NEW YORK (TheStreet) -- Shares of 500.com (WBAI) - Get Report are gaining by 1.15% to $20.25 on heavy trading volume on Wednesday as the company appointed a new independent director.

About 776,882 shares of 500.com were traded by this afternoon, well over the company's average of 394,261 shares per day.

The China-based online sports lottery service announced that Angel Yan Ki Wong has been appointed as a new independent director and chairwoman of the audit committee of the board of directors.

Wong is the president and executive director of Advanced Capital, a financial and consulting firm for companies seeking IPOs and mergers and acquisitions.

Additionally, directors Catherine Qin Zhang, Jeffrey R Williams, Zhe Wei and Jun Niu have stepped down from the 500.com board, according to a company statement.

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