Tsinghua Unigroup International, a Chinese state-owned company funded by Beijing’s Tsinghua University, has acquired a 15.2 per cent stake in NASDAQ-listed lottery supplier 500.com.

Tsinghua Unigroup will purchase 63,500,000 newly-issued Class A ordinary shares of 500.com for $123.8m, based on a price of $1.95 per share, with the full sum to be paid in cash.

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