500.com Limited announced that effective January 20, 2017, Mr. Man San Law, Chairman of the Board of Directors of 500.com and Mr. Weiguo Zhao, the chairman of Tsinghua Unigroup Co. Ltd. have stepped down from the Board. Mr. Lian Qi has been appointed as a director and Chairman of the Board of Directors of the Company and Mr. Bo Yu has been appointed as a director of the Board, both effective January 20, 2017. Mr. Qi will join the Compensation Committee and join and chair the Strategy Committee of the Board, and Mr. Yu will join and chair the Compensation Committee and the Nominating and Corporate Governance Committee of the Board. Effective January 20, 2017, Mr. Qian Sun has resigned from the Nominating and Corporate Governance Committee and will join the Strategy Committee, and Mr. Yu Wei has resigned from the Strategy Committee and will join the Nominating and Corporate Governance Committee.