Chinese Lottery Company Picks Deutsche Bank for ADR

500.com, an online sports lottery service provider in China, has selected Deutsche Bank as depositary bank for its capital raising Level III American Depositary Receipt (ADR) program.

Shares of 500.com began trading on the New York Stock Exchange under the symbol “WBAI” on Nov. 22, 2013. During the first half of 2013, the company (formerly known as 500wan.com until changing its name in October 2013) had the largest market share in China in terms of purchase amount of sports lottery products, according to iResearch, a Chinese internet research company.

“We are delighted to be chosen by 500.com as depositary bank. This new appointment reaffirms Deutsche Bank’s commitment to clients in the People’s Republic of China. By leveraging our customized value added services, 500.com will be able to enhance its investor relations strategies and shareholder bases,” says Mrugank Paranjape, Asia Pacific head of Trust & Securities Services and Cash Management for Financial Institutions, Global Transaction Banking at Deutsche Bank.