Updating investors, embattled New York-listed Chinese sports lottery operator 500.com has confirmed that Chairman of the Board Man San Law has stepped down from the governance position with immediate effect.
San Law’s position will be split with director Lian Qi taking on the responsibilities of Chairmanship, supported by Bo Yu who will act as Director of Governance, a decision which was implemented this 20 January
The departure sees San Law end his turbulent Chairmanship of the embattled firm, in which 500.com has announced seven straight quarters with no corporate revenues, since its ‘temporary suspension’ of lottery services by the Chinese Ministry of Finance (implemented on April 2015).
In its last trading update, the lottery operator reported a combined operating loss of f RMB 186 million (circa $21 million). 500.com’s fragile position has made industry analysts comment on how long the company can survive without any revenue streams.
Furthermore, 500.com faces several US legal challenges from Its investors for misrepresentations of its assets and operations in the build up to its October 2015 IPO.
At present, the governance of 500.com did not make an official comment on San Law’s departure.