Document:

EX-4.4

 Exhibit 4.4 

Execution Version 

500.COM LIMITED 

CONVERTIBLE PROMISSORY NOTE PURCHASE AGREEMENT 

This CONVERTIBLE PROMISSORY NOTE PURCHASE AGREEMENT (this “Agreement”), dated as of October 20, 2013, is entered into by
and among 500.com Limited, a company established under the laws of the Cayman Islands (the “Company”), and Sequoia Capital 2010 CGF Holdco, Ltd., a company established under the laws of the Cayman Islands (the
“Investor”). The Company and the Investor are hereinafter collectively referred to as the “parties” and each individually as a “party.” 

WHEREAS, on the terms and subject to the conditions set forth herein, the Investor desires to purchase from the Company, and the Company
desires to sell to the Investor, a convertible promissory note in the principal amount of TWENTY MILLION U.S. DOLLARS (US$20,000,000) (the “Principal Amount”). 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, and conditions set forth below, the parties hereto,
intending to be legally bound, hereby agree as follows: 
 1. General Definitions. As used in this Agreement, the following
capitalized terms have the following meanings: 
 “2011 Share Incentive Plan” has the meaning set forth in
Section 3(f) hereof. 
 “Act” means the U.S. Securities Act of 1933, as amended. 

“ADSs” means the American Depositary Shares, each representing certain number of Listing Equity Securities of the Company as
ascribed in the Final Registration Statement. 
 “Affiliate” means, with respect to any Person, any other Person that,
directly or indirectly, Controls, is Controlled by or is under common Control with such Person. “Control”, “Controlled”, “Controlling” or “under common Control with” with respect to
any Person means having the ability to direct the management and affairs of such Person, whether through the ownership of voting securities, by contract or otherwise, and such ability shall be deemed to exist when any Person holds a majority of the
outstanding voting securities of such Person. 
 “Agreement” has the meaning set forth in the preamble. 

“Investment Securities” means, to the extent the Class B Ordinary Shares exist at the time of the Company’s IPO, the
Class B Ordinary Shares, and if the Class B Ordinary Shares do not exist at the time of the Company’s IPO, the Listing Equity Securities. 

“Board” means the board of directors of the Company. 

“Business Day” means any day except a Saturday, a Sunday or a statutory holiday in the PRC, Hong Kong, New York or the
Cayman Islands. 

  
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 “BVI Co” means Fine Brand Limited, a company incorporated under the laws of the
British Virgin Islands and a wholly owned subsidiary of the Company. 
 “Class A Ordinary Shares” means the Class A
Ordinary Shares of par value of US$0.00005 each in the capital of the Company at the time of the IPO (to the extent they exist at the time of the Company’s IPO), which shall have one vote per share and carry such other rights, privileges and
benefits as set out in the IPO Corporate Constitution. 
 “Class B Ordinary Shares” means the Class B Ordinary Shares of
par value of US$0.00005 each in the capital of the Company at the time of the IPO (to the extent they exist at the time of the Company’s IPO), which shall have ten votes per share, are convertible into Class A Ordinary Shares at a ratio of
one Class B Ordinary Shares to one Class A Ordinary Share at the discretion of its holder, and carry such other rights, privileges and benefits as set out in the IPO Corporate Constitution. 

“Closing” has the meaning set forth in Section 2(c) hereof. 

“Company” has the meaning set forth in the preamble. 

“Concurrent Private Placement” has the meaning set forth in Section 6(a) hereof. 

“Conversion Shares” means the Investment Securities issuable upon conversion of the Note pursuant to the terms thereof. 

“Corporate Constitution” means the memorandum and articles of association of the Company currently in effect as of the date
hereof. 
 “Draft Registration Statement” means the draft registration statement on form F-1 submitted to the U.S.
Securities and Exchange Commission (the “SEC”) on September 19, 2013 for the purpose of registering the Company’s equity securities with the SEC in connection with the IPO. 

“FCPA” has the meaning set forth in Section 5(g) hereof. 

“Final Registration Statement” means the final registration statement on form F-1 to be filed with and declared effective by
the SEC for the purpose of registering the Company’s equity securities with the SEC in connection with the IPO. 
 “Financial
Statements” has the meaning set forth in Section 3(j)(A) hereof. 
 “Governmental Authority” means
(a) any nation (other than the PRC) or government or any province or state or any other political sub-division thereof; (b) any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions
of or pertaining to government, including government authority, agency, department, board, commission or instrumentality of the PRC or any political sub-division thereof; (c) any court, tribunal or arbitrator; and (d) any self-regulatory
organization. 
 “Group Companies” means the Company, BVI Co, HK Co, WFOE, PRC Companies and their Subsidiaries from time
to time. 

  
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 “HK Co” means 500wan HK Limited, a company incorporated under the laws of Hong
Kong and a wholly owned subsidiary of the BVI Co. 
 “Hong Kong” means the Hong Kong Special Administrative Region of the
People’s Republic of China. 
 “Investor” has the meaning set forth in the preamble. 

“Investor Director” has the meaning set forth in Section 8.1(d) hereof. 

“IPO” means the proposed initial public offering of the ADS representing the Listing Equity Securities and the listing of
such securities on the Listing Venue. 
 “IPO Corporate Constitution” means the memorandum and articles of association to
be adopted by the Company and become effective upon the closing of the IPO. 
 “Issuance Date” means the date on which the
Note is issued. 
 “Lien” means any mortgage, pledge, deed of trust, hypothecation, right of others, claim, security
interest, encumbrance, burden, title defect, title retention agreement, lease, sublease, license, occupancy agreement, easement, covenant, condition, encroachment, voting trust agreement, option, right of first offer, negotiation or refusal, proxy,
lien, charge, adverse claim or other restrictions (including, but not limited to, restrictions on transfer), encumbrances or limitations of any nature whatsoever, including, but not limited to, such Liens as may arise under any contract. 

“Listing Equity Securities” means the Class A Ordinary Shares or such other equity securities of the Company that are
of the same class and series as the equity securities to be offered in the IPO and listed on the Listing Venue (either directly or through a depositary arrangement). 

“Listing Venue” means New York Stock Exchange or such other listing venue where the Listing Equity Securities are listed.

 “Material Adverse Effect” has the meaning set forth in Section 3(k) hereof. 

“Note” has the meaning set forth in Section 2(a) hereof. 

“Ordinary Shares” means the Ordinary Shares of par value of US$0.00005 each in the capital of the Company, carrying the
rights, privileges and benefits as set out in the Corporate Constitution. 
 “Per Share IPO Price” means the quotient
obtained by dividing (a) the final initial public offering price per ADS in the IPO by (b) the number of Listing Equity Securities each ADS represents. 

“Person” means and include an individual, a partnership, a corporation (including a business trust), a joint stock company,
a limited liability company, an unincorporated association, a joint venture or other entity (whether or not having separate legal personality) or a Governmental Authority. 

  
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 “PRC Companies” means, collectively, Shenzhen E-Sun Network Co., Ltd., Shenzhen
E-Sun Sky Network Technology Co., Ltd., Shenzhen Youlanguang Technology Co., Ltd. and Shenzhen Guangtiandi Technology Co., Ltd., all of which are incorporated under the laws of the PRC, and a “PRC Company” means any of them. For the
avoidance of doubt, the PRC Companies shall be deemed Subsidiaries of WFOE. 
 “PRC” means the People’s Republic of
China, excluding Hong Kong, Macau and Taiwan for purposes of this Agreement. 
 “Principal Amount” has the meaning set
forth in the recitals. 
 “Subsidiary” shall mean, with respect to any Person, any entity (i) of which securities or
other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person or (ii) directly or indirectly
Controlled by such Person. 
 “Transaction Documents” has the meaning set forth in Section 3(b) hereof. 

“Underwriter” means the underwriter of the IPO. 

“US$” means United States Dollars, the lawful currency of the United States of America. 

“WFOE” means E-Sun Sky Computer (Shenzhen) Co., Ltd., a company incorporated under the laws of the PRC and a wholly owned
subsidiary of HK Co. 
 2. Purchase and Sale of the Note. 

(a) Issuance of the Note. At the Closing (as defined below), subject to the terms and conditions hereof, the Company agrees to issue
and sell to the Investor, and the Investor agrees to purchase, a convertible promissory note in the form of Exhibit A hereto (the “Note”) in the amount of the Principal Amount.  

(b) Seniority of the Note. The Note, when issued and delivered to the Investor, shall rank pari passu to all other present and
future unsubordinated and unsecured senior indebtedness of the Company. 
 (c) Closing. Subject to the fulfillment or waiver of the
conditions to Closing as set forth in Section 8, the sale and purchase of the Note (the “Closing”) as provided in Section 2(a) above shall take place remotely via the exchange of documents and signatures as soon as
possible within five (5) Business Days after all closing conditions set forth in Section 8 are satisfied or waived, or at such other place, time and manner as the Company and the Investor may agree. The parties agree that all transactions
at the Closing shall be deemed to occur simultaneously and none of them shall be deemed to have occurred until the conclusion of the Closing. 

(d) Deliveries by the Investor. At the Closing, the Investor shall pay the Principal Amount by wire transfer in immediately available
funds to an account of the Company, the details of which shall be notified to the Investor in writing by the Company at least two (2) Business Days prior to the Closing. 

(e) Deliveries by the Company. At the Closing, the Company shall deliver to the Investor a Note in the amount of the applicable
Principal Amount. 

  
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 3. Representations and Warranties of the Company. The Company represents and
warrants to the Investor, as of the date hereof and the date of the Closing, that: 
 (a) Due Incorporation, Qualification, etc.
Each of the Group Companies is a company duly organized and validly existing in good standing under the laws of its place of incorporation. Each of the Group Companies has full requisite corporate power and authority to own, lease and operate its
properties and assets it now owns, leases and operates, and to carry on its business as presently conducted. 
 (b) Authority. The
execution, delivery and performance by the Company of each of this Agreement and the Note (collectively, the “Transaction Documents”), and the consummation of the transactions contemplated hereby and thereby (i) are within the
power of the Company and (ii) have been duly authorized by all necessary actions on the part of the Company. 
 (c)
Enforceability. Each Transaction Document executed by the Company has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its
terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity. 

(d) Non-Contravention. The execution, delivery and performance of and compliance with the Transaction Documents by the Company do not
and will not result in any violation of or conflict with the Corporate Constitution or the IPO Corporate Constitution, or result in a material breach of, or constitute a material default under any material agreement to which the Company is a party
or under which any of the Group Companies’ properties or assets may be bound. 
 (e) Approvals. Except for those that have been
obtained and assuming the accuracy of the representations and warranties made by the Investor in Section 4 of this Agreement, no consent, approval, qualification, order or authorization of, or designation, declaration or filing with, any
Governmental Authority on the part of the Group Companies is required in connection with the valid execution and delivery of this Agreement, or the consummation of the transactions contemplated hereunder. 

(f) Capitalization. The authorized share capital of the Company is US$50,000 consisting of 955,878,540 Ordinary Shares of par value of
US$0.00005 each, of which no more than 230,768,220 shares are issued and outstanding as of the date hereof, the Closing Date and immediately prior to the closing of the IPO. All the outstanding shares have been duly authorized and validly issued and
are fully paid and non-assessable. Except as set forth herein and options granted under the Company’s employee share incentive plan under which 12% of the issued and outstanding Ordinary Shares (on an as-exercised and fully diluted basis) are
issuable (the “2011 Share Incentive Plan”), there are (i) no outstanding warrants, options, convertible securities or rights to subscribe for or purchase any shares or other securities from the Company or any of the other Group
Companies, and (ii) no obligations (contingent or otherwise) of the Company or any of the other Group Companies to purchase, redeem or otherwise acquire any shares or any interest therein or to pay any dividend or make any other distribution in
respect thereof. 

  
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 (g) Conversion Shares. The Conversion Shares, if any when issued in accordance with the
terms of the Transaction Documents, will (i) have been duly authorized, validly issued, fully paid and nonassessable and (ii) be of the same type and class of securities as those offered in the IPO. Upon the conversion and registration of
the Investor in the register of members of the Company in accordance with the terms and conditions of the Transaction Documents, the Investor will acquire good and valid title to the Conversion Shares, free and clear of any Lien. 

(h) Litigation and Compliance. Other than as disclosed in the Draft Registration Statement, there is no action, suit or proceeding by
any Person pending or threatened, against the Group Companies or, to the best knowledge of the Company, against any of their directors or officers in connection with the Group Companies, before any Governmental Authority, except those, if determined
adversely to the Group Companies or any of their directors and executive officers, would not result in, individually or in the aggregate, a Material Adverse Effect (defined hereunder). The Group Companies are in compliance with all applicable laws
in all material respects. 
 (i) Registration Statement. The Company made available or delivered to the Investor true and complete
copies of the Draft Registration Statement. The Draft Registration Statement as the date thereof contained all material information about the Group Companies which is material to a reasonable and prudent investor for purposes of forming an informed
opinion of the assets and liabilities, business, financial condition, results of operation and prospects of the Group Companies, taken as a whole. The Draft Registration Statement did not contain as of the date thereof an untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The Final Registration Statement will not contain as of the closing date of the IPO an
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(j) Financial Statements. 

(A) The Draft Registration Statement contains the following financial statements: consolidated balance sheets of the Company as of
December 31, 2011 and 2012 and June 30, 2013, and the related consolidated statements of comprehensive income, cash flows and changes in shareholders’ equity (deficit) for each of the years during the three-year period ended
December 31, 2012 and the six month period ended June 30, 2013, and, together with the draft reports thereon of Ernst & Young Hua Ming LLP, independent registered public accounting firm, including in each case the notes thereto.
The Investor has also received and reviewed the consolidated balance sheets of the Company as of September 30, 2013, and the related consolidated statements of comprehensive income, cash flows and changes in shareholders’ equity (deficit)
for the nine month period ended September 30, 2013 and, together with the draft reports thereon of Ernst & Young Hua Ming LLP, including the notes thereto. All financial statements referred to under this subsection (A) are
collectively referred to as the “Financial Statements”. 
 (B) The Financial Statements (including the notes thereto)
fairly present, in all material respects, the financial condition and the results of operations, changes in shareholders’ or owners’ equity and cash flows of the Group Companies, as at the respective dates of and for the periods referred
to in such Financial Statements, all in accordance with U.S. generally accepted accounting principles. As of their respective dates, the Financial Statements did not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading. The Financial Statements reflect the consistent application of such accounting principles
throughout the periods involved. 

  
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 (k) Absence of Changes. Since September 30, 2013, each of the Group Companies has
conducted its business in all material respects only in the ordinary course consistent with past practice and there has not been any event, occurrence, change, violation, inaccuracy, circumstance or effect (regardless of whether or not such events,
occurrences, changes, violations, inaccuracies, circumstances or effects are inconsistent with the representations or warranties made by the Company in this Agreement) that is, or could reasonably be expected to be materially adverse to the
business, operations, condition (financial or otherwise), assets (tangible or intangible), liabilities, properties, or results of operations of the Group Companies taken as a whole (“Material Adverse Effect”), provided, however,
that in no event shall any of the following, alone or in combination, occurring after the date of this Agreement, be deemed to constitute a Material Adverse Effect, nor shall any event or occurrence, occurring after the date of this Agreement, to
the extent relating to or resulting from any of the following be taken into account in determining whether a Material Adverse Effect has occurred or would result: (1) changes in general economic, business or geopolitical conditions, or in the
financial, credit or securities markets in general (including changes in interest rates, exchange rates, stock, bond and/or debt prices); (2) changes or developments generally affecting any of the industries in which the Company or any Group
Company operates; (3) changes in laws applicable to the Group Companies or any of their respective properties or assets or changes in the applicable generally accepted accounting principles; (4) any natural or man-made disasters or acts of
war (whether or not declared), sabotage or terrorism, or armed hostilities, or any escalation or worsening thereof; (5) any changes directly and exclusively attributable to the entry into, announcement or performance of this Agreement and the
transactions contemplated hereby (including compliance with the covenants set forth herein and any action taken or omitted to be taken by any Group Company at the written request of the Investor); and (6) any shareholder litigation regarding
allegations of a breach of fiduciary duty or other violation of applicable law resulting directly and exclusively from this Agreement or the transactions contemplated by this Agreement. 

(l) Existing Indebtedness. The Company (excluding any other Group Companies) has no more than US$36,000,000 of outstanding
indebtedness, obligations and other liabilities, whether absolute, accrued, contingent, fixed or otherwise. 
 4.
Representations and Warranties of the Investor. The Investor represents and warrants to the Company, as of the date hereof and the date of the Closing, that: 

(a) Authority. The Investor has full legal power and authority to execute and deliver the Transaction Documents to which it is a
party. The execution, delivery and performance by the Investor of this Agreement and the other Transaction Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby (i) are within the power of
the Investor and (ii) have been duly authorized by all necessary actions on the part of the Investor. 

  
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 (b) Approvals. Except for those that have been obtained and assuming the accuracy of the
representations and warranties made by the Company in Section 3 of this Agreement, no consent, approval, qualification, order or authorization of, or designation, declaration or filing with, any Governmental Authority on the part of the
Investor is required in connection with the valid execution and delivery of this Agreement, or the consummation of the transactions contemplated hereunder. 

(c) Enforceability. Each of the Transaction Documents executed by the Investor has been duly executed and delivered by the Investor
and constitutes a valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’
rights generally and general principles of equity. 
 (d) Investment Intent; Capacity to Protect Interests. The Investor is
purchasing the Note held by the Investor solely for its own account for investment and not with a view to or for sale in connection with any distribution of the Note or any portion thereof and not with any present intention of selling, offering to
sell or otherwise disposing of or distributing the Note or any portion thereof in any transaction. The Investor also represents that the entire legal and beneficial interest of the Note is being purchased, and will be held, for the Investor’s
account only, and neither in whole or in part for any other Person. 
 (e) Regulation S Eligibility; Restriction on Resale. Such
Investor acknowledges that the Note to be purchased by such Investor is being offered and sold outside the United States pursuant to Regulation S under the Act. Such Investor is not a U.S. person as defined in Regulation S and is located outside of
the United States. Such Investor understands that the Note to be purchased by such Investor have not been registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person except
pursuant to an exemption from, or in a transaction not subject to the registration requirements under the Act. 
 (f) No Public
Market. The Investor understands that no public market now exists for the Note held by the Investor or the Conversion Shares, and that the Company has made no assurances that there will ever be a public market for the Note or the Conversion
Shares. 
 5. Negative Covenants. So long as the Note remains outstanding, the Company shall not, or shall cause any Group
Company not to, without the prior written consent of the Investor: 
 (a) Indebtedness. Be indebted, for borrowed money or
otherwise, or become liable for the obligation of any other party, except for the indebtedness of the Group Companies under this Agreement or incurred during the ordinary course of business. 

(b) Liens. Create, incur, assume or permit to exist any Lien on any Group Company’s material assets or property. 

(c) Dividends. Pay any dividends or purchase, redeem or otherwise acquire or make any distribution with respect to any of Group
Company’s capital stock. 
 (d) Loans/Investments. Make any loans or investments in excess of US$10 million, except accounts
receivables, temporary advances to cover incidental expenses or otherwise in the ordinary course of business. 

  
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 (e) Equity Financing. Enter into any agreements or commitments to authorize, create or
issue shares of any class or series in the Company, or any increase in the authorized or designated number of such new class or series, other than (i) the Note issued hereunder, (ii) new shares issued pursuant to the Company’s 2011
Share Incentive Plan, and (iii) the securities to be offered in the IPO. 
 (f) Sale of Asset. Sale or otherwise dispose of any
material asset of any of the Group Companies that accounts for more than 5% of the then total asset value of the Group Companies, other than the securities to be offered in the IPO. 

(g) Anti-Corruption. The Company undertakes that it shall not, and shall not permit any of its Subsidiaries or Affiliates or any of
its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to, promise, authorize or make any payment to, or otherwise contribute any item of value to, directly or indirectly, to any third
party, including any non-U.S. official, in each case, in violation of the Foreign Corrupt Practices Act of 1977 of the United States (“FCPA”), the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The
Company further undertakes that it shall, and shall cause each of its Subsidiaries and Affiliates to, cease all of its or their respective activities, as well as remediate any actions taken by the Company, its Subsidiaries or Affiliates, or any of
their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company further undertakes
that it shall, and shall cause each of its Subsidiaries and Affiliates to, maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with the FCPA, the U.K.
Bribery Act, or any other applicable anti-bribery or anti-corruption law. 
 6. Affirmative Covenants. 

(a) Concurrent Private Placement. The Parties hereby agree that Company shall sell and allot to the Investor, and the Investor shall
purchase from the Company, the Investment Securities in the amount of US$15 million pursuant to a transaction that shall close currently with the Company’s IPO and is exempted from the registration requirement of the Securities Act at a per
share price equal to the Per Share IPO Price, and the Investment Securities shall be subject to a six-month lock up period at the request of the Underwriter (the “Concurrent Private Placement”). 

(b) Notice of Litigation. So long as the Note remains outstanding, the Company shall provide to the Investor promptly after the
commencement thereof, notice of all actions, suits, and proceedings before any Governmental Authority against any Group Company that has an amount in controversy that exceeds US$400,000. 

(c) Notice of Events of Defaults. So long as the Note remains outstanding, the Company shall provide to the Investor, as soon as
possible and in any event within seven (7) Business Days after the occurrence thereof, with written notice of each event which either (i) is an Event of Default (as defined in the Note), or (ii) with the giving of notice or lapse of
time or both would constitute an Event of Default, in each case setting forth the details of such event and the action which is proposed to be taken by any Group Company with respect thereto. 

(d) Use of proceeds. The Company agrees and undertakes that proceeds from the issuance of the Note shall be used for working capital
purposes. 
 (e) Right to Appoint Director. For so long as the Investor remains a holder of the Note with an outstanding principal
amount of at least eight million U.S. dollars (US$8,000,000), the Investor shall be entitled to (i) nominate one (1) Director (the “Investor Director”) to the Board, and (ii) remove the Investor Director and to fill
any vacancy caused by the resignation, death or renewal of the Investor Director, and the Investor Director shall not be removed or replaced without prior written consent of the Investor. 

  
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 7. Replacement of the Note. Upon receipt by the Company of evidence reasonably
satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of the Note, the Company, at the expense of the Investor requesting such replacement, will execute and deliver a new Note executed in the same manner as the Note
being replaced, in the same principal amount as the unpaid principal amount of such Note and dated the date to which interest shall have been paid on such Note or, if no interest shall have yet been so paid, dated the date of such Note. 

8. Condition Precedent. 

8.1 The obligations of the Investor at the Closing under Section 2 hereof are subject to the fulfillment on or before the Closing of each
of the following conditions (unless otherwise waived, in whole or in part, in writing by the Investor): 
 (a) Representations and
Warranties. The representations and warranties contained in Section 3 shall be true and correct on and as of the date hereof, and shall be true and correct on and as of the Closing, with the same effect as though such representations and
warranties had been made on and as of the Closing. 
 (b) Performance. The Company shall have performed and complied with all
covenants, undertakings, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it at or before the Closing. 

(c) Corporate Approval. The Company shall have obtained necessary consents by the board and shareholders of the Company to approve
this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby (including, without limitation, the issuance and conversion of the Note), as required in the Corporate Constitution and applicable laws, and a copy
of such approval shall be provided to the Investor. 
 (d) Representation on the Board. A director nominated by the Investor (the
“Investor Director”) shall have been appointed to the board of directors of the Company, and the Company shall have delivered the updated register of directors to the Investor reflecting such appointment. 

(e) Legal Opinion. The PRC counsel of the Company shall have issued a PRC legal opinion to the Investor in substantially the same form
set forth in Exhibit B. 
 (f) Exchangeable Note. The closing of the issuance and sales of an exchangeable note in the principal
amount of US$5 million to the Investor by an existing shareholder of the Company shall have occurred. 
 (g) No Material Adverse
Effect. There shall have been no Material Adverse Effect on the Group Companies since the date of this Agreement. 
 (h) Closing
Certificate. The Company shall deliver to the Investor a closing certificate dated as of the date of the Closing, certifying that all conditions specified in this Section 8.1 have been fulfilled. 

  
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 8.2 The obligations of the Company at the Closing under Section 2 hereof are subject to the
fulfillment on or before the Closing of each of the following conditions (unless otherwise waived, in whole or in part, in writing by the Company): 

(a) Representations and Warranties. The representations and warranties contained in Section 4 shall be true and correct on and as
of the date hereof, and shall be true and correct on and as of the Closing, with the same effect as though such representations and warranties had been made on and as of the Closing. 

(b) Performance. The Investor shall have performed and complied with all covenants, undertakings, agreements, obligations and
conditions contained in this Agreement that are required to be performed or complied with by it at or before the Closing. 
 (c)
Corporate Approval. The Investor shall have obtained necessary consents and internal approvals to approve this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby. 

(d) Other Approval. The Investor has duly obtained any and all authorizations, approvals and permits that are required to be obtained
by the Investor under applicable law for the purchase of the Note. 
 (e) Concurrent Private Placement Agreement. The Company and
the Investor shall have entered into a definitive agreement contemplating the Concurrent Private Placement to the mutual satisfaction of the parties. 

9. Miscellaneous. 

(a) Waivers and Amendments. Any provision of this Agreement may be amended, waived or modified only upon the written consent of the
Company and the Investor. 
 (b) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York, without regard to the principles of conflicts of law thereof. 
 (c) Arbitration. Any dispute, controversy or
claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity hereof shall be submitted to the Hong Kong International Arbitration Centre for settlement by arbitration under the Hong Kong International
Arbitration Centre Administered Arbitration Rules in force at the time of the commencement of the arbitration. The place of arbitration shall be in Hong Kong. The arbitral proceedings shall be conducted in English. The arbitral tribunal shall be
composed of three arbitrators. One arbitrator shall be appointed by the Company, one arbitrator shall be appointed by the Investor, and the third arbitrator, who shall serve as chairman of the arbitration tribunal, shall be appointed through the
mutual agreement of the other two arbitrators. The arbitrators shall not have the power to add to, subtract from or modify any of the terms or conditions of this Agreement. The arbitrators shall be experienced and have knowledge in the subject
matter of the dispute. The resolution of any dispute by the arbitrators pursuant to this Section 9(c) shall be final, binding, conclusive and non-appealable on the parties to such dispute and may be enforced and entered as a judgment in any
court of law with jurisdiction thereof. The fees and disbursements of the arbitrators shall be allocated to the party against whom any dispute decided hereunder is resolved. Each of the parties hereby irrevocably agrees that any service of process
made with respect to a dispute under this Agreement may be made pursuant to the notice procedures set forth in Section 9(g). 

  
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 (d) Successors and Assigns. Subject to the restrictions on transfer described in
Section 9(e) below, the rights and obligations of the Company and the Investor shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties. 

(e) Assignment. 
 (i)
The Investor may freely assign this Agreement and the rights, interests and obligations hereunder to their respective Affiliates; and 

(ii) Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in
whole or in part, by the Company without the prior written consent of the Investor; 
 provided that any transferees shall agree in
writing to be bound by the terms and conditions of this Agreement. 
 (f) Entire Agreement. This Agreement together with the Note
constitute and contain the entire agreement between the Company and the Investor and supersede any and all prior agreements, negotiations, correspondence, understandings and communications among the parties, whether written or oral, respecting the
subject matter hereof; provide, however, that nothing in this Agreement shall be deemed to terminate or supersede the provisions of any confidentiality agreements executed by the parties hereto prior to the date of this Agreement, all of which
agreements shall continue in full force and effect until terminated in accordance with their respective terms. 
 (g) Notices. All
notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall in writing and faxed, mailed or delivered to each party as follows: 

If to the Investor: 
 Attn: Kok
Wai Yee 
 Suite 2215, 22/F 

Two Pacific Place, 88 Queensway 

Hong Kong 
 Fax: (852) 2501
5249 
 If to the Company: 

Attn: Zhengming Pan 
 500.com
Building 
 Shenxianling Sports Center 

Longgang District 
 Shenzhen,
518115 
 People’s Republic of China 

Fax: (86 755) 8379 6070 

  
 12 

 All such notices and communications shall be effective (a) when sent by any overnight service of recognized
standing, on the Business Day following the deposit with such service; (b) when mailed, by registered or certified mail, first class postage prepaid and addressed as aforesaid, upon receipt; (c) when delivered by hand, upon delivery; and
(d) when faxed, upon confirmation of receipt. 
 (h) Expenses. Each party shall bear its own expenses; provided, however, that
the Company shall reimburse the Investor for its costs and expenses not exceeding US$100,000 reasonably incurred in connection with the preparation, negotiation and execution of the Transaction Documents and the closing of the transactions
contemplated by the Transaction Documents (including without limitation the issuance of the Note and the Concurrent Private Placement). 

(i) Severability of this Agreement. The provisions of this Agreement shall be deemed severable. If any provision of this Agreement
shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

(j) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which
together shall be deemed to constitute one instrument. 
 [Signature Pages to Follow] 

  
 13 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered by
their proper and duly authorized officers as of the date and year first written above. 
  

					
	COMPANY:
	
	500.com Limited
		
	By:	 	 /s/ Man San Law

		 	Name:	 	Man San Law
		 	Title:	 	Chairman and Chief Executive Officer

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered by
their proper and duly authorized officers as of the date and year first written above. 
  

					
	INVESTOR:
	
	Sequoia Capital 2010 CGF Holdco, Ltd.
		
	By:	 	 /s/ KOK WAI YEE

		 	Name:	 	KOK WAI YEE
		 	Title:	 	Authorized Signatory

 EXHIBIT A 

FORM OF NOTE 
 THIS NOTE AND THE
SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS
PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM. 

500.COM LIMITED 

CONVERTIBLE PROMISSORY NOTE 
  

			
	 US$20,000,000
	 	            , 2013

 FOR VALUE RECEIVED, 500.com Limited, a company incorporated under the laws of the Cayman Islands (the
“Company”) promises to pay to Sequoia Capital 2010 CGF Holdco, Ltd., a company incorporated under the laws of the Cayman Islands (the “Investor”), or its registered assigns, in lawful money of the United States of
America the principal amount of Twenty Million Dollars ($20,000,000), or such lesser amount as shall equal the outstanding principal amount hereof, together with interest from the date of this Convertible Promissory Note (this
“Note”) on the unpaid principal balance at a rate equal to 10% per annum (subject to certain terms and conditions), computed on the basis of the actual number of days elapsed and a year of 365 days. All unpaid principal,
together with any then unpaid and accrued interest and other amounts payable hereunder, shall be due and payable on June 30, 2014 (the “Maturity Date”). 

The following is a statement of the rights of the Investor and the conditions to which this Note is subject, and to which the Investor, by the
acceptance of this Note, agrees: 
 1. Seniority. 

This Note shall rank pari passu to all other present and future unsubordinated and unsecured senior indebtedness of the Company. 

2. Prepayments. 

(a) Mandatory Prepayment. 

In the event of a Change in Control, the outstanding principal amount of this Note, plus all accrued and unpaid interest, in each case that
has not otherwise been converted into equity securities pursuant to Section 5, shall be due and payable immediately prior to the closing of such Change in Control. 

(b) Voluntary Prepayment. Except as provided in Section 2(a) above, the principal amount or interest accrued on this Note may not
be prepaid prior to the Maturity Date without the written consent of the Investor. 

 3. Events of Default. The occurrence of any of the following shall
constitute an “Event of Default” under this Note and the other Transaction Documents: 

(a) Failure to Pay. The Company shall fail to pay (i) when due any principal payment on the due date hereunder or (ii) any
interest payment or other payment required under the terms of this Note or any other Transaction Document on the date due and such payment shall not have been made within five (5) Business Days of the Company’s receipt of written notice to
the Company of such failure to pay; 
 (b) Breaches of Covenants. The Company shall fail to observe or perform any other covenant,
obligation, condition or agreement contained in this Note or the other Transaction Documents (other than those specified in Section 3(a) above) and such failure shall continue for ten (10) Business Days after the Company’s receipt of
written notice by the Investor of such failure; 
 (c) Representations and Warranties. Any representation, warranty, certificate, or
other statement (financial or otherwise) made or furnished by or on behalf of the Company to the Investor in writing in connection with this Note or any of the other Transaction Documents, or as an inducement to the Investor to enter into this Note
and the other Transaction Documents, shall be false, incorrect, incomplete or misleading in any material respect when made or furnished; 

(d) Other Payment Obligations. Defaults shall exist under any financing agreements of the Company with any third party or parties which
consists of the failure to pay any indebtedness for borrowed money at maturity or which results in a right by such third party or parties, whether or not exercised, to accelerate the maturity of such indebtedness for borrowed money of the Company,
in each case, in an aggregate amount in excess of US$5 million; 
 (e) Voluntary Bankruptcy or Insolvency Proceedings. The Company
shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) admit in writing its inability to pay its debts generally as they mature,
(iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to
itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other
proceeding commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; 
 (f) Involuntary
Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company, or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking
liquidation, reorganization or other relief with respect to the Company or any of the other Group Companies, or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for
relief entered or such proceeding shall not be dismissed or discharged within 45 days of commencement; 
 (g) Judgments. A final
non-appealable judgment, verdict or government order from any Governmental Authority (including without limitation, the Ministry of Finance) for the payment of money in excess of US$5 million shall be rendered against the Company and the same shall
remain undischarged for a period of 30 days during which execution shall not be effectively stayed, or any judgment, writ, assessment, warrant of attachment, or execution or similar process shall be issued or levied against a substantial part of the
property of the Group Companies, and such judgment, writ, or similar process shall not be released, stayed, vacated or otherwise dismissed within 30 days after issue or levy; and 

 (h) Termination of Material Contract. The service contract between Shenzhen E-Sun Sky
Network Technology Co., Ltd. and Jiangxi Sports Lottery Administration Center dated November 1, 2012 shall be terminated. 
 (i)
Revocation of MOF Approval. The approval of online lottery sales services for sports lottery products granted by the Ministry of Finance to Shenzhen E-Sun Sky Network Technology Co., Ltd. shall be revoked or terminated. 

(j) Removal of Board Representative. The Investor Director shall be removed without prior written consent of the Investor provided that
the Investor still holds the Note with an outstanding principal amount of no less than US$8 million. 
 4. Rights of the
Investor upon Default. Upon the occurrence of any Event of Default (other than an Event of Default described in Sections 3(e) or 3(f)) and at any time thereafter during the continuance of such Event of Default, the Investor may, by
written notice to the Company, declare all outstanding Obligations payable by the Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived,
anything contained herein or in the other Transaction Documents to the contrary notwithstanding. Upon the occurrence of any Event of Default described in Sections 3(e) and 3(f), immediately and without notice, all outstanding Obligations
payable by the Company hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other
Transaction Documents to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence and during the continuance of any Event of Default, the Investor may exercise any other right, power or remedy granted to it by the
Transaction Documents or otherwise permitted to it by law, either by suit in equity or by action at law, or both. 
 5.
Conversion. 
 (a) Automatic Conversion. If the closing of the IPO occurs prior to the Maturity Date, then upon the
closing of the IPO, all of the outstanding principal amount of this Note (but not any interest accrued) shall be automatically converted into fully paid and nonassessable Investment Securities at a price per share equal to the Conversion Price, and
the Note shall be deemed interest free during the period between the date hereof and the date of conversion. All such Investment Securities automatically converted from the Note shall be subject to a six-month lock up period at the request of the
Underwriter. 
 (b) Conversion Procedure. If this Note is to be automatically converted, written notice shall be delivered to the
Investor notifying the Investor of the conversion to be effected, specifying the Conversion Price, the principal amount of the Note to be converted, the date on which such conversion is expected to occur and calling upon the Investor to surrender to
the Company, in the manner and at the place designated, the Note. The Investor also agrees to deliver the original of this Note (or a notice to the effect that the original Note has been lost, stolen or destroyed and other evidence reasonably
satisfactory to the Company) at the closing of the IPO for cancellation; provided, however, that upon the closing of the IPO, this Note shall be deemed converted and of no further force and effect, whether or not it is delivered for
cancellation as set forth in this sentence. The Company shall, as soon as practicable thereafter, issue and deliver to the Investor a certificate or certificates for the Conversion Shares to which the Investor shall be entitled upon such conversion,
including a check payable to the Investor for any cash amounts payable as described in Section 5(c). Any conversion of this Note pursuant to Section 5(a) shall be deemed to have been made immediately prior to the closing of the IPO and on
and after such date the Persons entitled to receive the Conversion Shares issuable upon such conversion shall be treated for all purposes as the record holder of such shares. 

 (c) Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be
issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to the Investor upon the conversion of this Note, the Company shall pay to the Investor an amount equal to the product obtained by multiplying the Conversion
Price by the fraction of a share not issued pursuant to the previous sentence. Upon conversion of this Note in full and the payment of the amounts specified in this paragraph, Company shall be forever released from all its obligations and
liabilities under this Note and this Note shall be deemed of no further force or effect, whether or not the original of this Note has been delivered to the Company for cancellation. 

(d) Reservation of Shares Issuable Upon Conversion. The Company shall reserve and keep available out of its authorized but unissued
Investment Securities solely for the purpose of effecting the conversion of this Note such number of the Investment Securities as shall be sufficient to effect the conversion of this Note. 

6. Definitions. As used in this Note, the following capitalized terms have the following meanings: 

“Change in Control” means (a) the sale, lease or other disposition (in one or a series of related transactions) of all
or substantially all of the Company’s assets to one Person or a group of Persons acting in concert, (b) the sale, exchange or transfer, in one or a series of related transactions, of a majority of the outstanding share capital of the
Company to one Person or a group of Persons acting in concert, under circumstances in which the holders of the share capital of the Company immediately prior to such transaction beneficially own less than a majority in voting power of the
outstanding share capital of the Company or the acquiring Person immediately following such transaction, or (c) a merger, consolidation, amalgamation, recapitalization, reclassification, reorganization or similar business combination
transaction involving the Company under circumstances in which holders of the share capital of the Company immediately prior to such transaction beneficially own less than a majority in voting power of the outstanding share capital of the Company,
or the surviving or resulting corporation or acquirer, as the case may be, immediately following such transaction. 
 “Conversion
Price” shall mean a per share price equal to 80% of the Per Share IPO Price. For the avoidance of doubt, the Company and the Investor acknowledge that if and to the extent the Conversion Shares are Class B Ordinary Shares, the Conversion
Price defined hereof is based on the assumption that one Class B Ordinary Share is convertible into one share of the Listing Equity Securities; and should the conversion ratio between the Class B Ordinary Shares and the Listing Equity Securities be
different, the Company and the Investor shall proportionately adjust the Conversion Price in good faith to achieve an equitable result. 

 “Event of Default” has the meaning given in Section 3 hereof. 

“Investor” shall mean the Person specified in the introductory paragraph of this Note or any Person who shall at the time be
the registered holder of this Note. 
 “Obligations” shall mean and include all loans, advances, debts, liabilities and
obligations, howsoever arising, owed by the Company to the Investor of every kind and description, now existing or hereafter arising under or pursuant to the terms of this Note and the other Transaction Documents, including, all interest, fees,
charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Company hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent, due or to become due. 

“Per Share IPO Price” shall mean means the quotient obtained by dividing (a) the final initial public offering price per
ADS in the IPO by (b) the number of Listing Equity Securities each ADS represents. 
 “Purchase Agreement” shall mean
the Note Purchase Agreement dated as of October 20, 2013 (as amended, modified or supplemented), by and between the Company and the Investor. 

“Transaction Documents” shall mean this Note and the Purchase Agreement. 

Capitalized terms used but not defined in this Note have the same meaning as set forth in the Purchase Agreement. 

7. Miscellaneous. 

(a) Successors and Assigns; Transfer of this Note or Securities Issuable on Conversion Hereof. 

(i) Subject to the restrictions on transfer described in this Section 7(a), the rights and obligations of the Company and the Investor
shall be binding upon and benefit their respective successors, assigns, heirs, administrators and transferees. 
 (ii) The Investor may
freely assign this Note and the rights, interests and obligations hereunder to its Affiliate. The Investor shall not assign, transfer, sell or otherwise dispose of the Note to non-Affiliates without the Company’s prior written consent. 

(iii) Neither this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole
or in part, by the Company without the prior written consent of the Investor. 
 (b) Waiver and Amendment. Any provision of this Note
may be amended or modified upon the written consent of the Company and the Investor. Any waiver of any provision of this Note must be in a written form duly executed by the Company or the Investor against whom such waiver is to be enforced. 

(c) Notices. All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in
writing and faxed, mailed or delivered to each party at the respective addresses of the parties as set forth in the Purchase Agreement, or at such other address or facsimile number as the Company shall have furnished to the Investor in writing. All
such notices and communications will be deemed effectively given if delivered in the manner as set forth in the Purchase Agreement. 

 (d) Payment. Unless converted into the Company’s equity securities pursuant to the
terms hereof, payment shall be made in lawful tender of the United States. 
 (e) Default Rate; Usury. During any period in which an
Event of Default has occurred and is continuing, the Company shall pay interest on the unpaid principal balance hereof at a rate per annum equal to the rate otherwise applicable hereunder plus 3%. In the event any interest paid on this Note is
deemed to be in excess of the then legal maximum rate, then that portion of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of this Note.

 (f) Expenses; Waivers. If action is instituted to collect this Note, the Company promises to pay all costs and expenses,
including, without limitation, reasonable attorneys’ fees and costs, incurred in connection with such action. The Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all
other notices or demands relative to this instrument. 
 (g) Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of New York. 
 (h) Waiver of Jury Trial. By acceptance of this Note, the Investor hereby agrees and the Company
hereby agrees to waive their respective rights to a jury trial of any claim or cause of action based upon or arising out of this Note or any of the Transaction Documents. 

 IN WITNESS WHEREOF, Company has caused this Note to be issued as of the date first written
above. 
  

			
	500.com Limited
		
	By:	 	  

		 	Name:
		 	Title:

 Exhibit B – PRC Legal Opinion 

(Omitted)EX-4.5

 Exhibit 4.5 

EXECUTION VERSION 
  

 
  

SHARE PURCHASE AGREEMENT 
 by and
between 
 500.COM LIMITED 
 and

 SEQUOIA CAPITAL 2010 CGF HOLDCO, LTD 

OCTOBER 20, 2013 
  

 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 1.1
	 	 Definitions
	  	 	1	  
		
	 ARTICLE II PURCHASE AND SALE OF CLASS B ORDINARY SHARES
	  	 	3	  
	 2.1
	 	 Purchase and Sale of Post-IPO Class B Shares from the Company
	  	 	3	  
	 2.2
	 	 Closing
	  	 	3	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	4	  
	 3.1
	 	 Corporate Existence and Power
	  	 	4	  
	 3.2
	 	 Authorization; No Contravention
	  	 	4	  
	 3.3
	 	 Governmental Authorization; Third Party Consents
	  	 	4	  
	 3.4
	 	 Binding Effect
	  	 	4	  
	 3.5
	 	 Purchased Shares
	  	 	5	  
	 3.6
	 	 Private Offering
	  	 	5	  
	 3.7
	 	 Regulation S
	  	 	5	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
	  	 	5	  
	 4.1
	 	 Existence and Power
	  	 	5	  
	 4.2
	 	 Authorization; No Contravention
	  	 	5	  
	 4.3
	 	 Governmental Authorization; Third Party Consents
	  	 	6	  
	 4.4
	 	 Binding Effect
	  	 	6	  
	 4.5
	 	 Purchase for Own Account
	  	 	6	  
	 4.6
	 	 No General Solicitation
	  	 	6	  
	 4.7
	 	 Regulation S
	  	 	6	  
	 4.8
	 	 Disclosure
	  	 	6	  
	 4.9
	 	 Reliance
	  	 	6	  
		
	 ARTICLE V CONDITIONS TO THE OBLIGATION OF THE PURCHASER TO CLOSE
	  	 	7	  
	 5.1
	 	 Representations and Warranties
	  	 	7	  
	 5.2
	 	 Purchased Shares
	  	 	7	  
	 5.3
	 	 IPO
	  	 	7	  
		
	 ARTICLE VI CONDITIONS TO THE OBLIGATION OF THE COMPANY TO CLOSE
	  	 	7	  
	 6.1
	 	 Representations and Warranties
	  	 	7	  
	 6.2
	 	 IPO
	  	 	7	  
		
	 ARTICLE VII COVENANTS OF THE PARTIES
	  	 	8	  
	 7.1
	 	 No Registration
	  	 	8	  
	 7.2
	 	 Purchaser Undertaking
	  	 	8	  
	 7.3
	 	 Future Sale of Purchased Shares
	  	 	8	  
	 7.4
	 	 Specific Performance
	  	 	8	  

							
	 ARTICLE VIII
	  	 	8	  
	 8.1
	 	 Indemnification
	  	 	8	  
	 8.2
	 	 Limits on Indemnification
	  	 	9	  
		
	 ARTICLE IX TERMINATION OF AGREEMENT
	  	 	10	  
	 9.1
	 	 Termination
	  	 	10	  
	 9.2
	 	 Survival
	  	 	10	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	10	  
	 10.1
	 	 Survival of Representations and Warranties
	  	 	10	  
	 10.2
	 	 Notices
	  	 	10	  
	 10.3
	 	 Successors and Assigns; Third Party Beneficiaries
	  	 	11	  
	 10.4
	 	 Amendment and Waiver
	  	 	11	  
	 10.5
	 	 Counterparts
	  	 	12	  
	 10.6
	 	 Headings
	  	 	12	  
	 10.7
	 	 Governing Law
	  	 	12	  
	 10.8
	 	 Waiver of Jury Trial
	  	 	12	  
	 10.9
	 	 Severability
	  	 	12	  
	 10.10
	 	 Rules of Construction
	  	 	13	  
	 10.11
	 	 Entire Agreement
	  	 	13	  
	 10.12
	 	 Public Announcements
	  	 	13	  
	 10.13
	 	 Further Assurances
	  	 	13	  

 SHARE PURCHASE AGREEMENT 

THIS SHARE PURCHASE AGREEMENT is dated October 20, 2013 (this “Agreement”), by and between 500.com, Limited (the
“Company”) and Sequoia Capital 2010 CGF Holdco, Ltd. (the “Purchaser”). 
 WHEREAS, as of the date of this
Agreement, the Company has no more than 230,768,220 shares of ordinary shares (the “Shares”) issued and outstanding. 

WHEREAS, upon the closing of the IPO (as defined below) and the adoption by the Company of the Restated M&A (as defined below), certain
number of Class A ordinary shares (“Post-IPO Class A Shares”), par value US$0.00005 per share, will be issued and each of them will entitle its holder to one vote per Post-IPO Class A Share, and the Ordinary Shares
currently outstanding will be converted into Class B ordinary shares (“Post-IPO Class B Shares”), par value US$0.00005 per share, which will entitle such holders to ten votes per Post-IPO Class B Share. 

WHEREAS, upon the terms and conditions set forth in this Agreement, the Company proposes to sell to the Purchaser that number of Post-IPO
Class B Shares equal to FIFTEEN MILLION U.S. DOLLARS (US$15,000,000) divided by the IPO Price (as defined below), at a purchase price per Post-IPO Class B Share equal to the IPO Price. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1
Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms have the meanings indicated: 

“ADS” means the American depositary shares representing the underlying Post-IPO Class A Shares. 

“Affiliate” shall mean any Person who is an “affiliate” as defined in Rule 12b-2 of the General Rules
and Regulations under the Exchange Act. 
 “Agreement” has the meaning set forth in the preamble to this Agreement. 

“Authorization” has the meaning set forth in Section 3.3 of this Agreement. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in Shanghai, Hong Kong or
New York are authorized or required by law or executive order to close. 
 “Claims” has the meaning set forth in
Section 3.2 of this Agreement. 

 “Closing” has the meaning set forth in Section 2.2 of this Agreement. 

“Closing Date” has the meaning set forth in Section 2.2 of this Agreement. 

“Commission” means the United States Securities and Exchange Commission or any similar agency then having jurisdiction to
enforce the Securities Act. 
 “Company” has the meaning set forth in the preamble to this Agreement. 

“Company Warranties” means the representations and warranties made by the Company in Article III of this Agreement. 

“Contractual Obligations” means, as to any Person, any provision of any security issued by such Person or of any agreement,
undertaking, contract, indenture, mortgage, deed of trust or other instrument to which such Person is a party or by which it or any of its property is bound. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission thereunder. 
 “Governmental Authority” means the government of any nation, state, city, locality or other
political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership
or otherwise, by any of the foregoing. 
 “IPO” means the Company’s proposed initial public offering of its ADS on the
New York Stock Exchange pursuant to an effective registration statement on Form F-1 under the Securities Act. 
 “IPO
Price” means the quotient obtained by dividing (a) the final initial public offering price per ADS in the IPO by (b) the number of Post-IPO Class A Shares each ADS represents. 

“Lien” means (a) any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, deed of
trust, title retention, security interest or other encumbrance of any kind, including any right granted by a transaction which, in legal terms, is not the granting of security but which has an economic or financial effect similar to the granting of
security under applicable law, (b) any proxy, power of attorney, voting trust agreement, interest, option, right of first offer, negotiation or refusal or transfer restriction in favor of any Person and (c) any adverse claim as to title,
possession or use. 
 “Long Stop Date” means June 30, 2014, or such later date as the Company and the Purchaser
mutually agree. 
 “Orders” has the meaning set forth in Section 3.2 of this Agreement. 

  
 2 

 “Person” means any individual, firm, corporation, partnership, trust,
incorporated or unincorporated association, joint venture, joint stock company, limited liability company, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 

“Post-IPO Class A Shares” has the meaning set forth in the recitals to this Agreement. 

“Post-IPO Class B Shares” has the meaning set forth in the recitals to this Agreement. 

“Purchased Shares” means the Post-IPO Class B Shares purchased by the Purchaser simultaneously with the closing of the IPO
pursuant to Section 2.1. 
 “Purchaser” has the meaning set forth in the preamble to this Agreement. 

“Regulation S” means Regulation S under the Securities Act. 

“Restated M&A” means the amended and restated memorandum and articles of association of the Company that will take effect
upon the closing of the IPO. 
 “Requirement of Law” means, as to any Person, any law, statute, treaty, rule, regulation,
right, privilege, qualification, license or franchise or determination of an arbitrator or a court or other Governmental Authority or stock exchange, in each case applicable or binding upon such Person or any of its property. 

“Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations of the Commission
thereunder. 
 “US$” means United States Dollars, the lawful currency of the United States of America. 

ARTICLE II 
 PURCHASE
AND SALE OF CLASS B ORDINARY SHARES 
 2.1 Purchase and Sale of Post-IPO Class B Shares from the Company. Subject to the
terms and conditions herein set forth, the Company agrees to sell to the Purchaser, and the Purchaser agrees to purchase from the Company, on the Closing Date, that number of Post-IPO Class B Shares equal to FIFTEEN MILLION U.S. DOLLARS
(US$15,000,000) divided by the IPO Price, at a purchase price per Post-IPO Class B Share equal to the IPO Price. Each of the transactions contemplated pursuant to this Section 2.1 shall be conducted in an “offshore transaction” in
accordance with Regulation S. 
 2.2 Closing. Unless this Agreement has been terminated in accordance with Section 9.1, the
closing of the sale and purchase of the Purchased Shares (the “Closing”) shall take place remotely via electronic exchange of documents simultaneously with the closing of the IPO, or at such other time, place and date that the
Company and the Purchaser may agree in writing (the “Closing Date”); provided, however, that in no event shall the Closing Date be later than the closing of the IPO. On the Closing Date, (a) the Company shall
deliver to the Purchaser a certified copy of the Company’s register of members, in which the name of the Purchaser will be included as the holder of the Purchased Shares and (b) the Purchaser shall pay the purchase price for its Purchased
Shares by wire transfer of immediately available funds to such account or accounts as designated by the Company. 

  
 3 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to the Purchaser on and as of the date hereof as follows: 

3.1 Corporate Existence and Power. The Company (a) is a corporation duly organized and validly existing under the laws of the
jurisdiction of its incorporation or formation and (b) has the requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 

3.2 Authorization; No Contravention. The execution, delivery and performance by the Company of this Agreement and the transactions
contemplated hereby (a) have been duly authorized by all necessary corporate action of the Company, (b) do not contravene the terms of the Company’s memorandum and articles of association or by-laws, or any amendment thereto,
(c) do not violate, conflict with or result in any breach or default of (or with due notice or lapse of time or both would result in any breach, default or contravention of), or the creation of any Lien under, any Contractual Obligation of the
Company or any Requirement of Law applicable to the Company, and (d) do not violate any judgment, injunction, writ, award, decree or order (collectively, “Orders”) of any Governmental Authority against, or binding upon, the
Company. There are no actions, suits, proceedings, claims, complaints, disputes, arbitrations or investigations (collectively, “Claims”) pending or, to the knowledge of the Company, threatened, at law, in equity, in arbitration or
before any Governmental Authority against the Company which, if determined adversely to the Company, would interfere with the consummation of the transactions contemplated by this Agreement, other than any routine or administrative actions which may
have to be taken by the Company pursuant to such Claims in order to consummate the transactions contemplated by this Agreement. 
 3.3
Governmental Authorization; Third Party Consents. No consent, approval, authorization, order, registration or qualification (each, an “Authorization”) of or with any Governmental Authority or any other Person is required for
the execution, delivery or performance (including, without limitation, the sale of the Purchased Shares) by, or enforcement against, the Company of this Agreement or the consummation by the Company of the transactions contemplated by this Agreement,
except (i) such Authorizations as have already been obtained or (ii) as otherwise provided in this Agreement. 
 3.4 Binding
Effect. This Agreement has been duly executed and delivered by the Company, and constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 

  
 4 

 3.5 Purchased Shares. At the time of issuance, all of the Purchased Shares will be
(i) issued and granted in compliance with all applicable laws and (ii) duly authorized, validly issued, fully paid and nonassessable and are free and clear of all Liens. Upon the Purchaser’s name being entered into the registered
members of the Company as the holder of the Purchased Shares, the Purchaser shall acquire good and valid title to such Purchased Shares, free and clear of all Liens. 

3.6 Private Offering. No registration of the Purchased Shares, pursuant to the provisions of the Securities Act or any state securities
or “blue sky” laws, will be required by the sale of the Purchased Shares in the manner contemplated in Section 2.1 herein. The Company agrees that neither it, nor anyone acting on its behalf, shall offer to sell the Purchased Shares
or any other securities of the Company so as to require the registration of the Purchased Shares pursuant to the provisions of the Securities Act or any state securities or “blue sky” laws. 

3.7 Regulation S. None of the Company or any of its Affiliates or any other person acting on its or their behalf (other than the
underwriters of the IPO, for which the Company makes no representation or warranty) engaged in any directed selling efforts within the meaning of Regulation S, and all such persons have complied with the offering restrictions requirement of
Regulation S. The sale of the Purchased Shares pursuant to Regulation S is not part of a plan or scheme to evade the registration provisions of the Securities Act. 

3.8 Registration Statement. As of the Closing Date, the final registration statement on form F-1 to be filed with and declared
effective by the Commission for the purpose of registering the Post-IPO Class A Shares with the Commission in connection with the IPO will not contain an untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser hereby represents and warrants to the Company on and as of the date hereof as follows: 

4.1 Existence and Power. The Purchaser (a) is a corporation duly organized and validly existing under the laws of the jurisdiction
of its incorporation or formation and (b) has the requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 

4.2 Authorization; No Contravention. The execution, delivery and performance by the Purchaser of this Agreement and the transactions
contemplated hereby (a) have been duly authorized by all necessary corporate action of the Purchaser, (b) do not contravene the terms of the Purchaser’s organizational documents, or any amendment thereto, (c) do not violate,
conflict with or result in any breach or default of (or with due notice or lapse of time or both would result in any breach, default or contravention of), or the creation of any Lien under, any Contractual Obligation of the Purchaser or any
Requirement of Law applicable to the Purchaser, and (d) do not violate any Orders of any Governmental Authority against, or binding upon, the Purchaser. There are no Claims pending or, to the knowledge of the Purchaser, threatened, at law, in
equity, in arbitration or before any Governmental Authority against the Purchaser which, if determined adversely to the Purchaser, would interfere with the consummation of the transactions contemplated by this Agreement, other than any routine or
administrative actions which may have to be taken by the Purchaser pursuant to such Claims in order to consummate the transactions contemplated by this Agreement. 

  
 5 

 4.3 Governmental Authorization; Third Party Consents. No Authorization of or with any
Governmental Authority or any other Person is required in connection with the execution, delivery or performance by, or enforcement against, the Purchaser of this Agreement or the transactions contemplated by this Agreement, except (i) such
Authorizations as have already been obtained or (ii) as otherwise provided in this Agreement. 
 4.4 Binding Effect. This
Agreement has been duly executed and delivered by the Purchaser and constitutes the legal, valid and binding obligations of the Purchaser, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 

4.5 Purchase for Own Account. The Purchased Shares to be acquired by the Purchaser pursuant to this Agreement are being acquired for
its own account for investment only, and not with a view to, or for sale in connection with, any distribution of such Purchased Shares or any part thereof in any transaction that would be in violation of the securities laws of the United States of
America. The Purchaser understands and agrees that such Purchased Shares have not been registered under the Securities Act and cannot be sold, transferred or otherwise disposed of except in compliance with the Securities Act. 

4.6 No General Solicitation. The Purchaser (i) was not identified or contacted through the marketing of the IPO and (ii) did
not contact the Company or the Company as a result of any general solicitation. 
 4.7 Regulation S. The Purchaser (i) is not a
U.S. Person (as defined in Rule 902 of Regulation S), (ii) is outside the United States and is undertaking any transaction contemplated in this Agreement as an offshore transaction (as defined in Rule 902 of Regulation S) and (iii) is
acquiring the Purchased Shares for its own account and not with a view to the distribution of the Purchased Shares. 
 4.8
Disclosure. The Purchaser (i) is sufficiently experienced in financial and business matters to be capable of evaluating the merits and risks involved in purchasing the Purchased Shares and to make an informed decision relating thereto,
(ii) has the ability to bear the economic risk of the Purchaser’s prospective investment in the Purchased Shares, (iii) has been furnished with, and has carefully reviewed, all materials that it considers relevant to an investment in
the Purchased Shares and (iv) has had a full opportunity to ask questions of and receive answers from the Company or any Person or Persons acting on behalf of the Company concerning the terms and conditions of an investment in the Purchased
Shares. 
 4.9 Reliance. The Purchaser is not relying upon, and has not relied upon, any statement, representation or warranty made
by any Person, including, without limitation, the placement agents and the underwriters in the IPO, except for the statements, representations and warranties contained in this Agreement. 

  
 6 

 ARTICLE V 

CONDITIONS TO THE OBLIGATION 

OF THE PURCHASER TO CLOSE 

The obligation of the Purchaser to purchase the Purchased Shares, to pay the purchase price therefor at the Closing and to perform its
obligations hereunder shall be subject to the satisfaction, or waiver by the Purchaser of the following conditions on or before the Closing Date: 

5.1 Representations and Warranties. The Company Warranties (other than the Company Warranties set forth in Section 3.8) shall be
true and correct in all material respects (except for the Company Warranties contained in Section 3.2 and Section 3.5, which shall be true and correct in all respects) on and as of the Closing with the same effect as though such
representations and warranties had been made on and as of the Closing Date. 
 5.2 Purchased Shares. The Company shall have delivered
to the Purchaser a certified copy of the register of members of the Company evidencing title to the Purchased Shares. 
 5.3 IPO. The
Company’s Registration Statement on Form F-1 shall have been declared effective by the Commission, such Registration Statement shall remain effective, no stop order shall have been issued by the Commission against such Registration Statement
and the Company shall have, simultaneously with the Closing, consummated the IPO (other than with respect to any Post-IPO Class A Shares sold pursuant to any over-allotment option exercisable by the underwriters of the IPO). 

ARTICLE VI 
 CONDITIONS
TO THE OBLIGATION 
 OF THE COMPANY TO CLOSE 

The obligation of the Company to sell the relevant number of Purchased Shares to the Purchaser and to perform its other obligations hereunder
shall be subject to the satisfaction, or waiver by the Company, of the following conditions on or before the Closing Date: 
 6.1
Representations and Warranties. The representations and warranties of the Purchaser contained in Article IV shall be true and correct in all material respects (except for the representations and warranties contained in Section 4.2, which
shall be true and correct in all respects) on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing Date. 

6.2 IPO. The Company’s Registration Statement on Form F-1 shall have been declared effective by the Commission, such Registration
Statement shall remain effective, no stop order shall have been issued by the Commission against such Registration Statement and the Company shall have, simultaneously with the Closing, consummated the IPO. 

  
 7 

 ARTICLE VII 

COVENANTS OF THE PARTIES 

7.1 No Registration. The Purchaser acknowledges and agrees that the Purchased Shares have not been registered under the Securities Act
and that the Purchased Shares cannot be sold, transferred or otherwise disposed of unless the Purchased Shares are registered under the Securities Act and qualified under state law or unless an exemption from such registration and such qualification
is available. 
 7.2 Purchaser Undertaking. The Purchaser shall take all actions (including, without limitation, obtaining all
routine or administrative actions and Authorizations under Article IV) necessary or appropriate to consummate the transactions contemplated under this Agreement. The Purchaser shall comply with the requirements of Regulation S in undertaking any
transaction contemplated in this Agreement. 
 7.3 Future Sale of Purchased Shares. The Purchaser agrees that for a period of six
months, not to (i) sell, offer to sell, contract or agree to sell, grant or sell any option, warrant, contract or right to subscribe for or purchase, either directly or indirectly, conditionally or unconditionally, any Purchased Shares,
(ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Purchased Shares, or (iii) enter into any transactions with the same economic effect as any
transaction specified in (i) or (ii) above. 
 7.4 Specific Performance. The parties hereto agree that irreparable damage
would occur in the event any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity.

 ARTICLE VIII 
 8.1
Indemnification. Subject to the limitations set forth in Section 8.2, each party hereto (an “Indemnifying Party”) agrees to indemnify, defend and hold harmless the other party and its Affiliates and their respective
officers, managers, directors, agents, employees, subsidiaries, partners, members and controlling persons (each, an “Indemnified Party”) to the fullest extent permitted by law from and against any and all losses, claims, or written
threats thereof (including, without limitation, any claim by a third party), damages, expenses reasonably incurred (including reasonable fees, disbursements and other charges of counsel incurred by the Indemnified Party in any action between the
Indemnifying Party and the Indemnified Party) or other liabilities (collectively, “Losses”) resulting from or arising out of any breach of any representations and warranties set forth in Article III or Article IV, as the case may
be, or any covenant or agreement by the Company or the Purchaser, as the case may be, in this Agreement. 

  
 8 

 8.2 Limits on Indemnification. 

(a) Absent fraud or willful or intentional misconduct, the indemnification and contribution provided by the Indemnifying Party pursuant to
Section 8.1 shall be the sole and exclusive remedy for any Losses. 
 (b) No indemnity claim under this Article VIII is payable until
it has been established in a final non-appealable order, judgment or adjudication established pursuant to the dispute resolution mechanism set forth in Section 10.7. The amount of any payment by the Indemnifying Party to the Indemnified Parties
under this Article VIII in respect of Losses resulting from or arising out of any indemnification or contribution claim made pursuant to Section 8.1 shall in no event exceed 20% of the aggregate purchase price paid to the Company by the
Purchaser in consideration of the Purchased Shares. The Indemnifying Party shall not be liable for any claim for any indemnification under this Article VIII unless and until the amount that would be recoverable from the Indemnifying Party in respect
of that claim, when aggregated with any other amount or amounts recoverable in respect of other Claims, exceeds US$1,000,000, in which case the Indemnified Party shall be entitled to claim for the total amount that is recoverable from all Claims and
not just the excess above US$1,000,000 (the “Basket”), provided no amount of an individual Claim is recoverable or may count toward the Basket if such individual Claim does not exceed US$500,000. 

(c) No Loss caused by change after the date hereof of law, regulation or governmental policy is recoverable. The Indemnified Party shall not
be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity more than once in respect of any one matter giving rise to more than one Claim. 

(d) Any indemnity claim shall be deemed to have been withdrawn within three (3) months after an indemnification notice is given, unless
legal proceedings (including arbitration proceedings) in respect of it have been commenced by reference to the dispute resolution mechanism set forth in Section 10.7. No new Claim may be made in respect of the facts, matters, events or
circumstances giving rise to any such withdrawn claim. 

  
 9 

 ARTICLE IX 

TERMINATION OF AGREEMENT 

9.1 Termination. This Agreement may be terminated (i) at any time on or prior to the Closing Date, by mutual written consent of
the Company and the Purchaser or (ii) by either the Company or the Purchaser after the Long Stop Date; provided, however, that this Agreement may not be terminated pursuant to this Section 9.1 after the effective date of the
Registration Statement on Form F-1 unless the Underwriting Agreement is terminated prior to the closing of the IPO. If this Agreement so terminates, it shall become null and void and have no further force or effect, except as provided in
Section 9.2. 
 9.2 Survival. If this Agreement is terminated and the transactions contemplated hereby are not consummated as
described above, (a) this Agreement shall become void and of no further force and effect; except for the provisions of this Section 9.2, and (b) none of the parties hereto shall have any liability for speculative, indirect,
unforeseeable or consequential damages or lost profits resulting from any legal action relating to any termination of this Agreement. 

ARTICLE X 

MISCELLANEOUS 
 10.1
Survival of Representations and Warranties. The Company Warranties and the representations and warranties of the Purchaser contained in Article IV shall survive the execution and delivery of this Agreement until six months after the Closing
Date, except for the representations and warranties in Section 3.5, which shall survive indefinitely. All of the covenants and other agreements set forth in this Agreement shall survive the execution and delivery of this Agreement. 

10.2 Notices. All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be
by registered or certified first-class mail, return receipt requested, facsimile, courier service or personal delivery: 
 if to the
Company: 
 500.com Building 

Shenxianling Sports Center 

Longgang District 
 Shenzhen,
518115 
 People’s Republic of China 

(86 755) 8633 0000 

  
 10 

 with a copy (which shall not constitute notice) to: 

Simpson Thacher & Bartlett 

35th Floor, ICBC Tower 

3 Garden Road 
 Central, Hong Kong

 Facsimile: +852-2869-7694 

Email:        clin@stblaw.com 

Attention:  Chris K.H. Lin, Esq. 

if to the Purchaser: 
 Attn: Kok
Wai Yee 
 Suite 2215, 22/F 

Two Pacific Place, 88 Queensway 

Hong Kong 
 Fax: (852) 2501
5249 
 All such notices, demands and other communications shall be deemed to have been duly given (i) when delivered by hand, if
personally delivered; (ii) three (3) Business Days after being sent, if sent via a reputable nationwide overnight courier service guaranteeing next business day delivery; (iii) five (5) Business Days after being sent, if sent by
registered or certified mail, return receipt requested, postage prepaid; and (iv) when receipt is mechanically acknowledged, if sent by facsimile. Any party may by notice given in accordance with this Section 10.2 designate another address
or Person for receipt of notices hereunder. Any party may give any notice, request, consent or other communication under this Agreement using any other means (including, without limitation, personal delivery, messenger service, first class mail or
electronic mail), but no such notice, request, consent or other communication shall be deemed to have been duly given unless and until it is actually received by the party to whom it is given. 

10.3 Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon
the successors and permitted assigns of the parties hereto. Either party may assign any of its rights under this Agreement to any of its Affiliates; provided, that any such Affiliates also assume such party’s obligations under this
Agreement. Except as provided in Article III, Article IV, Article VIII, Article IX and Section 10.4(b), no Person other than the parties hereto and their successors and permitted assigns is intended to be a beneficiary of this Agreement.

 10.4 Amendment and Waiver. 

(a) No failure or delay on the part of the Company or the Purchaser in exercising any right, power or remedy hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

(b) Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement, and any
consent to any departure by the Company or the Purchaser from the terms of any provision of this Agreement, shall be effective (i) only if it is made or given in writing and signed by the Company and the Purchaser, and (ii) only in the
specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on the Company in any case shall entitle the Company to any other or further notice or
demand in similar or other circumstances. 

  
 11 

 10.5 Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

10.6 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
 10.7 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. The parties hereto irrevocably submit to the exclusive jurisdiction of any state or federal court sitting in the County of New York, in the State of New York over any suit,
action or proceeding arising out of or relating to this Agreement or the affairs of the Company. To the fullest extent they may effectively do so under applicable law, the parties hereto irrevocably waive and agree not to assert, by way of motion,
as a defense or otherwise, any claim that they are not subject to the jurisdiction of any such court, any objection that they may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and
any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 
 10.8 Waiver of
Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS
APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.8. 
 10.9 Severability. If any one
or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof. 

  
 12 

 10.10 Rules of Construction. Unless the context otherwise requires, references to sections
or subsections refer to sections or subsections of this Agreement. 
 10.11 Entire Agreement. This Agreement, together with the
schedules hereto are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.
There are no restrictions, promises, representations, warranties or undertakings, other than those set forth or referred to herein. This Agreement, together with the exhibits and schedules hereto supersedes all prior agreements and understandings
between the parties with respect to such subject matter. 
 10.12 Public Announcements. Neither the Company nor the Purchaser will
issue any press release or make any public statements with respect to this Agreement or the transactions contemplated hereby without the prior written consent of the other parties hereto, except to the extent such party reasonably believes such
press release or public statement is required by applicable law or stock market regulations; provided however, before making such press release or public statement, the disclosing party shall give the non-disclosing party reasonable prior notice and
opportunity to review such press release and/or public statement. The Purchaser agrees to keep strictly confidential any non-public information received from the Company under this Agreement. Notwithstanding the foregoing, the Purchaser may make
reasonable public statement consistent with prior public statement otherwise permitted under this Section 10.12 after the IPO. 
 10.13
Further Assurances. Each of the parties shall execute such documents and perform such further acts (including, without limitation, obtaining any consents, exemptions, authorizations or other actions by, or giving any notices to, or making any
filings with, any Governmental Authority or any other Person) as may be reasonably required or desirable to carry out or to perform the provisions of this Agreement. 

[Signature Pages Follow] 

  
 13 

 IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this Share
Purchase Agreement on the date first written above. 
  

			
	500.COM LIMITED
		
	By:	 	 /s/ Man San Law

	Name:	 	Man San Law
	Title:	 	Chairman and Chief

 
			
	SEQUOIA CAPITAL 2010 CGF HOLDCO, LTD
		
	By:	 	 /s/ KOK WAI YEE

	Name:	 	KOK WAI YEE
	Title:	 	Authorized Signatory

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