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06-01-2014, 10:01 AM
Another Chinese company listed in US, with number as name, 500.com. It is doing online lottery business. Gambling stock is not for me. I started a new thread for those interested.
Gambling is a second nature to Asian
Lottery companies cash in as China raises bet on punters
HONG KONG] Every day during his lunch break, Chinese businessman Shen Bin buys three lottery tickets for about 33 yuan cents apiece and then watches to see if his chosen numbers flash across television screens suspended from the ceiling. "I haven't won yet. Hopefully one day. But for now, it doesn't matter because the money goes to charity," Mr Shen said in the brightly lit store on a busy road in Shenzhen, a booming metropolis just north of Hong Kong.
Half a world away in New York, investors in Chinese online lottery platform 500.com Ltd have found their own winning ticket: the stock has nearly tripled from its US$13 initial public offering price in the six weeks since its New York Stock Exchange debut.
500.com, the only Chinese lottery firm so far listed in the United States, is among a handful of listed companies that stand to benefit as China whittles down thousands of private lottery operators to a handful of licensed and regulated firms serving more than 400 million punters, say industry experts. "Over the next five years it is very clear that the Chinese market will continue to grow very quickly and the government regulatory regime will become more open and transparent," said Zhengming Pan, chief financial officer at 500.com. - Reuters
Source: Business Times Breaking News
Gambling is a second nature to Asian
Lottery companies cash in as China raises bet on punters
HONG KONG] Every day during his lunch break, Chinese businessman Shen Bin buys three lottery tickets for about 33 yuan cents apiece and then watches to see if his chosen numbers flash across television screens suspended from the ceiling. "I haven't won yet. Hopefully one day. But for now, it doesn't matter because the money goes to charity," Mr Shen said in the brightly lit store on a busy road in Shenzhen, a booming metropolis just north of Hong Kong.
Half a world away in New York, investors in Chinese online lottery platform 500.com Ltd have found their own winning ticket: the stock has nearly tripled from its US$13 initial public offering price in the six weeks since its New York Stock Exchange debut.
500.com, the only Chinese lottery firm so far listed in the United States, is among a handful of listed companies that stand to benefit as China whittles down thousands of private lottery operators to a handful of licensed and regulated firms serving more than 400 million punters, say industry experts. "Over the next five years it is very clear that the Chinese market will continue to grow very quickly and the government regulatory regime will become more open and transparent," said Zhengming Pan, chief financial officer at 500.com. - Reuters
Source: Business Times Breaking News
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡