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$第九城市(NCTY)$ 为什么那么多区块链股票涨都合理，唯有九城不合理？

答案很简单：因为这公司不仅一毛钱比特币都没有，现在更是一个矿机都没有，只是吹了个风说我要买矿机挖矿。买矿机挖矿固然很好，但是钱从哪里来呢？截止2019年12月31日，公司一共有1000万出头的人民币现金，总资产是1.81亿人民币，而总负债居然有10.58亿人民币，说白了早是一个资不抵债的企业了。资产负债表上也说的很明白，所有者总亏损是12.3个亿人民币。

那签了新的合同是不是就有钱搞矿机了呢？下面说了，一共发了27万股美股ADR，每股$3.7，加起来正好100万美金。剩下的都是认股证，没行权之前屁都收不着。100万美金能买多少台矿机？怕是连债都还不上吧？

Pursuant to theTerm Sheet, The9 will issue 8,108,100 Class A ordinaryshares (equivalent to 270,270 ADSs) at US$0.1233 per Class A ordinary share (equivalentto US$3.7 per ADS) and 207,891,900 warrants, each warrant representing theright to purchase one Class A Ordinary share (equivalent to 6,929,730 ADSsassuming full exercise of warrants) to the Investors. The warrants will bedivided into four equal tranches. The exercise price of three tranches of warrantsis US$0.1233 per Class A ordinary share (equivalent to US$3.7 per ADS) whilethe exercise price of the other tranche of warrants is US$0.2667 per Class Aordinary share (equivalent to US$8 per ADS). Each tranche of the warrants issubject to its vesting conditions including market capitalization of The9reaching US$100 million, US$300 million, US$500 million and US$1 billion withinthe timeframes of 6 months, 12 months, 24 months and 36 months, respectively.If the Investors exercise all of the warrants, The9 is expected to raise anaggregate consideration of approximately US$34 million in this transaction fromthe Class A ordinary shares issuance consideration and warrants exercise. The9has the right to decide whether the Investors shall make payments in the formof U.S. dollars or cryptocurrencies (including Bitcoin) in the definitiveagreement.

更可怕的是，这发了股票压根就不是用来买矿机的。递交给SEC的文件说的很明白，如果认股证都被行权了（目前还没有，只有100万美金而已），最终总共能收到1000万美金，而这1000万美金也并不是用来买矿机的，而是用来继续开发劳什子的（1）手机游戏（2）手机游戏代理（3）休闲游戏

Use of proceedsWe estimate that we will receive gross proceeds of approximately US$10.5 million if all of the Warrants and the Representative’s Warrants are exercised in full on a cash basis. We intend to use the proceeds from such exercise for (i) mobile games development and general corporate working capital, (ii) game license fee payment, and (iii) hyper-casual game operation. See “Use of Proceeds” for more information.

所以说白了这个吹爆了的公司，不仅现在没打算搞区块链，收到钱也不搞，只是想单纯的割一波韭菜。新引进的孔建平也不是来送矿机或者开发矿机的，而是帮忙买矿机的：

“We will assist The9 to purchasecryptocurrencies mining machines including but not limited to AvalonMiners,AntMiners, WhatsMiners and Ipollo miners, and build up a professional team tofocus on cryptocurrencies business,” said Mr. Jianping Kong.

说到最后，就是两个韭菜大王一起出来割韭菜了。

$第九城市(NCTY.US)$