Rumor: Online Lottery Operator E-Sun Sky to List in US
China Business News, 8/13/13
According to an industry insider, Shenzhen E-Sun Sky Network Co., Ltd, operator of online lottery sites 500wan.com and 500.com, will soon list on a US stock exchange, with investment banks Deutsche Bank and Stifel Nicolaus acting as the lead underwriters in the potential USD 150 mln deal. Ernst & Young will be responsible for auditing procedures for the IPO.
500wan was launched in 2001, and currently boasts over 15 mln registered users with approximately 400 employees.
500wan 2011 revenues were approximately RMB 3 bln, according to the source.
E-Sun Sky Network has previously received investment from venture capital firms IDG Capital Partners, SIG Asia Investment, and Sequoia Capital.
Editor's Note: Chinese online sports lotteries are operated in joint cooperation with the Lottery Supervision Department of the Ministry of Finance, the General Administration of Sport of China, local finance departments, and relevant sports departments. In accordance with industry standards, online lottery sites can expect a 7-11% commission rate. For more information on this topic, please see "Tianya Lottery Platform Closes," MD 11/17/08 and "Online Lottery Websites Move to WAP," MD 1/07/08 issues.
Keywords: business model Deutsche Bank Ernst & Young Internet IPO users online lottery 500wan Ministry of Finance registered users Stifel Nicolaus E-Sun Sky Network bourse revenue GASC
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