500.com Limited announced that effective November 1, 2017, Mr. Lian Qi, a director and Chairman of the Board of Directors of the company and Co-President of Tsinghua Unigroup Co. Ltd., has stepped down from the Board. Mr. Yonghong Zhang has been appointed as a director and Chairman of the Board, effective November 1, 2017. Mr. Zhang will join the Compensation Committee and join and chair the Strategy Committee of the Board. Mr. Zhang has been the Vice President of Tsinghua Unigroup since December 2015. In addition, Mr. Zhang was the President of China Region of Acer Group from November 2009 to October 2015.