500.com announces new chairman, director

Sports lottery provider 500 .com has announced the resignation of its director and chairman Mr. Man San Law, as well as director Mr. Weiguo Zhao from its board of directors, effective January 20, 2017.

In a Sunday filing from the company, Mr. Lian Qi has been appointed as the new chairman of the board of directors of the company, while Mr. Bo Yu becomes a director of the Board.

According to a company announcement, Mr. Qi is the co-President and a director of Tsinghua Unigroup and the chairman of Unisplendour Technology (Holdings) Limited. In addition, Mr. Qi served various positions within the Tsinghua Unigroup since 1992 and has accumulated substantial experiences in management, investment and strategic planning. He received a master’s degree in business administration from the Chinese University of Hong Kong in 2002, a master of science degree in engineering and a bachelor of science degree in engineering from Tsinghua University in 1992 and 1990, respectively.

In addition to his appointment as chairman, Mr. Qi will join the Compensation Committee and join and chair the Strategy Committee of the Board, while Mr. Yu will join and chair the Compensation Committee and the Nominating and Corporate Governance Committee of the Board.

“I would like to thank Man San and Weiguo for his invaluable service and contribution to the Company,” said Mr. Qi. “We warmly welcome Bo to the Board. His extensive experience in legal affairs and compliance will certainly benefit the Company going forward.”