Exhibit 99.1

The9 Limited Announces Unaudited Financial Information
As of and For the Six Months Ended June 30, 2022

In compliance with NASDAQ Rule 5250(c)(2), The9 Limited (the “Company”) hereby announces its unaudited condensed consolidated statement of income for the six months ended June 30, 2022 and its unaudited condensed consolidated balance sheet as of June 30, 2022.

THE9 LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME INFORMATION

(Expressed in Renminbi - RMB and US Dollars - US$, except share data)  

	Six months ended June 30,
	2021			2022			2022
	RMB			RMB			US$
Revenues:
Cryptocurrency mining revenue		125,203,527			41,801,295			6,240,769
Other revenues		572,593			8,951,239			1,336,385
Sales taxes		-			-			-
Total net revenues		125,776,120			50,752,534			7,577,154
Cost of cyptocurrency mining		(67,872,345	)		(51,410,489	)		(7,675,384	)
Other cost		(1,290,697	)		(9,856,900	)		(1,471,596	)
Total cost		(69,163,042	)		(61,267,389	)		(9,146,980	)
Gross profit		56,613,078			(10,514,855	)		(1,569,826	)
Operating expenses:
Product development		(1,038,369	)		(640,501	)		(95,624	)
Sales and marketing		(326,944	)		(67,539,985	)		(10,083,454	)
General and administrative		(102,755,950	)		(238,176,801	)		(35,558,860	)
Impairment of cryptocurrency		(46,463,746	)		(64,887,589	)		(9,687,463	)
Impairment of mining machines		-			(141,599,023	)		(21,140,178	)
Total operating expenses		(150,585,009	)		(512,843,899	)		(76,565,579	)
Other operating income		-			1,380			206
Loss from operations		(93,971,931	)		(523,357,374	)		(78,135,199	)
Impairment on equity investments
Impairment on equity investments		-			(32,918,673	)		(4,914,629	)
Impairment on other investments		(5,252,122	)		(20,029,776	)		(2,990,367	)
Interest expenses, net		(44,315,944	)		(5,922,714	)		(884,238	)
Gain from change in fair value of convertible feature derivative liability		9,602,981			(6,499,927	)		(970,414	)
Gain on disposal of subsidiaries		9,465,518			-			-
Other (expenses) income, net		1,371,354			8,507,190			1,270,090
Foreign transaction exchange loss		(5,633,501	)		(2,556,039	)		(381,607	)
Loss before income tax expense and share of loss in equity method investments		(128,733,645	)		(582,777,313	)		(87,006,364	)
Income tax		-			(5,235	)		(782	)
Net loss		(128,733,645	)		(582,782,548	)		(87,007,146	)
Net loss attributable to noncontrolling interest		(2,960,947	)		(3,114,031	)		(464,913	)
Net loss attributable to The9 Limited		(125,772,698	)		(579,668,517	)		(86,542,233	)
Net loss attributable to holders of ordinary shares		(125,772,698	)		(579,668,517	)		(86,542,233	)
Other comprehensive loss:
Currency translation adjustments		5,222,329			5,217,320			778,925
Total comprehensive loss		(123,511,316	)		(577,565,228	)		(86,228,221	)
Comprehensive loss attributable to:
Noncontrolling interest		(2,960,947	)		(3,114,031	)		(464,913	)
The9 Limited		(120,550,369	)		(574,451,197	)		(85,763,308	)
Net loss attributable to holders of ordinary shares per share
- Basic and diluted		(0.37	)		(0.89	)		(0.13	)
Weighted average number of shares outstanding
- Basic and diluted		337,171,164			650,181,088			650,181,088

Note: The United States dollar (“US dollar” or “US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers at the rate of US$1.00 = RMB6.6981, representing the noon buying rate on the last trading day of June 2022 (June 30, 2022) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.

THE9 LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS INFORMATION

(Expressed in Renminbi - RMB and US Dollars - US$)

	As of December 31, 2021			As of June  30,   2022			As of June  30, 2022
	RMB			RMB			US$
				(UNAUDITED)			(UNAUDITED)
								(Note)
Assets
Current Assets:
Cash and cash equivalents		428,420,773			74,891,821			11,181,054
Short term investment		800,000			-			-
Accounts receivable, net of allowance for doubtful accounts		3,682,282			3,203,310			478,242
Advances to suppliers		2,781,139			27,210			4,062
Prepayments and other current assets, net of allowance for doubtful accounts		528,109,288			420,630,258			62,798,444
Amounts due from related parties		599,574			599,573			89,514
Intangible assets - cryptocurrencies		86,118,349			36,866,267			5,503,989
Total current assets		1,050,511,405			536,218,439			80,055,305
Investments		73,915,119			32,125,436			4,796,201
Property, equipment and software, net		172,980,284			170,160,756			25,404,332
Operating lease right-of-use assets		6,363,724			3,072,505			458,713
Other long-lived assets, net		6,547,843			35,261,111			5,264,345
Total Assets		1,310,318,375			776,838,247			115,978,896
Liabilities, Redeemable Noncontrolling Interest and Shareholders' Equity
Current Liabilities:
Accounts payable		39,895,562			27,586,105			4,118,497
Other taxes payable		1,508,277			1,161,062			173,342
Advances from customers		18,984,340			20,025,667			2,989,753
Amounts due to related parties		23,790,959			23,790,959			3,551,897
Refund of game points		169,998,682			169,998,682			25,380,135
Convertible notes, net of debt discount		92,848,377			63,616,856			9,497,747
Conversion feature derivative liability		51,825,629			58,325,556			8,707,776
Interest payables		937,328			3,765,146			562,121
Accrued expense and other current liabilities		140,199,581			98,571,343			14,716,314
Current portion of operating lease liabilities of the consolidated VIE without recourse to the Group		4,306,738			908,610			135,652
Total current liabilities		544,295,473			467,749,986			69,833,234
Non-current portion of operating lease liabilities of the consolidated VIE without recourse to the Group		2,567,342			3,098,560			462,603
Total Liabilities		546,862,815			470,848,546			70,295,837
Shareholders' Equity
Class A ordinary shares  (US$0.01 par value; 4,300,000,000 shares authorized, 677,781,251 and 747,179,813 shares issued and outstanding as of December 31, 2021 and June 30, 2022, respectively)		45,233,784			49,713,580			7,422,042
Class B ordinary shares (US$0.01 par value; 600,000,000 shares authorized, 13,607,334 and 13,607,334 shares issued and outstanding as of December 31, 2021 and June 30, 2022, respectively)		943,789			943,789			140,904
Additional paid-in capital		4,139,122,755			4,258,894,258			635,836,171
Statutory reserves		7,326,560			7,326,560			1,093,827
Accumulated other comprehensive loss		(12,693,760	)		(11,460,883	)		(1,711,065	)
Accumulated deficit		(3,403,462,176	)		(3,983,130,692	)		(594,665,755	)
The9 Limited shareholders' equity		776,470,952			322,286,612			48,116,124
Noncontrolling interest		(13,015,392	)		(16,296,911	)		(2,433,065	)
Total shareholder's  equity		763,455,560			305,989,701			45,683,059
Total liabilities, redeemable noncontrolling interest and shareholders' equity		1,310,318,375			776,838,247			115,978,896

Note: The United States dollar (“US dollar” or “US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers at the rate of US$1.00 = RMB6.69810, representing the noon buying rate on the last trading day of June 2022 (June 30, 2022) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.

About The9 Limited

The9 Limited (The9) is an Internet company listed on Nasdaq in 2004. The9 aims to become a global diversified high-tech Internet company, and is engaged in blockchain business including the operation of cryptocurrency mining.