500.com Ltd, a leading online sports lottery service provider in China, has teamed up with yhd.com, a Shanghai-based online supermarket which is majority owned by Wal-Mart Group, aiming to boost the sales of its lottery products through the latter's large user base, according to a joint statement released on Friday.
The New-York Stock Exchange-listed 500.com signed a strategic cooperation agreement with yhd.com, a leading business-to-customer e-commerce platform for food, beverage and imported food products with more than 60 million registered users, to begin offering lottery products on yhd.com's platform.
Under the agreement, 500.com will use yhd.com's open platform to provide online lottery services to the e-supermarket's users through its online platform and mobile apps.
Wu Haiquan, vice-president of yhd.com, said the sales of sport lottery products on the company's website increased 103 percent year-on-year in 2013. "By teaming up with 500.com, the sales of lottery products on yhd.com are expected to embrace explosive growth," Wu said.
The cooperation between the two companies is expected to be mutually beneficial, said Man San Law, founder and chief executive officer of 500.com.
"Yhd.com's massive user base will greatly expand the reach of our lottery products. This is another vote of confidence in our future and the attractiveness of our products and business by one of China's largest e-commerce companies," he said in the statement.
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