{"id":20683,"date":"2021-07-26T16:21:38","date_gmt":"2021-07-26T16:21:38","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=20683"},"modified":"2026-04-23T17:15:59","modified_gmt":"2026-04-23T20:15:59","slug":"500-com-to-dispose-of-its-lottery-business","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/500-com-to-dispose-of-its-lottery-business","title":{"rendered":"500.com to dispose of its lottery business"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">500.com, now known as BIT Mining, has announced its decision to dispose of its Chinese lottery business for nil consideration.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">China.- The former Chinese sports lottery services provider<strong>\u00a0500.com<\/strong>, now known as BIT Mining after becoming a\u00a0<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/500-com-to-acquire-bitcoin-mining-machines\">cryptocurrency mining enterprise<\/a>, has announced its decision to<strong>\u00a0dispose of its Chinese lottery business\u00a0<\/strong>for nil consideration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>BIT Mining has exited its Chinese lottery related business<\/strong>\u00a0and it will now focus on the overseas crypto mining business. The company also announced\u00a0that <strong>it would eliminate its variable interest entity (VIE) structure<\/strong>, a series of subsidiaries that own the lottery business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the company, the decision was taken <strong>due to the continued losses sustained by the Chinese lottery\u00a0<\/strong>operations.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">During the first three months of the year,\u00a0<strong>500.com announced that total assets held by the VIE subsidiaries represented RMB82.8m (US$12.6m)<\/strong>, or 6.3 per cent, of the company&#8217;s total assets. Net debt held by the VIE subsidiaries was RMB161.6m (US$24.6m).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In February,&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/500-com-reports-us21-5m-loss-for-2020\" rel=\"noreferrer noopener\">500.com<\/a>&nbsp;reported&nbsp;<strong>an adjusted net loss of RMB138.5m (US$ 21.5m)<\/strong>&nbsp;for full-year 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The loss for the last quarter was RMB56.1m (US$ 8.6m), compared to a loss of RMB322.7m (US$ 50m) in the last three months of 2019. The reduction in losses was due to&nbsp;<strong>lower operating expenses and the absence of previous impairment provisions<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Net revenue for the last quarter of 2020 was&nbsp;<strong>RMB9m (US$1.4m), a slight increase from the RMB8.6m&nbsp;<\/strong>in Q4 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>500.com, now known as BIT Mining, has announced its decision to dispose of its Chinese lottery business for nil consideration.<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"BIT Mining (formerly 500.com) has announced the disposal of its Chinese lottery business for nil consideration and the elimination of its Variable Interest Entity (VIE) structure. This strategic pivot is driven by sustained losses in the lottery operations, allowing the company to focus on its overseas cryptocurrency mining business.","focusai_entities":"500.com, BIT Mining","focusai_location":"China","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), investor_analyst (0.95), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on BIT Mining valuation?","query":"What is the projected impact of exiting the Chinese lottery vertical and eliminating the VIE structure on BIT Mining's enterprise valuation and future capital allocation strategy?"},{"label":"Regulatory implications of exit?","query":"What are the specific regulatory and governance implications for BIT Mining following the disposal of its Chinese lottery assets and the dissolution of its VIE structure, particularly concerning cross-border operations?"}],"footnotes":""},"categories":[157,16338],"tags":[1758],"class_list":["post-20683","post","type-post","status-publish","format-standard","hentry","category-business-news","category-east-asia-news","tag-500-com"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/20683","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=20683"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/20683\/revisions"}],"predecessor-version":[{"id":20699,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/20683\/revisions\/20699"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=20683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=20683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=20683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}