Tag Archives: 500.com

Investors sue 500.com over misleading IPO representation

SBC News Investors sue 500.com over misleading IPO representation

New York listed Chinese sports lottery operator 500.com has been hit with multiple US investor class action federal suites over misrepresentation of its business practices and operations in the build up to its December 2013 IPO. A group of US law firms representing 500.com investors have filed a federal securities fraud class action against the operator. They claim that the …

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500.com value hit by lottery sales suspension and negative rumours

SBC News 500.com value hit by lottery sales suspension and negative rumours

The share price of Chinese New York listed sports lottery operator 500.com, fell to a 12 month low ($9.50) following the announcement that a number of Chinese provincial lottery sales hubs would temporary suspend sales of lottery products. The decision by the sanctioned provincial hubs to suspend sales follows the Chinese Ministry of Finance calls for self-regulation of unauthorised lotter …

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500.com growth not matching the market

SBC News 500.com growth not matching the market

500.com Ltd, the NYSE-listed online sports-lottery operator in China, has reported a 44% drop in operating profit and warning that ticket purchases may decline further this quarter. Founder, Chairman and Chief Executive Officer Man San Law commented: “We finished the year on a strong note with net revenues increasing 52.1% year-over-year. Total purchase amount during the quarter increased 63.7% from …

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500.com board restructure sees Jeffery R. Williams appointed as independent director

SBC News 500.com board restructure sees Jeffery R. Williams appointed as independent director

Chinese online sports lottery operator 500.com has announced the appointment of Jeffery R. Williams as new Independent Director. 500.com further announced that the appointment will see Williams join the operators Audit committee for the Board of Directors. Williams will become the first non-Chinese member of the 500.com board of directors. Williams has a deep knowledge of Asian banking and investment …

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500.com comments on director’s sale of shares under ‘pseudonyms’

SBC News 500.com comments on director's sale of shares under ‘pseudonyms’

Chinese sports lottery operator 500.com limited issued a corporate statement on the sale of company shares by one of its Directors Qi Li under the ‘pseudonyms’ Lionel Rim and John Richard. The operator issued the statement to address concerns reported by investment research firm Muddy Waters, who tweeted on the validity of the share sales conducted by Qi Li. The Muddy …

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Investor concerns arise over 500.com operating viability

SBC News Investor concerns arise over 500.com operating viability

Further investor concerns have arisen over Chinese sports lottery provider 500.com’s operating viability. Bloomberg News reported that hedge fund Prime Capital Management Co. had scaled back its investment in the Chinese operator from $93m to $27 million. Prime Capital Co. controlled by Chinese investor Liu Yijun has shrunk its stake in 500.com’s Wall Street traded shares to less than 5%, …

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500.com gains WLA associate membership

SBC News 500.com gains WLA associate membership

Chinese sports lottery provider 500.com  been accepted as an associate member and Gold Contributor to the World Lottery Association (“WLA”) Summit 2014 in Rome, Italy which will take place on November 2-5, 2014. The WLA is a member-based organization to advance the interests of state-authorized lotteries. The WLA has members from more than 80 countries covering six continents. All members must …

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Questions arise over 500.com legal & accounting requisites

SBC News Questions arise over 500.com legal & accounting requisites

Chinese online sports lottery operator 500.com’s senior management have hit back at claims that the operator does not have the legal and regulatory requirements to operate gambling activities in China. 500.com, who  floated on the New York Stock Exchange in November 2013, has seen its share price fall after news publications disputed the operators licensing requirements to  service sports lotteries …

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Pan & Yu take 500.com senior management positions

SBC News Pan & Yu take 500.com senior management positions

Chinese sports betting and lottery operator 500.com, have announced the promotion of  Zhengming Pan the Company’s current Chief Financial Officer to the new position of company President. Mr. Pan will be succeeded as Chief Financial Officer by Mr. Min Yu. Both appointments will be effective September 1, 2014. Mr. Yu previously served as a vice president at Deutsche Bank in …

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500.com confirms loyalty partnership with China Mobile

SBC News 500.com confirms loyalty partnership with China Mobile

Chinese sports lottery operator 500.com, has entered a strategic partnership with China Mobile Limited, to become the sole provider of online and mobile sports betting and lottery for China Mobile Points Mall, the digital rewards marketplace for China Mobile subscribers. The agreement will see 500.com products integrated into the China Mobiles subscriber reward system, providing the operator with access to …

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