Lottery solutions providers 500.com and Loto Interactive have entered into a framework agreement with Shenzhen General Lottery Technology (Shenzhen GenLot) for the supply of sports lottery terminals in China.
Shenzhen GenLot will provide its approved sports lottery terminals to E-sun Sky and Loto Shenzhen, wholly owned subsidiaries of 500.com and Loto Interactive, for onward sales and distribution throughout the country.
Shenzhen GenLot, which is a subsidiary of Shenzhen-listed Telling Telecommunications Holding, will also provide maintenance services during the five-year contract which ends in May 2023.
The purchasers have already placed an order to purchase 1,000 units of lottery terminals so far.
Shares in 500.com Ltd (NSQ:500) closed down 9.83 per cent at USD$18.72 per share in New York Tuesday , while shares in Loto Interactive LTD (HKG:8198) closed down 2.00 per cent at HK$0.196 in Hong Kong earlier Wednesday.