Filed under WTF - 500.com Limited (WBAI) - the Chinese online sports lottery firm - announced today that the Chinese Ministry of Finance and Ministry of Civil Affairs, demands they temporarily suspend accepting online purchase orders for lottery products. This means 500.com is not cuirrently generating any revenue at all. The CEO and another Director of the firm resigned. The result... a 25% surge in the stock price!!!
http://www.zerohedge.com/sites/default/files/...05/20150519_500_0.jpgSince March 2015, all provincial sports lottery administration centers to which the Company provides sports lottery sales services have temporarily suspended accepting online purchase orders for lottery products, in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales, or the Self-Inspection Notice, which was jointly promulgated by the Ministry of Finance, or the MOF, the Ministry of Civil Affairs and the General Administration of Sports of the People's Republic of China on January 15, 2015.
On February 24, 2015, the Company was informed by certain provincial sports lottery administration centers that as part of their respective self-inspection processes, such provincial sports lottery administration centers planned to temporarily suspend accepting online purchase orders for lottery products starting from February 25, 2015. On March 2, 2015, the Company was further informed by the remaining provincial sports lottery administration centers to which it provides sports lottery sales services that such provincial sports lottery administration centers also planned to temporarily suspend accepting online purchase orders for lottery products, in response to the Self-inspection Notice.
As a result of the provincial sport lottery administration centers' decision to temporarily suspend accepting online lottery orders, or the temporary suspension, 500.com's transaction volume decreased significantly. The Company recorded operating loss for the first quarter of 2015 and is currently not generating any revenue due to the temporary suspension.Even the bullish analysts have given up on this one...
*500.COM RATING SUSPENDED AT PIPER JAFFRAY
500.com expects total purchase amount to be zero in 2Q; says “there is no clear indication” how long temporary suspension of online lottery purchases will last.http://www.zerohedge.com/news/2015-05-19/...ry-firm-stocks-rallies-25so schnell kommt ihr da nicht raus sobald es dreht und drehen wird es!
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