Chinese sports lottery operator 500.com has confirmed the appointment of Angel Yan Ki Wong as a new independent director.
Ki Wong who at present serves as Executive Director of Asian IPO and M&A management consultancy Advanced Capital will consult the lottery operator on new governance initiatives and corporate investments.
500 .com further confirmed that Ki Wong would serve as chairlady of the company’s new Audit Committee formed with Honghui Deng and Yu Wei.
The appointment of Yi Wong as independent director, follows November 2015’s announcement that four directors (Catherine Qin Zhang, Jeffrey R Williams, Zhe Wei and Jun Niu,) had stepped down from the board.
500 .com has faced a troubled 2015, which saw its lottery services suspended in mainland China by the Ministry of Finance. The New York listed operator has faced severe accusations regarding its operating viability in its principal market of China.
Its continued suspension of Chinese lottery services, saw 500.com report two consecutive quarters with no revenues and earnings, recording an estimated $20 million in losses.