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500.com Limited Enters Into Strategic Partnership with China Mobile Limited
- Sole Provider of Online Sports Lottery Products to China Mobile Points Mall -
|By PR Newswire
|August 7, 2014 07:49 AM EDT
SHENZHEN, China, Aug. 7, 2014 /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 signed a strategic partnership agreement with China Mobile Limited ("China Mobile"), to become the sole provider of online sports lottery products to China Mobile Points Mall ("Points Mall"), an online marketplace where China Mobile subscribers can redeem loyalty points. The agreement will provide easy and convenient access for China Mobile's 770 million subscribers to purchase 500.com's online sports lottery products using loyalty points.
According to the terms of the agreement, the Company's online sports lottery products will become available for redemption with loyalty points on the Points Mall for a period of up to two years, upon which the agreement can be renewed. The online sports lottery products provided by the Company will be available in all of China's 31 provinces, municipalities and autonomous regions. China Mobile will reimburse 500.com for the products purchased in cash. The Company already provides lottery purchase and information services to China Mobile users through its internet, mobile apps, WAP and SMS channels.
As of January 2014, approximately two-thirds of China Mobile's 770 million subscribers have redeemed loyalty points on the Points Mall.
Mr. Man San Law, Founder, Chairman and Chief Executive Officer of 500.com commented, "We are incredibly proud to have been selected as the sole provider of online sports lottery products for China Mobile's Points Mall. We expect to see sales volumes increase significantly as our products become available to China Mobile's 770 million subscribers. We look forward to developing an even deeper relationship with China Mobile as we work to integrate our products into their vast ecosystem."
In January 2014, 500.com signed a strategic partnership agreement with China Mobile E-commerce Limited ("China Mobile E-commerce), a subsidiary of China Mobile, allowing payments to be made for 500.com's mobile sports lottery products on China Mobile's vast network.
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.
About China Mobile Limited
China Mobile Limited, an investment holding company, provides mobile telecommunications and related services in Mainland China and Hong Kong. It offers voice services comprising local calls, domestic long distance calls, international long distance calls, intra-provincial roaming, inter-provincial roaming, and international roaming, as well as provides voice value-added services, including caller identity display, caller restrictions, call waiting, call forwarding, call holding, voice mail, conference calls, and others. The company also offers data services, such as SMS, a service to deliver and receive text messages, including subscriber-to-subscriber messages, short messages, and others; and MMS, a service that allows user to deliver messages combining graphics, sounds, text, and motion pictures over wireless networks. In addition, it provides wireless data traffic services comprising mobile data traffic and WLAN data traffic; and applications and information services, including mobile music, mobile paper, mobile reading, mobile video, mobile market, etc. Further, the company offers telecommunications network planning design and consulting services; roaming clearance services; technology platform development and maintenance services; and mobile data solutions, system integration, and development, as well as operates a network and business coordination center. Additionally, it is involved in network planning and optimizing construction testing and supervising activities; technology support; development and training of Nokia GSM900/1800 mobile communication system; designing and selling electronic communication products; and provision of non-banking financial services. The company was formerly known as China Mobile (Hong Kong) Limited and changed its name to China Mobile Limited in May 2006. The company was incorporated in 1997 and is based in Central, Hong Kong. China Mobile Limited is a subsidiary of China Mobile Hong Kong (BVI) Limited.
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:
Mr. Christian Arnell
E-mail: [email protected]
Ms. Linda Bergkamp
Email: [email protected]
SOURCE 500.com Limited
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