500.com Ltd. (WBAI) Enters Strategic Investment in Qufan
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500.com Limited (NYSE: WBAI) has agreed to invest in Qufan Internet Technology Inc. and Shenzhen Qufan Internet Technology Co., Ltd. (together "Qufan"), an operator of mobile social poker games. 500.com is investing in ordinary shares representing 51.0% of equity interest in each of Qufan Internet Technology Inc. and Shenzhen Qufan Internet Technology Co., Ltd. for an aggregate cash consideration of RMB110.5 million (approximately US$16.0 million). The consummation of the investment is subject to certain conditions.
500.com will cooperate with Qufan to help develop and promote its mobile social poker games platform.
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