BTC blasts through 8000 to 8600 on Sunday evening, currently 8700
The9 Limited Signs Joint Venture Agreement with Shenzhen EN-plus Technologies Co., Ltd. ” The9 will make a cash investment of RMB50 million in the JV in consideration for which it will receive 80% equity interest in the JV, and EN+ will contribute its current and future proprietary electric vehicle charging technology to the JV in consideration for which it will receive a 20% equity interest of the JV “.
In a nutshell, The9 is most likely funneling money to a related party. This kind of activity frequently occurs with Chinese stocks. Nice chart pattern though. These stocks are prone to manipulation, and this is generally where you would look to enter.