Sequoia Capital China Invests $40 Million in 500.com

500.com, a leading online sports lottery service provider in China, announced on November 22, 2013, that it has priced its initial public offering of 5,786,000 American Depositary Shares (ADSs) at $13 per ADS, for a total offering size of $75.2 million. The ADSs began trading on the New York Stock Exchange under the ticker symbol "WBAI." Wilson Sonsini Goodrich & Rosati represented Sequoia Capital China in connection with its $40 million investment in 500.com, which consists of convertible bonds converting upon IPO, exchangeable bonds that can be exchanged into shares after IPO, and a concurrent private placement in conjunction with the IPO.

The WSGR team that advised Sequoia Capital China includes Weiheng Chen, Wei Xiao, and Jing Xu.