500.com Limited announced that effective June 1, 2019, Mr. Huixuan Wang, a director and Chairman of the Board of Directors of 500.com (the “Board”) and the director and Co-President of Tsinghua Unigroup Co. Ltd., has stepped down from the Board. Mr. Xudong Chen has been appointed as a director and Chairman of the Board, effective June 1, 2019. Mr. Chen will join the Compensation Committee and join and chair the Strategy Committee of the Board. Mr. Chen has been the Executive Vice President of Tsinghua Unigroup since April 2019.