Asia

500.com Limited Announces Private Placement and Appointment of New Officers

Published

3 years ago

December 21, 2020

500.com Limited Announces Private Placement and Appointment of New Officers

Reading Time: 2 minutes

500.com Limited, an online sports lottery service provider in China, today announced that it has entered into a definitive share subscription agreement (the “Agreement”) with Good Luck Information Technology Co., Limited (“Good Luck Information”), a company incorporated in Hong Kong, for the issuance and sale of newly issued Class A ordinary shares of the Company (“Class A Shares”).

Pursuant to the Agreement, Good Luck Information will purchase 85,572,963 newly issued Class A Shares for a total purchase price of approximately US$23 million, to be settled in U.S. dollars or in crypto-currencies, including Bitcoin (BHC), to be determined chosen by the Company within one month of the date of the Agreement. Good Luck Information shall make full payment of the purchase price in currencies determined by the Company within one month of the Company’s determination. The per share purchase price of US$0.269 is the closing trading price of the Company’s ADSs on December 18, 2020, the last trading day immediately preceding the date of the purchase agreement. as adjusted by a 1-to-10 ADS to ordinary shares ratio.

Good Luck Information has agreed to subject all the shares it or its affiliate will acquire in the transaction to a contractual lock-up restriction for 180 days after the closing. The closing is expected to take place on or before February 20, 2021, upon satisfaction of customary closing conditions.

Good luck Information is controlled by Mr. Man San Vincent Law, a founder of the Company, who currently holds less than 5% of the Company’s outstanding share capital. Upon closing, Good Luck Information will hold 16.6% of the Company’s issued and outstanding ordinary shares.

Appointment of New Officers

The Company’s Board of Directors (the “Board”) has proposed the Company to explore business opportunities in the blockchain and cryptocurrency industries based on some success experience of its associate, Loto Interactive Limited. The Board has appointed Mr. Xianfeng Yang as the Chief Executive Officer of the Company, and Mr. Bo Yu as the Chief Operating Officer of the Company, both effective Decembers 21, 2020.

Mr. Yang has extensive experience in the cryptographic digital virtual currency industry. He has been in charge of the construction and operation of the big data center of Loto Interactive Limited. Mr. Yang also serves as the Chairman of Changhe Hydropower Absorption Blockchain Big Data Industrial Park in Sichuan. Mr. Yang served as the Company’s senior Vice President from 2018 to 2020. Mr. Yang received a bachelor’s degree in Architecture from Huazhong University of Science and Technology.

Mr. Yu has served as the Company’s Director since 2017, and served as General Counsel since 2014. Mr. Yu received a master’s degree in law from the University of Iowa, and a master’s degree in law and a bachelor’s degree in science from the Wuhan University. Mr. Yu has been admitted to the Bar of the State of Michigan.

Related Topics:500.com Limited China Good Luck Information Technology Co

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Fun88 Announces Exciting Partnership with Dabang Delhi Kabaddi Club for Pro Kabaddi League Season 10

Published

9 hours ago

December 8, 2023

Niji Narayan

Reading Time: < 1 minute

Online gaming brand Fun88 has announced its latest partnership, becoming the title sponsor of the Dabang Delhi Kabaddi Club, the current reigning champion of the Pro Kabaddi League Season 8, for the ongoing Season 10, which kicked off on December 2.

This collaboration marks a significant milestone in the world of sports and entertainment, bringing together two dynamic forces committed to delivering exceptional experiences to fans.

Dabang Delhi Kabaddi Club has consistently demonstrated excellence both on and off the kabaddi field, and this partnership reaffirms their dedication to providing fans with electrifying moments. Fun88, with its reputation as a premier gaming platform, aligns perfectly with Dabang Delhi Kabaddi Club’s vision of success.

Durganath Wagle, CEO of Dabang Delhi KC, said: “We are thrilled to welcome Fun88News on board as a Title sponsor for the upcoming Pro Kabaddi League season. This collaboration represents a shared passion for delivering excitement and entertainment to our fans. Fun88’s innovative gaming platform aligns seamlessly with our vision, and we look forward to a successful and engaging season together.”

John Smith, Marketing Manager of Fun88, said: “FUN88 is delighted to be in association with Pro Kabaddi League Club Dabang Delhi. Together with the club, we live the dream of expanding our fan base, especially in India. FUN88 News is optimistic that this partnership will assist us in becoming the leading gaming, entertainment, and news platform in India.”

Asia

India: Six People, Including Cops, Arrested After Ranchi Police Busts Illegal Gambling Den

Published

1 week ago

November 29, 2023

Niji Narayan

Reading Time: < 1 minute

Six people, including cops, were arrested after the Ranchi Police busted an illegal gambling group in the Gonda area of Jharkhand’s capital.

In recent news, six people, including cops were arrested after the Ranchi Police busted an illegal gambling den in the Gonda area of Jharkhand’s capital. Acting on the received information, a police team raided the spot. Reportedly, a sum of five lakh rupees was seized from the accused.

BJP State President Babulal Marandi raised his concern over the incident, emphasising on the involvement of police personnel stationed at CM Hemant Soren’s residence in the gambling operation. Marandi suggested that there might be pressure on the police, leading to potential manipulation of the case.

He even took to his official handle on X (formerly Twitter), to express his worries over the state’s leadership being involved in wrongdoings. He also questioned where the money earned from the gambling activities was going.

The station in-charge Ravi Thakur confirmed the arrests. A detailed investigation into the matter is underway. The illegal gambling activities were reportedly ongoing in the police like area for several days. Upon receiving the information about the illegal gambling den, Ranchi SSP formed the team who conducted the raid.

Asia

Genting Berhad Reports Group Revenue of $1.57 Billion for Q3 2023

Published

1 week ago

November 28, 2023

Niji Narayan

Reading Time: < 1 minute

Genting Berhad has posted its financial report for the third quarter of 2023, highlighting a 20.39% increase year-on-year in its group revenue to RM7.37bn ($1.57bn).

This improved performance in the group’s revenue was contributed mainly by the Leisure & Hospitality Division continuing to recover.

There was a significant increase in the group’s net profit from the previous year’s third quarter results, seeing them go up 177.16% to RM995m.

EBITDA also saw an increase, going up from RM2.06bn in the third quarter of 2022 to RM2.73bn in the third quarter of 2023, representing an increase of nearly 33%.

Resorts World Sentosa continued to benefit from the sustained recovery of travel and tourism within the region, seeing both revenue and EBITDA increase, while Resorts World Genting recorded higher revenue this quarter due to a higher volume of business registered by its gaming and non-gaming segments; owing to the relaxation of border control as compared to Q3 2022.

Genting mentions that its financial performance for the rest of the 2023 financial year may be impacted by a number of factors, including the continuation of domestic demand employment growth; and the regional gaming market is expected to continue its recovery as airline capacity and air connectivity in the region improves.

The report also mentions that Resorts World Sentosa has collaborated with a local charity organisation called Food from the Heart to fund, to enable the distribution of fresh, locally sourced produce to 2400 underprivileged families across the island over the next three years.