China United Travel CO., Ltd, a public-listed company focusing on resorts and tourism businesses, has its subsidiary established an investment fund for the sports industry with two other companies. The parties signed relevant documents on October 9.
The other two companies belong to a financial management group Huashe Wealth. The subsidiary of China United Travel offers 10 million yuan and owns 20 percent of the fund; the other two companies together own 80 percent of the fund with a price of 40 million yuan.
The newly established center is named as Suzhou Industrial Park Hualv Xinji Sports Investment Centre.
The fund is targeted at the following kinds of businesses: sports marketing and sports media companies; sports advertisement companies; event management, event broadcasting rights, market development and advertisement representation; operation of sports avenues; and other relevant Chinese and overseas sports properties.
China United Travel say that this is used to improve the business structure of the company itself, to create its competitiveness in the sports industry, and to make contributions to the Chinese sports industry.
Source: cs.com.cn