500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), a leading online sports lottery service provider in China, today announced that its board of directors approved a share repurchase program, effective immediately.
Under the program, the Company is authorized to repurchase up to US$30 million worth of outstanding American depositary shares ("ADSs") from time to time depending on market conditions and other factors as well as subject to relevant rules under United States securities regulations. The share repurchase program will be funded with the Company's available working capital. As of December 31, 2014, the Company had approximately 23.4 million ADSs outstanding including 3.5 million restricted ADSs and cash(1) of approximately RMB914.2 million (US$146.2 million) (2).
(1) Including cash and cash equivalents of RMB485.6 million (US$77.6 million), restricted cash of RMB12.7 million (US$2.0 million) and time deposits of RMB415.9 million (US$66.5 million)
(2) This announcement contains the translation of a certain RMB amount into U.S. dollars at a specified rate solely for the convenience of the reader. The translation from RMB to U.S. dollars is made at a rate of RMB6.2546 to US$1.00, the effective noon buying rate as of February 20, 2015, as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.
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