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500.com shares slump over legality claims of online lottery

8th May 2014 9:57 am GMT

New York-listed Chinese sports lottery operator 500.com has maintained that it has the relevant approvals from China’s Ministry of Finance relating to its online lottery business, after shares in the company slumped in New York yesterday following reports in China that had questioned its legality.

Shares in the company fell by more than 15 per cent in trading Wednesday, despite the company posting better-than-expected results for the first quarter of 2014.

This followed reports in Chinese media [...]

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