500.com announces change in board composition

Mainland Chinese lottery supplier 500.com Ltd has announced the stepping down of its chairman, Mr. Lian Qi, effective November 1, 2017.

In his place is Mr. Yonghong Zhang, who has been appointed as a director and chairman of the board, effective today. Mr. Zhang will join the Compensation Committee and join and chair the strategy committee of the board.

Mr. Zhang has been the vice president of Tsinghua Unigroup since December 2015.

In addition, Mr. Zhang was the president of china region of Acer Group from November 2009 to October 2015, the vice president of CHINA HP Co., Ltd. from October 1998 to November 2009 and deputy general manager of Lenovo Group Ltd. from April 1993 to June 1996.

Mr. Zhang received a master’s degree in engineering in precision machinery from the University of Science and Technology of China in 1993 and a bachelor of engineering degree in precision instrument from Tsinghua University in 1990.

“On behalf of the Board of Directors, I would like to express our sincerest gratitude to Mr. Lian Qi, for his outstanding contributions to the Company over the past year,” commented Mr. Zhang, the new chairman of the board. “We wish him success in his future endeavors.”