Impact: Individual Chinese games can be very profitable, but only if an operator can keep the rights to the product. The9 generated about $250 million from online games in 2008. Most of this was due to World of Warcraft. Surprisingly the market seems somewhat bullish on The9’s prospects even without WoW. In early June The9’s stock (ADR:NTCY) was trading at around $11. This was down from a July 2008 high of over $28, but not the complete collapse one might expect from losing such an important product.