Hualu Baina announced on the evening of June 10 that they are going to launch a joint venture with Blue Flame which is its subsidiary company, to build the most advanced marketing, event management, and media platform in the sports industry in China.
The registered capital is 500 million yuan of which Hualu and Blue Flame each provides 250 million yuan and both take 50 percent of the shares.
It is introduced that the company will have three business areas. The first one is marketing which would include but not limited to leagues, sports and events such as Chinese Super League, Team China, basketball, Winter Olympics. The second one is Intelligent Properties of sports. They would try to get the top-level international and Chinese sports IP. The last area is operation of sports media. For this part, they will form strategic cooperate with leading media platforms and develop extended businesses around it.
Hualu says that this move is a part of the aim to build a comprehensive cultural and media group and is also an effort to leverage the fast development in sports industry.