SBC News Investors raise 'Red Alert' regarding 500.com continued NO revenue performance

Investors raise ‘Red Alert’ regarding 500.com continued NO revenue performance

500New York listed Chinese sports lottery operator 500.com has posted its third consecutive no-revenue quarter for Q4 2015.

The troubled lottery operator continues to be impacted by its ‘temporary’ lottery services suspension imposed by China’s Ministry of Finance (first sanctioned in February 2015)

As a result of the suspension, the operator posted Q4 revenues of RMB 0.7 million ($0.1 million), combined with an operating loss of RMB -37 million (-$5 million).

Presenting its corporate results CEO Zhengming Pan, alerted investors that the company would not issue any 2016 guidance until it receives further information by China’s Ministry of Finance regarding the resumption of its lottery services.

Zhengming Pan commented on 500.com current plight: “We voluntarily and temporarily suspended our online lottery sales operations in response to the promulgation of the Self-Inspection Notice. Such temporary and voluntary suspension materially and adversely impacted our financial and operational results for the fourth quarter and full year of 2015.”

The announcement of its no-revenue Q4 2015 results, sees 500.com end a miserable year, in which the NYSE operator has faced mounting questions regarding its accounting procedures and charges of misrepresentation on its 2014 IPO filing.

 

 

 

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