According to the Guangzhou Daily, Yao Ming, the retired Chinese professional basketball player, has set up a new company, the “China Professional League Basketball Club (Beijing) Ltd”  (Chinese: 中职联篮球俱乐部（北京）股份有限公司), with RMB 45 million registered capital. The company, officially founded on February 14th, is located in Shijingshan District, Beijing.

As stated in the report, 18 of 20 Chinese Basketball Association (CBA) clubs have become the company’s stakeholders. Shanxi Zhongyu Dragons and Zhejiang Golden Bulls are the only two clubs that are absent.

Yao, as a legal representative of the company, has been appointed President and General Manager of the newly-established entity.

As Yutang reported in January, an agreement was reached at that time to set up a  non-government management company for the CBA, the men's professional basketball league in China. According to several sources, the main businesses of the company are sports management (excluding high risk sports), sports venue operation (excluding swimming centers), sports goods retailing, events organization and sports consultation. 

Proofread by John Devlin.