Chinese sports betting and lottery operator 500.com, have announced the promotion of Zhengming Pan the Company’s current Chief Financial Officer to the new position of company President.
Mr. Pan will be succeeded as Chief Financial Officer by Mr. Min Yu. Both appointments will be effective September 1, 2014.
Mr. Yu previously served as a vice president at Deutsche Bank in Hong Kong, where he focused on equity, bond and M&A transactions and executions from 2010 to 2014. Mr. Yu was part of the Deutsche Bank team that worked on 500.com’s IPO in 2013.
Prior to joining Deutsche Bank, Mr. Yu worked at Macquarie Capital Advisors in Shanghai and Hong Kong from 2007 to 2010. Mr. Yu received a Bachelor of Commerce degree, majorin Finance and Accounting from the University of Melbourne.
“We are pleased to appoint Mr. Pan to the new position of President and welcome Mr. Yu as we strengthen our senior management team,” commented Mr. Vincent Law, Chairman and Chief Executive Officer of 500.com.
“Mr. Pan will take over the day-to-day running of our business allowing me to focus on the overall management of the Company, our growth strategy and the substantial opportunities that we see ahead of us. I am confident that Mr. Yu, who was instrumental in bringing 500.com to the market last year, will make a great addition to our team with his extensive experience in the global markets.”