Tag Archives: Sumpay

Investor concerns continue to mount regarding New York-listed Chinese sports lottery operator 500.com’s ability to survive its services suspension imposed by the Chinese Ministry of Finance. Posting its Q1 2016 financial performance, the company would record its fourth consecutive quarter with no core product revenues, declaring operating losses of – $15 million for the period. 500.com governance would present no …

Issuing a short market update, embattled New York-listed Chinese sports lottery operator 500.com has disclosed the sale of its 63% equity stake in Asian digital payment processor Sumpay.cn ( Sumpay). Payment processor, Sumpay, is licensed to provide third-party payment services in Chin. 500.com revealed that it had invested in Sumpay holding company Zhejiang Shangmeng Technology in December 2015 for a cash consideration …