China's 500.com secures $124 million investment from Tsinghua

500.com Limited, a leading online sports lottery service provider in China, announced that it has entered into a definitive purchase agreement with Tsinghua Unigroup International Co., Ltd. ("Tsinghua Unigroup"), a subsidiary of Tsinghua Unigroup Co., Ltd, for the issuance and sale of newly issued ordinary shares of the Company.

Pursuant to the purchase agreement, Tsinghua Unigroup International Co., Ltd. will purchase 63,500,500 newly issued Class A ordinary shares of the Company for a total purchase price of approximately US$123.8 million in cash.

Unigroup International has agreed to subject all the shares it or its affiliate will acquire in the transaction to a contractual lock-up restriction for six month after the closing which is expected to take place on or before June 30, 2015, upon satisfaction of customary closing conditions.

Tsinghua Unigroup Co., Ltd. is majority owned by Tsinghua Holdings Co., Ltd. which is 100% owned by Tsinghua University.

Mr. Zhengming Pan, the chief executive officer of 500.com, commented, " We believe the partnership between Unigroup and our company will be long term and mutually beneficial. The partnership will bring Tsinghua University's strong technical and research capabilities to 500.com."