCTY will provide C&I with related blockchain technology, one-stop solution and community operation. The two parties are also considering further opportunities to cooperate with different solar energy companies and consumers with an effort of creating an efficient and decentralized platform for the trading and distribution of solar generated energy. In a statement, Mr. Jun Zhu, Chairman at NCTY, had the following to offer:
We are pleased to establish a strategic partnership with C&I to develop an innovative platform and a more efficient ecology using blockchain technology in energy production and distribution. We believe this cooperation will not only achieve the execution of energy platform and technology, but more importantly, bring more environmentally-friendly access to electricity and energy for global users and contribute to the green sustainable Earth.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!