Prime Capital Management Initiates Position in Post-IPO 500.com Ltd (WBAI)

Prime Capital Management Co Ltd is bullish on 500.com Ltd (NYSE:WBAI). In a recent filing with the Securities and Exchange Commission, Prime Capital disclosed opening a new position by acquiring 3.3 million shares. The fund's stake accounts for 5.74% of the company's common stock. At current market prices, the holding is worth approximately $94.7 million. 500 com Only one other hedge fund we track has opened a position in 500.com Ltd (NYSE:WBAI), since the company has only recently went public. Och-Ziff Capital Management, run by Daniel S. Och, bought 1.5 million Class A shares, about 2.6% of the company's shares outstanding. 500.com Ltd (NYSE:WBAI) went public on November 22nd, in an Initial Public Offering (IPO) priced at $13.00. Approximately 5.8 million American Depositary Shares (ADS) were offered, including underwriter options for 867,900 shares. Each ADS represents 10 Class A shares. Shares started trading at $20.68 and have already advanced 39% to a current price of $20.80 per share. A Chinese online lottery service provider, 500.com Ltd (NYSE:WBAI) had the largest market share in the first half of 2013, according to the prospectus filed with the Securities and Exchange Commission. For the first 9 months of 2013, the company disclosed revenues of $26.7 million and a net income of $3.4 million which translates into earnings per share of $0.01. The company has a market cap of 1.61 billions and does not pay a dividend. Disclosure: none Recommended reading: Anadarko Petroleum Corporation (APC), Schlumberger Limited. (SLB) Among 5 Energy Stocks That Hedge Funds Love GAMCO Goes Activist on Ascent Capital Group Inc (ASCMA); Proposes a Vote Regarding the Company’s Poison Pill SC Fundamental Value Fund Send Letter to Transcept Pharmaceuticals Inc (TSPT); Request Special Shareholder Meeting
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