500.com Limited Announces Management Change

SHENZHEN, China, Dec. 18, 2017 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), a leading online sports lottery service provider in China, today announced that Mr. Min Yu has resigned as Chief Financial Officer of the Company, effective today, to pursue other opportunities. Mr. Yu's duties will be assumed by Mr. Qiang Yuan, senior vice president of the Company.

Mr. Yuan has served in various positions within the Company since 2001. Mr. Yuan was a vice president in charge of financial matters for the Company from June 2014 to July 2016 and has served as a senior vice president since July 2016.

"I would like to thank Min for his invaluable service and contribution to the Company," commented by Mr. Yonghong Zhang, Chairman of the Board of Directors of 500.com, "I wish him all the best in his future endeavor."

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

Christensen

In China
Mr. Christian Arnell 
Phone: +86-10-5900-1548 
E-mail: carnell@christensenir.com

In US 
Ms. Linda Bergkamp 
Phone: +1-480-614-3004 
Email: lbergkamp@ChristensenIR.com

View original content:http://www.prnewswire.com/news-releases/500com-limited-announces-management-change-300572460.html

SOURCE 500.com Limited