According to public information, Shanghai The9 Education Technology Co., Ltd. (“The9 Education” or the “Company”) was recently approved to be listed on the National Equities Exchange and Quotations (“NEEQ”). The Company and its subsidiaries mainly engage in “the creation of game application-oriented techniques, the provision of technical services, non-academic/non-certificate software application development and technical skills training, consulting and other related professional services in the mobile internet field.” In this case, the Company disclosed that its controlling shareholder was subject to the provisions of VIE agreements, which resulted in the Company being the first to list on the NEEQ while having disclosed that its controlling shareholder was an entity subject to a VIE structure. Before this, Beijing LEFTBRAIN Network Technology Co., Ltd. had also disclosed that 58 Co., Ltd. (the “58 Limited”), which became its controlling shareholder after a share issuance, was subject to VIE control structure.
