Tag Archives: 500.com

Man San Law resigns as Chairman of 500.com

Updating investors, embattled New York-listed Chinese sports lottery operator 500.com has confirmed that Chairman of the Board Man San Law has stepped down from the governance position with immediate effect. San Law’s position will be split with director Lian Qi taking on the responsibilities of Chairmanship, supported by Bo Yu who will act as Director of Governance, a decision which …

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Red Alert…500.com enters six straight quarters with 0 revenues!

New York-listed Chinese sports lottery operator 500.com, has reported its sixth straight quarter with no corporate revenues, as concerns continue to mount regarding the firm’s future. 500.com is still under ‘temporary’ suspension of its lottery services  issued by the Chinese Ministry of Finance, who in April 2015 placed a ban on all lottery transactions via online or third party networks. …

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500.com reduces costs as it enters fifth straight quarter with no core revenues

Investor concerns continue to mount regarding New York-listed Chinese sports lottery operator 500.com’s ability to survive its services suspension imposed by the Chinese Ministry of Finance. Posting its Q1 2016 financial performance, the company would record its fourth consecutive quarter with no core product revenues, declaring operating losses of – $15 million for the period. 500.com governance would present no …

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500.com sells stake in payment processor Sumpay

Issuing a short market update, embattled New York-listed Chinese sports lottery operator 500.com has disclosed the sale of its 63% equity stake in Asian digital payment processor Sumpay.cn ( Sumpay). Payment processor, Sumpay, is licensed to provide third-party payment services in Chin. 500.com revealed that it had invested in Sumpay holding company Zhejiang Shangmeng Technology in December 2015 for a cash consideration …

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Investors raise ‘Red Alert’ regarding 500.com continued NO revenue performance

New York listed Chinese sports lottery operator 500.com has posted its third consecutive no-revenue quarter for Q4 2015. The troubled lottery operator continues to be impacted by its ‘temporary’ lottery services suspension imposed by China’s Ministry of Finance (first sanctioned in February 2015) As a result of the suspension, the operator posted Q4 revenues of RMB 0.7 million ($0.1 million), …

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500.com appoints Angel Yan Ki Wong as independent director

Chinese sports lottery operator 500.com has confirmed the appointment of Angel Yan Ki Wong as a new independent director Ki Wong who at present serves as Executive Director of Asian IPO and M&A management consultancy Advanced Capital  will consult the lottery operator on new governance initiatives and corporate investments. 500.com  further confirmed that Ki Wong  would serve as Chairlady of …

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Concerns arise as 500.com reports consecutive quarter with no revenues & earnings

Investor concerns continue to mount for troubled New York listed Chinese lottery operator 500.com, following the announcement of a further quarter with no revenues and earnings for Q3 2015. The Shenzhen based lottery operator posted its second earnings results, since the temporary sales suspension of provincial lottery services by China’s Ministry of Finance, which was imposed in February. Due to …

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China state owned Tsinghua Unigroup invests $124 million in 500.com

Chinese state-owned fund Tsinghua Unigroup International is reported to have invested $124 million (£80 million) for a 15.2% stake in New York listed Chinese sports lottery operator 500.com, through a purchase of newly distributed shares. Business news sources have reported that Tsinghua will acquire a total of 63.5 million shares in 500.com. The news of the stake purchase by Tsinghua …

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500.com founder Man San Law steps down as CEO following dismal Q1 performance

Chinese sports lottery operator 500.com confirmed that Founder Man San Law was stepping down as CEO of the company, following the publication of dismal performance results for Q1 2015 operating period. The operator missed all key performance targets, as it recorded sales of $15.9 million down 32% on 2014 figures. The New York listed lottery operator would record a net …

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500.com share price set to tumble as China suspends lottery sales

The Easter holiday break has provided further bad news for embattled New York listed Chinese sports lottery operator 500.com, as Chinese authorities made a new announcement regarding the sale of online lottery services/products. A joint public communication led by China’s Ministry of Finance and eight other governmental bodies stated that all lottery sales serviced through online verticals or through third …

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