SINGAPORE, November 12, 2023 /PRNewswire/ — China National Sports Group and White Group, a leading investment and development company in Singapore, signed a strategic cooperation agreement at a signing ceremony held in Beijing on November 7, 2023with the theme Connecting the world, bringing dreams together and leading the future. The agreement outlines a plan to acquire intellectual property (IP) of major international sporting events as well as worldwide rights or Asia Pacific commercial rights that will establish a sports format tightly integrated with the intellectual properties of the events while creating a group of world-class stadiums and support facilities that will host the most popular sports.
Peh Chin HuaChairman and CEO of the White Group, Gu Haoning, Secretary of the Party Committee, Chairman and CEO of China National Sports Group, Wei WeigeDeputy Secretary of the Party Committee and Vice Chairman of China National Sports Group, Qiu Qiangsheng, Member of the Party Committee and Vice Chairman of China National Sports Group, General Manager of Beijing China Tennis Sports Company Wei Shengfanand representatives of the White Group were all present at the ceremony.
A new fund – the China-Singapore International Sports Industry Fund – will allow Xinfang Huade Group to invest an initial sum 1.4 billion RMB and the investment of Chinese capital 600 million RMB. This investment will be gradually increased according to market needs and the fund will ultimately reach a ceiling of 6 billion yuan with the investment of Xinfang Huade Group representing 4.2 billion yuanand Chinese investments 1.8 billion yuan. Huati Private Equity will be the implementation and management entity of this fund.
Chairman and CEO of White Group, Peh Chin Huasaid: “This strategic cooperation in the international sports industry between China And Singapore supports the idea that only by adhering to the spirit of sport, regardless of country, politics, race, religion, culture, language, rich or poor, can we together promote the international sports industry to give it the means to achieve more prosperous and rapid development. . Only through development can we make a more positive contribution to the friendship between China And Singapore“.
High-profile events and stadium space are the sports industry’s primary resources, but high-quality international event intellectual properties are currently extremely rare and command high commercial valuations. China The professional sports industry came relatively late, but its huge demographic advantage and economic development potential represent strong growth expectations in the event consumption market. The IP introduction, absorption and localization of leading international events, combined with first-class broadcast space and supporting formats, provide excellent economic prospects and social benefits. White Group and China National Sports Group give full play to market mechanisms and laws while cultivating the sports industry and gathering the resources of leading enterprises in China’s sports industry and international sports IP channels. This, coupled with stable and abundant capital, will lay the foundation to become the pillars of this new China-Singapore International Sports Industry Fund.
Gu Haoning, chairman of China National Sports Groupsaid in his speech: “Sport has the potential to transcend national borders, languages and cultural differences and the sports industry has become a massive market with increased health awareness and the popularity of sporting events, major drivers of rapid growth in the sector. the sports industry.”
According to the agreement, the two parties will carry out in-depth cooperation in the fields of investment management and operations of sports events, investment integration, construction and operation of sports venues and facilities support, sports technology, international sports industry funds and sports spin-off activities. The two parties will work to acquire and operate IP of leading international events through an industry fund model and build a China-Singapore international sports city in the region. the Guangdong-Hong Kong-Macao Greater Bay.
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SOURCE National Sports Group of China
