Bloomberg – Prime Capital Management Co. is scaling back its wager on 500.com Ltd. (WBAI), underlining concern about the online bookmaker’s viability.
The hedge fund, overseen by Liu Yijun, cut its stake in the Shenzhen, China-based company to $27 million as of Oct. 29, from about $93 million a week earlier, regulatory filings show. Prime Capital now controls less than 5 percent of 500.com’s U.S.- traded shares, after previously being the largest stakeholder at 16 percent.
