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500.com Limited (NYSE: WBAI) announced a share subscription agreement with Good Luck Information Technology Co., Limited for 85,572,963 Class A shares, totaling approximately US$23 million. The shares will be purchased at US$0.269 each, with payment options including U.S. dollars or cryptocurrencies. Good Luck Information will hold 16.6% of the company's shares post-transaction. Additionally, the company appointed Xianfeng Yang as CEO and Bo Yu as COO, effective December 21, 2020, focusing on blockchain and cryptocurrency opportunities.
500.com Limited (NYSE: WBAI), a premier online sports lottery service provider in China, has filed its annual report on Form 20-F for the fiscal year ending December 31, 2019, with the SEC on December 11, 2020. The report is accessible on the company's investor relations website. 500.com, one of the first in its sector, provides a range of online lottery services and is among the few approved by the Ministry of Finance to sell lottery products in China. Shareholders can request a free hard copy of the audited financial statements.
500.com Limited (NYSE: WBAI) will hold its annual general meeting on December 25, 2020, at 10:00 a.m. Beijing/Hong Kong Time at Shenzhen Bay Eco-Technology Park, Shenzhen, China. Shareholders as of November 25, 2020, are entitled to vote. The meeting will address key resolutions detailed in the notice available on the Company's Investor Relations website. 500.com is a leading online sports lottery service provider in China, approved by the Ministry of Finance to provide online lottery sales.
500.com Limited (NYSE: WBAI) has announced its unaudited financial results for Q3 2020, reporting net revenues of RMB6.1 million (US$0.9 million), a 37.8% decrease from Q3 2019. The company faced an operating loss of RMB50.2 million (US$7.4 million) and a net loss of RMB44.0 million (US$6.5 million). The significant revenue impact stems from the temporary suspension of operations in Sweden, which previously contributed about 89.7% of total net revenues. The company has resumed operations in Sweden but faces challenges in the online sports lottery sector in China. No earnings forecast is provided until further clarity is received from regulators.
500.com Limited (NYSE: WBAI), a leading online sports lottery provider in China, will release its third-quarter financial results for the period ending September 30, 2020, after U.S. market close on November 20, 2020. The company is authorized by the Ministry of Finance to operate online lottery sales for the China Sports Lottery Administration Center, solidifying its position in the market. Investors can anticipate details on financial performance that could influence stock movement.
500.com Limited (NYSE: WBAI) announced the completion of an internal investigation into alleged illegal money transfers involving former consultants. The Special Investigation Committee (SIC) found no violation of the US Foreign Corrupt Practices Act regarding the Company's activities in Japan. The SIC engaged King & Wood Mallesons for the independent investigation, which was presented on October 7, 2020. Based on recommendations, 500.com has updated its compliance policies and will continue to enhance internal controls.
500.com Limited (NYSE: WBAI) announced the resignation of Friedman LLP as its auditor on September 23, 2020, due to disagreements over internal controls related to alleged unlawful payments in Japan. The company appointed MaloneBailey, LLP on September 27, 2020, to audit its financial statements for 2017, 2018, and 2019. Friedman concluded there might be material weaknesses in internal controls, but the Company disagrees with this assessment. The Special Investigation Committee found no violations of the US Foreign Corrupt Practices Act. The audit process will proceed with MaloneBailey.
500.com Limited (NYSE: WBAI) has announced the resumption of operations in Sweden through its subsidiary, the Multi Group (TMG). This follows the renewal of TMG's e-Gaming license for two years, allowing it to conduct secondary lottery and casino activities. Notably, revenue from TMG comprised approximately 89.7% of 500.com's total net revenues for the fiscal year ending December 31, 2019, with around 61.3% sourced from Sweden. The company continues to be a significant player in the online sports lottery market in China.
500.com Limited (WBAI) reported its Q2 2020 results, showing net revenues of RMB3.6 million (US$0.5 million), a 62.9% decline from RMB9.7 million in Q2 2019, primarily due to the suspension of operations in Sweden.
Operating loss was RMB52.3 million (US$7.4 million), improved from RMB138.3 million in Q2 2019. The company continues to face challenges from regulatory suspensions and an ongoing internal investigation impacting its financial activities. Cash reserves stood at RMB295.5 million (US$41.8 million) as of June 30, 2020.
500.com Limited (NYSE: WBAI), an online sports lottery service provider in China, plans to release its financial results for the second quarter ended June 30, 2020, after U.S. market close on August 28, 2020. The company is one of the few approved by the Ministry of Finance to provide online lottery services in China and offers a wide range of online lottery services. Investors and stakeholders are advised to monitor these upcoming results for insights into the company's performance and future outlook.
