500 .com, which has been transforming from a Chinese online lottery company into a cryptocurrency mining enterprise, says it has completed the acquisition of a stake in Loto Interactive for HK$105 million ($13.5 million).
Loto Interactive provides lottery-related services and data analysis and storage services. It runs three major data centres, including the provision of power and premises to customers engaged in cryptocurrency mining. 500.com pivoted its focus after Beijing banned online lottery sales.
The acquisition means the company will now own 54.3 percent of Loto Interactive and under takeover rules will be required to bid for all outstanding stock at HK$0.75 a share.
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