The sports industrial fund Yao Capital has recently completed a multi million dollar strategic investment in Formula E (FE). This fund was co-founded by Yao Ming and other famous Chinese sports professionals.
As the only international electric-powered car championship, FE has obtained an exclusive license for 25 years from the FIA (Fédération Internationale de l'Automobile). The inaugural championship was held in Beijing in September 2014.
FE has a close relationship with China. Its first championship was held in Beijing, and the first race this season was held in Hong Kong. Among the 10 participating formula E teams, there are 3 teams with a strong Chinese background: NextEV, Dragon Racing (LeEco FF) and Techettah (SECA). There is also a Chinese driver, Ma Qinghua, in the Techettah team.
People involved say that FE pays great attention to the Chinese market and perhaps that’s the key reason that they were able to cooperate with Yao Capital.
The investors in Yao Capital include organizations like Tencent, LeSports, Tsinghua University, Weiyingshidai, China Culture Industrial Investment Fund, Sinovation Ventures, Songcheng Group, Shenzhen Qianhai Fund-of-funds (Qianhai FOFS) and others.
Source: Sohu Sports
Proofread by Sean O Diobhilin