The9 Acquires 51% Stake in AIGC-Driven SaaS Platfo

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According to Foresight News, Nasdaq-listed internet company The9 has announced the signing of a legally binding term sheet to acquire a 51% stake in Shenma, an AIGC-driven SaaS platform. The9 will pay $1 million in cash and issue $14.3 million worth of restricted Class A ordinary shares to Shenma or its shareholders.

The9's CFO and director, George Lai, stated that the company is continuing its cryptocurrency mining business and has benefited from the recent increase in value of the 300 Bitcoins it currently holds. However, Lai believes that AIGC will bring revolutionary changes to almost all industries.

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