The annual ATP1000 tennis event, the Rolex Shanghai Masters has partnered with J. P. Morgan, appointing the latter as its Diamond Sponsor.
J.P. Morgan becomes one of the second tier sponsors of the Shanghai Masters, alongside Guangming, the Patron Sponsor.
This new partnership is in alignment with J.P. Morgan’s new expansion plan in China, with the company wanting to have a more significant presence in the Chinese market. In May, J.P. Morgan applied for approval with the China Securities Regulatory Commission regarding the set up of a whole new security company in which they control 51% of its shares, so as to have synergies with J.P. Morgan’s global business. They also plan to gain 100% control of the new company in the next few years if it is permitted. Earlier this year, J.P. Morgan was also appointed as the first non-Chinese yuan clearing bank in the U.S.
J.P. Morgan has supported the Grand Slam event, the US Open since 1982 and its continued investment in tennis sounds like a match to the company’s marketing strategy.
The 2018 Rolex Shanghai Masters is currently taking place in Shanghai from October 7 to 14. In addition to J.P. Morgan, the event has 29 sponsors in five different levels.
Proofread by Raymond Fitzpatrick