500.com Limited Announces Management Change
500.com Limited (NYSE: WBAI), a leading online sports lottery service provider in China, announced the resignation of Mr. Zhaofu Tian as Chief Technology Officer effective December 31, 2020. The resignation is due to personal reasons, and the Company currently has no plans to appoint a successor. 500.com is one of the first companies to provide online lottery services in China and is approved by the Ministry of Finance to offer online lottery sales services on behalf of the China Sports Lottery Administration Center.
- 500.com is one of the few companies approved to provide online lottery services in China.
- The company has a solid foundation as one of the first entrants in the online lottery market.
- The resignation of the Chief Technology Officer may raise concerns about management stability.
- No successor has been appointed, potentially indicating a lack of strategic direction.
SHENZHEN, China, Dec. 28, 2020 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), an online sports lottery service provider in China, today announced that Mr. Zhaofu Tian has resigned as Chief Technology Officer of the Company due to personal reasons, effective December 31. The Company has no plan to appoint a successor at this point.
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.
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:
500.com Limited
ir@500wan.com
Ms. Danni Zheng
Phone: +86 755 8633 8005
View original content:http://www.prnewswire.com/news-releases/500com-limited-announces-management-change-301198585.html
SOURCE 500.com Limited
FAQ
What recent management change occurred at 500.com Limited (WBAI)?
Why did Mr. Zhaofu Tian resign from 500.com?
Is there a successor planned for the Chief Technology Officer position at WBAI?
What services does 500.com Limited provide?
Who regulates online lottery services in China?
