The9’s stock rockets 5-fold on heavy volume after disclosing large investor stake

The9’s stock rockets 5-fold on heavy volume after disclosing large investor stake

Shares of The9 Ltd. NCTY, +17.16% rocketed over 5-fold, up 406%, in very active premarket trade Friday, after the Shanghai-based mobile games developer disclosed that Jie Qin has taken a 9 million share, or 7.4% stake, in the company. Volume spiked to over 1.9 million shares ahead of the open, compared with the full-day average of about 136,000 shares. The rally put the stock on track to open at the highest level seen during regular session hours since April 2016. The9 said Qin has been a consultant to the company since 2005. Prior to Friday’s run up, the stock had shed 18% year to date, while the S&P 500 SPX, -1.44% had gained 3.6%.

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