500.com hits back at claims it lacks authorization to operate

500.com shares fell in New York trading as it sought to rebut an online article that questioned whether it has the relevant and necessary licenses and approvals to legally provide online sports lottery services in China.
The company said it has made accurate and full disclosures on its business operations.
The online sports lottery service provider said it refuted unsubstantiated speculation on various aspects of the company's business operations made in a recent online article. It didn't name the publication.
The company said the article stated that the "status of the authorization for the company to operate its business is not clear,"
500.com said it has approvals from the Ministry of Finance of the People's Republic of China to provide online sports lottery services on behalf of the China Sports Lottery Administration Center, the government authority in charge of the issuance and sale of sports lottery products in China.