Prime Capital cuts odds on 500.com

Prime Capital Management Co, the Hong Kong-based hedge fund, is scaling back its wager on 500.com Ltd, which analysts said underlined its concern about the online bookmaker's viability.

The fund has cut its stake in the Shenzhen, China-based company to $27 million as of Oct 29, from about $93 million a week earlier, regulatory filings show.

Prime Capital now controls less than 5 percent of 500.com's United States-traded shares, after previously being the largest stakeholder at 16 percent.