500.com appoints new independent director

The company reported two consecutive quarters with no revenues and earnings.

Angel Yan Ki Wong will step in also as Chair of the company’s new Audit Committee.

China.- Chinese sports lottery operator 500.com has announced that Angel Yan Ki Wong is its  new independent director and further confirmed that Ki Wong  would serve as Chair of the company’s new Audit Committee formed with Honghui Deng and Yu Wei.  She will consult the lottery operator on new governance initiatives and corporate investments.

The new appointment comes after the departure of four directors past November from the company board. During last year, the firm suffered the consequences of the decision made by China’s Ministry of Finance, which suspended lottery services in mainland. 500.com recorded an estimated of US$20 million in losses.

Currently,  Yan Ki Wong is the Executive Director of Asian IPO and M&A management consultancy Advanced Capital.

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