500.com today announced that effective August 1, 2018, Mr. Yonghong  Zhang, a director and Chairman of the Board of Directors of 500.com and Vice President of Tsinghua Unigroup, has stepped down from the Board.

Mr. Huixuan Wang has been appointed as a director and Chairman of the Board, effective August 1, 2018. Mr. Wang will join the Compensation Committee and join and chair the Strategy Committee of the Board.

Mr. Wang has been the director and Co-President of Tsinghua Unigroup since July 2016. Prior to joining Tsinghua Unigroup, Mr. Wang was the director of the management committee of Midong New Zone in Xinjiang, the Vice President of Xinjiang Branch of China Life Insurance Company Ltd.

“On behalf of the Board of Directors, I would like to express our sincerest gratitude to Mr. Yonghong Zhang, for his outstanding contributions to the Company over the past year,” commented Mr. Huixuan Wang, Chairman of the Board of Directors of 500.com. “We wish him success in his future endeavors.”