BEIJING, Nov. 9, 2023 /PRNewswire/ -- China National Sports Group and Singapore's White Group have formally signed a strategic partnership agreement to collaborate on various aspects, while jointly launching the "Sino-Singapore International Sports Industry Fund". The initial size of the fund, which will be managed and implemented by Huati Private Equity, stands at RMB 2 billion, which will be leveraged for acquiring the rights of top-tier international sporting events and constructing the "Sino-Singapore International Sports City" in the Guangdong–Hong Kong–Macao Greater Bay Area.
China National Sports Group and Singapore's White Group formally signed a strategic partnership agreement at the Beijing Sports Center.
The signing ceremony was held at the Beijing Sports Center, attended by Gu Haoning, Secretary of the Party Committee and Chairman of China National Sports Group, Peh Chin Hua, Executive Chairman and President of White Group, Wei Weige, Deputy Secretary of the Party Committee and Vice President of China National Sports Group, Qiu Qiangsheng, Vice President of China National Sports Group, Wei Shengfan, General Manager of Chinese Tennis Sports of Beijing; and members of White Group.
Considering top-level sporting events and top-quality venues as core resources of the sports industry, China is committed to ramping up its investments in these crucial sectors. Operating under the General Administration of Sport as a state-owned enterprise with shareholders including the Chinese Olympic Committee, China National Sports Group has aggregated resources to establish this investment fund with White Group that will be eventually expanded to RMB 6 billion, with White Group contributing RMB 4.2 billion and China's capital contributing RMB 1.8 billion.
Both parties will work together to create a closed-loop business model in which sporting events help to increase the popularity of venues, while content drives the utilization and design of physical spaces. The collaboration will also extend to the development of sports training, the management of star athletes, platforms for digital sporting events, e-sports research and operations, sports data research, and sports rehabilitation and training programs, among others.
Mr. Gu Haoning said: "China's sports industry has embarked on a remarkable journey over the past few decades, evolving from a less significant position to one of strength and importance. In recent years, attention at the national level combined with supportive policies have created an unprecedented focus on the sports industry. Meanwhile, Singapore's government and relevant investment firms have maintained an optimistic outlook on China's long-term economic growth and are seeking opportunities to expand their investments in the country. The trade relationship between China and Singapore is characterized by mutual synergies, open communication between governments and businesses, and a strong willingness to collaborate. Leveraging mutual trust and market compatibilities, China National Sports Group and White Group are joining hands to drive the development of the sports industry. This collaboration marks an exciting step toward the future."
Mr. Peh Chin Hua said: "We are deeply honored to have the opportunity to join forces with China National Sports Group, and we look forward to achieving remarkable milestones in the world of sports. Collaboratively, we will acquire the rights to and operate some of the world's most prestigious international sporting events. In this fortunate collaboration between our two nations, we are thrilled to join forces to support the international sports industry, fostering its steady and healthy development, and making a positive contribution to global peace in our interconnected world."
The strategic cooperation between China National Sports Group and White Group marks a new chapter in the international sports industry, not only opening doors to further cooperation within the sports sector, but also representing a significant opportunity to strengthen the bond of friendship between China and Singapore, with sports as a unifying link.
