Beijing-based Baofeng Technology is looking to set up a sports company, to become more focused on its sports business.

It is reported that Baofeng Technology, Baofeng Xinhui, Tianjin Kunti and Baofeng Xinti will set up an RMB 100 million fund to support the new company. Baofeng Technology’s controlling shareholder Baofeng Xinhui, controlled by Feng Xin, will hold a 57.878% stake in the new company.

As revealed in a recent story, Baofeng Technology will be renamed the Baofeng Group from July 6th. A news conference will be held tommorrow (July 7th) to launch the new company Baofeng Sports.

The new sports company is expected to cover businesses including culture and art communication, R&D for wireless data terminals, sports operation, e-products sales, sportswear sales and a ticketing agency.  

According to earlier reports, Baofeng Technology and Everbright Securities have acquired a 65% stake in MP & Silva, an Italian-owned media rights agency. This deal is reported to be worth more than US$1 billion.

Source: ifeng

Proofread by Sean O Diobhilin