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500.com disposes of majority stake in Chinese payment processor

31st March 2016 11:06 am GMT

Online sports lottery solutions provider 500.com has disposed of its majority stake in Zhejiang Shangmeng Technology Limited Company, trading as Sumpay.cn, just over four months after acquiring the payment processor.

The supplier has not given any reason for its decision to sell off its 63.0 per cent equity interest in the company, but said that it expects to realise a gain of approximately $19.4m as a result of the disposal.

Having agreed to acquire ordinary shares in Sumpay.cn [...]

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