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500.com invests in Chinese third party payment processor Sumpay

24th November 2015 12:02 pm GMT

NASDAQ-listed Chinese lottery supplier 500.com has invested in Zhejiang Shangmeng Technology, a company licensed to provide third-party payment services in China as Sumpay.cn.

The deal will see 500.com acquire ordinary shares representing an equity interest of 63.0 per cent in Sumpay, for a cash consideration of $35.6m.

Founded in 2007, Sumpay is headquartered in Hangzhou, Zhejiang Province, and in 2011 became the third supplier to be awarded a payment business licence by the People’s [...]

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