A subsidiary of China United Travel Co. Ltd. (UCTC) is set to buy into a Beijing sports company for RMB150 million through its newly established sports investment fund, according to an announcement from CUTC.

The soon-to-be-sealed deal will see UCTC’s subsidiary investment fund acquire a 51% stake in the company named Beijing Yingbo Xuncai Network Technology Limited, marking the first attempt of the sports-oriented investment fund to tap into the sports industry in China.

Yingbo Xuncai, co-founded by renowned Chinese sports commentator Huang Jiangxiang and sports reporter Yang Xiaohua, promises the company will guarantee growing profitability for the following three years once the equity exchange is completed.

As a soccer-oriented company, Yingbo Xuncai covers sports lottery information services as well as online fans’community and talk shows by Mr Jianxiang,a former soccer commentator at CCTV 5.

China United Travel Co. Ltd. is a publicly listed company specialising in tourism and has now entered China’s growing sports industry by setting up this joint sports investment fund with two other Chinese companies.

Source: Ifeng

Proofread by John Devlin.