500.com Limited Announces Changes to Board of Directors and Management

500.com Limited, a leading online sports lottery service provider in China, announced that Mr. Zhengming Pan, previously stepped aside from his Director and Chief Executive Officer positions, has officially resigned, effective February 2, 2020. Mr. Pan was also a member of the Strategic Planning Committee and Nominating and Corporate Governance Committee. The vacancies on these committees as a result of Mr. Pan’s resignation will be filled in due course.

About 500.com Limited

500.com Limited 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.

SOURCE 500.com Limited