Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Daniel Och, Och-Ziff Capital Management Initiate Passive Stake in 500 Com Ltd. (WBAI)

Daniel S. Och‘s Och-Ziff Capital Management has initiated a position in China-based 500 Com Ltd. (NYSE:WBAI). A new filing with the SEC revealed OZ holding 1.5 million class A shares of the company, which represent 2.6% of the outstanding stock. The stake is passive by nature. The company recently went public on New York Stock Exchange.

500 com

Under the terms of the IPO, 500 Com Ltd. (NYSE:WBAI) offered around 5.8 million American Depositary Shares, which represent 10 Class A shares each. The price of the offering amounted to $13.00 per ADS. Since the company’s shares began trading publicly, the stock price increased slightly by some 1.7%.

500 Com Ltd. (NYSE:WBAI) is a provider of online sports lottery services in China. According to the prospectus filed with the SEC, the company had the largest market share in the first half of the year, and the second largest in 2012, in terms of purchase amount of sports lottery products. The company plans to solidify its position on the Chinese market, through strengthening its brand, developing an integrated online service platform, and engage in building of mobile services, among other strategies. For the first nine months of the year, the company disclosed revenues worth $26.7 million. Net income amounted to $3.4 million, equal to $0.01 per share.

The largest stake in Oz’s equity portfolio is represented by Time Warner Inc (NYSE:TWX), in which the fund holds 7.3 million shares, worth $478.6 million. In Thermo Fisher Scientific Inc. (NYSE:TMO), the fund holds a $459.3 million stake, which amasses nearly 5.0 million shares. Oz also reported owning 14.4 million shares of Mondelez International Inc (NASDAQ:MDLZ), the value of the stake amounting to $450.9 million.

A couple of weeks ago, Daniel Och’s fund also reported initiating a passive position in Re/Max Holdings Inc (NYSE:RMAX), in which it had acquired 1.0 million shares, equal to some 8.6% of the company’s common stock.

Disclosure: none

Recommended Reading:

Becker Drapkin Management Reports Surging its Position in Comverse Inc (CNSI) to 6.1%

Orbimed Advisors Discloses 33.5% stake in Relypsa Inc (RLYP)

Hedge Fund News: Barry Rosenstein, Steven Cohen & Carl Icahn

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!