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500.com Limited Announces Pricing of Initial Public Offering

2013-11-22 21:25 1599

SHENZHEN, China, November 22, 2013 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), a leading online sports lottery service provider in China, today announced that it has priced its initial public offering of 5,786,000 American Depositary Shares ("ADSs"), each representing ten Class A ordinary shares of the Company, at US$13.00 per ADS for a total offering size of US$75.2 million, assuming the underwriters do not exercise their option to purchase additional ADSs. The ADSs are expected to begin trading on the New York Stock Exchange ("NYSE") today under the ticker symbol "WBAI".

The underwriters have been granted an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 867,900 additional ADSs at US$13.00 per ADS.

Deutsche Bank Securities Inc. is acting as sole bookrunner, and Piper Jaffray & Co. and Oppenheimer & Co. Inc. are acting as co-managers, for the offering.

A registration statement relating to the offering has been filed with, and declared effective by, the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

A copy of the prospectus relating to the offering may be obtained by contacting Deutsche Bank Securities Inc., Attention: Prospectus Department, 60 Wall Street New York, NY 10005, phone: (800) 503-4611, email: prospectus.cpdg@db.com.

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. According to iResearch, the Company had the largest market share among online lottery service providers for the first six months of 2013, in terms of the total purchase amount of sports lottery products.

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: +86-10-5826-4939
E-mail: carnell@christensenir.com

In US

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

Source: 500.com
Keywords: Entertainment Sports
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