Tsinghua Unigroup Acquires 15.2% Of 500.Com For $123.8M

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Shenzhen-based Chinese sports lottery firm 500.com Limited says that Chinese technology conglomerate Tsinghua Unigroup Co., Ltd. has agreed to invest approximately US$123.8 million in exchange for a 15.2% stake of the company, according to a company announcement.

Tsinghua Unigroup, majority owned by Tsinghua Holdings Co., Ltd., which is in turn 100% owned by Tsinghua University, will purchase 63.5 million newly issued class A ordinary shares of 500.com at US$1.95 per share, a 1.4% discount to the average closing trading price for the past 30 trading days ended June 8, 2015.

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