500.com chairman resigns

500.com, an online sports lottery service in China, said its Chairman Yonghong Zhang has stepped down and will be replaced by Huixuan Wang.

Wang will join the Compensation Committee and join and chair the Strategy Committee of the Board. He 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 and has held various positions in China’s insurance industry.

“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,” Wang said.