SHENZHEN, China, August 20, 2014 /PRNewswire/ — 500.com Limited (NYSE: WBAI) (“500.com” or the “Company”), a leading online sports lottery service provider in China, today announced that Mr. Zhengming Pan, the Company’s current Chief Financial Officer, has been appointed to the new position of 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 Hong Kong, where he focused on equity, bond and M&A transactions and executions from 2010 to 2014. Mr. Yu was part of the Deutsche Bank team that worked on 500.com’s IPO in 2013. Prior to joining Deutsche Bank, Mr. Yu worked at Macquarie Capital Advisors in Shanghai and Hong Kong from 2007 to 2010. Mr. Yu received a Bachelor of Commerce degree, major in Finance and Accounting from the University of Melbourne.
“We are pleased to appoint Mr. Pan to the new position of President and welcome Mr. Yu as we strengthen our senior management team,” commented Mr. Vincent Law, Chairman and Chief Executive Officer of 500.com. “Mr. Pan will take over the day-to-day running of our business allowing me to focus on the overall management of the Company, our growth strategy and the substantial opportunities that we see ahead of us. I am confident that Mr. Yu, who was instrumental in bringing 500.com to the market last year, will make a great addition to our team with his extensive experience in the global markets.”
About 500.com Limited
500.com Limited (NYSE:WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China. According to iResearch, the Company had the largest market share among online lottery service providers for the first six months of 2013, in terms of the total purchase amount of sports lottery products.
Safe Harbor Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “going forward,” “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For more information, please contact:
Mr. Christian Arnell
Ms. Linda Bergkamp