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.

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

Prime Capital Management Co Ltd is bullish on 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 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. 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, 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

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.