500.com invests in Qufan.
BANKING AND CREDIT NEWS-November 29, 2016-500.com invests in Qufan
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500.com Limited (NYSE: WBAI) has agreed to invest in Qufan Internet Technology Inc. and Shenzhen Qufan Internet Technology Co., Ltd., an operator of mobile social poker games, the company said.
500.com is investing in ordinary shares representing 51.0% of equity interest in each of Qufan Internet Technology Inc. and Shenzhen Qufan Internet Technology Co., Ltd. for an aggregate cash consideration of RMB110.5 million (approximately USD16.0 million).
500.com will cooperate with Qufan to help develop and promote its mobile social poker games platform.
500.com Limited is an 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.
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