{"id":12925,"date":"2020-12-21T21:53:53","date_gmt":"2020-12-21T21:53:53","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=12925"},"modified":"2026-04-23T23:01:26","modified_gmt":"2026-04-24T02:01:26","slug":"500-com-sells-shares-and-plans-crypto-venture","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/500-com-sells-shares-and-plans-crypto-venture","title":{"rendered":"500.com sells shares and plans crypto venture"},"content":{"rendered":"\n

The services provider has named two officers with experience in cryto as it sells shares to Google Luck IT.<\/p>\n\n\n\n\n\n\n\n

China.- Sports lottery services provider 500.com has entered a Class A shares subscription agreement with Hong Kong-listed Good Luck Information Technology Co.<\/p>\n\n\n\n

Good Luck will purchase 85,572,963 newly issued ordinary shares for US$23m. That’s a price of US$0.269 per share, which was the closing trading price of 500.com\u2019s stock on December 18.<\/p>\n\n\n\n

The payment will be made in partly in US dollars and partly in cryptocurrencies including Bitcoin (BHC) within one month from the agreement.<\/p>\n\n\n\n

The operation is expected to close on or before February 20, 2021. Good Luck will then own 16.6 per cent of 500.com.<\/p>\n\n\n\n

Good luck is controlled by founder Man San Vincent Law, although he currently holds less than 5 per cent of the company’s outstanding share capital, 500.com said.<\/p>\n\n\n\n

The sports lottery service provider also said that its board of directors intends to explore business opportunities in blockchain and cryptocurrency following the successful experiences of its associate, Loto Interactive Limited.<\/p>\n\n\n\n

It has appointed two new officers: Xianfeng Yang as the chief executive officer and Bo Yu as the chief operating officer(COO), both effective immediately.<\/p>\n\n\n\n

The company described Yang as an executive with \u201cextensive experience in the cryptographic digital virtual currency industry\u201d after leading the construction and operation of Loto Interactive’s big data centre.<\/p>\n\n\n\n

Yang served as the company’s senior vice president from 2018 to 2020.<\/p>\n\n\n\n

Yu, on the other hand, has served as Loto Interactive’s director since 2017, and as General Counsel since 2014.<\/p>\n\n\n\n

The Chinese firm reported net revenues of RMB6.1m<\/a><\/em><\/strong> (US$936,307) for the third quarter of 2020, 37.8 per cent below the RMB9.8m taken in the third quarter of 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

The services provider has named two officers with experience in cryto as it sells shares to Google Luck IT.<\/p>\n","protected":false},"author":2,"featured_media":12927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"500.com, a sports lottery services provider, has entered a Class A shares subscription agreement with Good Luck Information Technology Co. for US$23 million, with payment partly in cryptocurrencies. This transaction will grant Good Luck a 16.6% stake in 500.com, coinciding with 500.com's strategic pivot towards blockchain and cryptocurrency business opportunities, evidenced by new executive appointments with relevant expertise.","focusai_entities":"500.com, Good Luck Information Technology Co., Man San Vincent Law, Loto Interactive Limited, Xianfeng Yang, Bo Yu, Bitcoin","focusai_location":"China, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.8), operator_casino (0.7), tech_data (0.8), payments_fraud_aml (0.9), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Crypto Payment Implications","query":"What are the specific regulatory and compliance implications for 500.com and Good Luck Information Technology Co. regarding the use of cryptocurrencies for this Class A shares subscription, particularly concerning AML and cross-border transaction frameworks?"},{"label":"Blockchain Strategy Outlook","query":"How will 500.com's newly appointed leadership leverage their \"cryptographic digital virtual currency industry\" experience to integrate blockchain and cryptocurrency into the existing sports lottery vertical, and what is the projected timeline for new product or service launches?"}],"footnotes":""},"categories":[157,16338],"tags":[227,3573],"class_list":["post-12925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-china","tag-lottery"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=12925"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12925\/revisions"}],"predecessor-version":[{"id":12938,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12925\/revisions\/12938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/12927"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=12925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=12925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=12925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}