500.com sheds Sumpay.cn stake

China online sports lottery service provider, 500.com has announced it has disposed of its equity interest in Sumpay.cn, a third-party payment service provider in China.

According to a recent filing, the sports lottery company disposed of its 63 percent equity interest in Sumpay.cn, also known as Zhejiang Shangmeng Technology Limited Company.

In November last year, 500.com agreed to invest in the payment service provider for a cash consideration of approximately $35.6 million in order to “reduce costs related to third-party payment transactions on its platform.”

The company did not provide a reason for its disposal of shares.

 

 

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