Yang brings extensive experience in the cryptocurrency sector, having successfully led the construction and operation of the big data centre for 500.com’s Loto Interactive subsidiary. He also holds the position of chairman at Changhe Hydropower Absorption Blockchain Big Data Industrial Park.
To support its expansion plans, 500.com has appointed Bo Yu as the new chief operating officer. Yu has been a director at 500.com since 2017 and has served as its general counsel since 2014.
Chief Technology Officer Zhaofu Tian has recently resigned from his position at 500.com due to personal reasons. However, no successor has been selected at this time.
500.com plans to leverage the expertise of its Loto Interactive subsidiary in the blockchain and cryptocurrency sector for its new business venture.
The company has entered into a definitive share subscription agreement with Hong Kong-based Good Luck Information Technology. This agreement allows Good Luck Information to purchase 85,572,963 newly issued Class A shares for approximately $23m, with the payment to be settled in cryptocurrency within one month of the agreement.
Good Luck Information, controlled by one of the founders of 500.com, Man San Vincent Law, will hold 16.6% of the provider’s issued and outstanding ordinary shares upon closing of the agreement, which is expected to take place on or before February 20, subject to customary closing conditions.
In November, 500.com reported a 37.1% decline in revenue for the third quarter of 2020. However, the company has recently resumed activity in the market after renewing its Swedish operating license.
Revenue in the three months to September 30 amounted to RMB6.1m.
