China - Host City

How Macau’s international marathon keeps growing

The Macau International Marathon has been successfully hosted for thirty three years with the aim of developing local sports, strengthening friendship between people from different parts of the world and promoting sport tourism in Macau.

“With a long history rooted in the community of the city, the Macau Galaxy Entertainment International Marathon has become one of the most popular sport events,” said Jose Tavares, President of Macau Sport Development Board of the Macau SAR Government.

“Through continuous enhancement, the event has been attracting long distance runners around the world, which raises the event profile and successfully attracts attention, locally and abroad.”

The 2015 Macau Galaxy Entertainment International Marathon took place on the Sunday 6th December 2015, organised by the Macao Sport Development Board and the General Association of Athletics of Macau.

“As the host of the event, we are dedicated to conduct welI-rounded preparation to welcome each and every participant with warm hospitality, as we believe that ideal conditions will optimise opportunities of better results,” said Tavares.

2015 marked the tenth anniversary of the inscription of the historic centre of Macau on the World Heritage List. The Macau International Marathon once again traversed the UNESCO world heritage site, passing through the A-Ma Temple. 

The race started at the Olympic Sports Centre Stadium in Taipa and, for the first time, ran through the Hengqin campus of the University of Macau. 

The event coincided with the “Parade through Macau, Latin City”, creating synergistic effects between the marathon, local tourism and culture. 

“We are offering diversified programs and festive galas to sincerely welcome marathon lovers from different parts of the world,” said Alexis Tam Chon Weng, Secretary for Social Affairs and Culture of the Macau SAR Government. 

“This year's international marathon will integrate more cultural and tourism elements and provide a diversity of choices and wonderful experiences to participants and tourists. 

“This not only demonstrates our friendliness and hospitality, but it also reflects the government's determination to establish Macau as a ‘World Centre of Tourism and Leisure’.”

 

Global popularity 

The Macau International Marathon continues to grow in size, with participants from 50 countries from around the world participating.  

“The number of this year's marathon runners has reached its new heights and this historical sport of long-distance running has been gaining more and more popularity around the world,” said Alexis Tam Chon Weng, Secretary for Social Affairs and Culture of the Macau SAR Government.

“Marathon, which signifies limits, difficulties and challenges, also stands for endeavour, perseverance and triumph. And all because of the difficulties, people can fully experience the spirits of sportsmanship like righteousness, courage, honour and happiness.”

In 2015, 8,000 athletes from 50 countries and regions participated, up from a quota of 6000 the previous year. The quota for the half marathon was full on the first day of registration while the general marathon was full on the second day of registration. Managing this growth is no small task.

“In order to cater to the needs of the rising number of running lovers, the organising committee has dedicated to create better conditions and overcome difficulties in increasing the registration quota,” said Ma Lao Hang, President of General Association of Athletics of Macau.

“All members from the General Association of Athletics of Macau, race judges and staff are committed to get every aspect of the event well prepared and provide the best conditions for all participants to create remarkable records.”

The Macau Galaxy Entertainment International Marathon is a truly global event, with former winners from Belarus, China, North Korea, Ethiopia, Hong Kong, Italy, Kenya, Poland, Portugal, South Africa, United Kingdom and Zimbabwe. 

2015 was a good year for the Ukraine in Macau, with Vitaly Shafar and Olena Shurkhno winning the men’s and women’s general marathon respectively. The total prize money, awarded for the first ten finishing athletes in the different categories, amounts to US$187,000. 

“With the number of participants being increased annually, better and better results have been made,” said Ma Lao Hang. 

“The Macau International Marathon has always been an annual major event, we will move forward with all the participants to continue the long history of the Macau International Marathon and create legends for the sport development of Macau.”

 

China’s giant sports investments

China’s economic growth may have cooled down from its double digit rates of recent years but the country’s sports sector is powering ahead, both at home and abroad, with sports identified as a key area of economic development for the coming ten years. 

 

Investing at home

Beijing is set to invest USB 1.5bn in hosting the Olympic Games in 2022, but this is a tiny fraction of the total domestic investments into sport China is set to make over the next decade. 

China’s national plans for investing in sport are unprecedented.  According to the General Administration of Sports (GAS), the sector in China is set to expand to US$1tr by 2025 – more than the value of the entire global sports industry at present.

While this goal may sound unrealistic, recent figures support such a projection. The GAS says China's sports sector grew by US$55bn in 2012 to reach US$170bn in 2013. Official estimates suggest that China's sports sector will expand by US$62bn in 2015. And by 2020, the sports sector is expected to reach US$456bn.

To achieve this sustained growth in sports, the government has recently issued 50 documents setting out a series of measures, focusing on tax incentives, land security, specialized funds, technology and research and development. 

 

China outbound

It’s not just on home turf where China’s ambitions lie. With international reserves far outweighing any other nation, China is investing far and wide – and focusing on sports properties.

In a process dubbed “stadium diplomacy”, China has built and financed the construction of 37 venues in Africa, five in Asia (including Syria), eight in the Caribbean, six in the South Pacific and one in Central America (Costa Rica).

And over the last two years, Chinese investors and firms have bought into football clubs in England, France, the Netherlands, Spain and the Czech Republic. 

In December 2015 it was announced that a consortium of Chinese investors – CMC (China Media Capital) Holdings and CITIC Capital – was to acquire a 13 per cent stake in City Football Group (CFG)

CFG, the holding company of Manchester City, Melbourne City and New York City football clubs that is wholly owned by Sheikh Mansour’s Abu Dhabi United Group (ADUG), is valued at approximately US$3bn. 

CMC Holdings and CITIC Capital’s investment of US$400m in City Football Group demonstrates just how highly China values the power of investing in football overseas. 

For football clubs, the opportunity of Chinese investment brings access into China’s rapidly growing sports sector. The Chinese market is a crucial target for global football brands to grow their fan base, not only because of the sheer size of the market but because of the growing interest in football there.

"The deal will create an unprecedented platform for the growth of CFG clubs and companies in China and internationally, borne out of CFG's ability to provide a wealth of industry expertise and resources to the rapidly developing Chinese football industry,” Manchester City said in a statement.

"The capital from the share acquisition will be used by City Football Group to fund its China growth, further CFG international business expansion opportunities and further develop CFG infrastructure assets."

China Media Capital, a public equity and venture capital firm investing in sectors including culture, technology, media and entertainment, also secured the US$1.3bn broadcast rights for the Chinese football league in 2014.

 

World Cup hosting hopes

It’s not just state-owned investors that are capitalising on the global football industry – Chinese private enterprises are also getting in on the act. 

Since 2012, Huawei has signed sponsorship agreements with Spain’s Professional Football League (LFP) and club side Atlético Madrid, the Russian national soccer team, German clubs Borussia Dortmund and FC Schalke 04, Premier League side Arsenal FC, French champions Paris Saint-Germain and Dutch Eredivisie giants Ajax, among others.

And in December 2015, FIFA announced China’s Alibaba E-Auto as sponsor of the FIFA Club World Cup – the first new sponsor signed by FIFA in two years. 

"We are delighted to welcome Alibaba E-Auto as Presenting Partner of the FIFA Club World Cup and are excited to be working closely with them to embark on a journey to reach fans across the world,” said FIFA Marketing Director Thierry Weil. 

“We also hope to benefit from their innovation, and are looking forward to seeing what they can bring to the FIFA Club World Cup over the next eight years.”

The “internet car” brand is owned by Alibaba Group and operated with Shanghai Automotive Industry Cooperation (SAIC).

Daniel Zhang, Alibaba Group CEO said: “Sports is at the intersection of Alibaba Group’s strategic themes of health and happiness, and we look forward to adding new value for participants and consumers in the sports sector through data-driven Internet technology. 

“Partnering with a major sporting event with a global audience such as FIFA Club World Cup is also an important part of Alibaba Group’s globalisation strategy for connecting China to the world.”

The partnership is also seen as a means of increase China’s stature within FIFA. 

China is not yet a major force when it comes to playing football. The country has only qualified for the FIFA World Cup once, in 2002, and it currently sits at 84th position in the world ranking. 

But it is hoped that all this investment into sports will help raise the standard of the game in China. And while the country isn’t yet among the best at playing the game, it certainly has a strong track record of hosting major events and a bid to host the World Cup would be welcomed by FIFA.

The host of the 2026 World Cup is due to be elected at the FIFA Congress in Kuala Lumpur in May 2017. For the first time, all FIFA’s 209 member associations will have a vote, instead of just the Executive Committee members. 

The bidding process has not officially begun and bids are unlikely to be announced until the dust begins to settle on FIFA’s process of transition. 

FIFA dropped its policy of continental rotation in the bidding phase for the 2018 and 2022 World Cups and the organisation decided not to vote on reintroducing the policy at its Congress in 2015. 

If the policy were to be reintroduced, China would be out of the picture until 2030 – assuming Qatar retains its right to host the 2022 World Cup. 

But as things stand, a bid from China for the 2026 World Cup is possible and would be strong competition to a bid from the USA. With the coming years set to be a time of renewal for FIFA, taking its flagship event into the world’s largest growth area would no doubt be an appealing prospect for the world’s football leaders. 

This article first appeared in the Winter issue of Host City magazine. Register here.

FINA Midea partnership boosts brands in China and Russia

Chinese company Midea sponsors the 16th FINA World Championships, which take place in Kazan, Russia, from July 24 - August 9, 2015

FINA’s growing partnership with Chinese domestic appliance company Midea will run to 2017 and boost aquatics events in China, the international sports federation said on Thursday.

For Midea, the partnership brings access to the Russian market through FINA’s flagship event.

“We are very excited by the increased involvement of Midea and the sponsorship activation deployed for the World Championships in Kazan,” FINA Executive Director Cornel Marculescu said at a press conference in Russia.

“FINA is overall very satisfied with this agreement with Midea, a strong partner for the two biggest events in the aquatic calendar, the FINA World Championships and the FINA World Swimming Championships.

“Being a Chinese partner, this association will also enhance the popularity of these two events in a key market for FINA, where our six disciplines have a long standing tradition."

FINA and Midea’s partnership for the FINA World Championships, the FINA World Swimming Championships (25m) and the World Record Programme was launched in 2010 and renewed in 2014.

The 16th FINA World Championships take place in Kazan, Russia, from July 24 - August 9, 2015.

Midea is using the event to launch their brand in Russia.

General Manager of Midea Russia, Mr. Alexey Obukhov, said: “Midea is certainly one of the biggest producers in the world, and while our launching product range here today appears modest in comparison to what we sell in other markets, today’s conference is also to give everyone a clear idea about the future for Midea in the Russian market.”

Midea, a Forbes 500 company headquartered in China, is a leader in developing and manufacturing domestic appliances. As well as Russia, the company has its sights on Argentina, Chile, Brazil, Canada, the US, Egypt, India, Russia, Belarus and Southeast Asian countries for future development.

 

 

8 Chinese cities to host 2019 FIBA World Cup

Yao Ming and Manny Pacquiao at the 2019 FIBA Basketball World Cup Host Announcement Ceremony

The world governing body for basketball announced on its YouTube channel on Friday that China will host the 2019 FIBA World Cup, after the country’s bid leader said basketball could become the world’s most popular sport. 

China’s bid was selected ahead of a rival proposal from The Philippines. 

The 2019 FIBA World Cup will incorporate more host cities than ever, FIBA said, with Beijing, Dongguan, Foshan, Guangzhou, Nanjing, Shenzhen, Suzhou and Wuhan all set to host games. 

Beijing will host all games from the quarter finals to the final, in addition to some group games.

New venues will be built in Foshan and Suzhou to accommodate the tournament. 

The decision will enable FIBA to build on a strong presence for the sport in China. 

"At least 300 million people play basketball in China and if we host the 2019 FIBA Basketball World Cup, we can increase that participation,” said Zhang Jiandong, Vice Mayor of Beijing and Chairman of the China 2019 bid committee.

“China is the most populous country in the world and we can make basketball the most popular sport in the world. We believe that we can make the 2019 FIBA Basketball World Cup a complete success because of China's economic stability, strong financial guarantee and the government's complete support. We can make it a safe, most reliable and risk-free event."

Basketball is already the most popular sport in The Philippines, according to Manuel V Pangilinan, President of the Philippines Basketball Association.

"Ninety percent of the population play, watch or follow the sport in one way or another,” he said. “It's not just Filipinos in the Philippines that are passionate about the sport. It's Filipinos all over the world. Football may be number one in many places around the world, but basketball is number one in the Philippines."

Manny Pacquiao, Philippines Congressman and eight-time world boxing champion said "I am a boxer but I am here because I love basketball so that tells you the passion that Filipinos have for basketball. If we host the 2019 FIBA Basketball World Cup, we can show that passion to the world."

Asked to compare enthusiasm for the sport between the two countries, Chinese basketball star Yao Ming said "You can't say that one type of love is better than the other. Both are great. Both countries have a great passion for basketball, particularly for FIBA basketball."

Gao Zhidan, Vice-President of the Chinese Olympic Committee said: "Basketball is very popular in China and if we host the 2019 FIBA Basketball World Cup, we can foresee a great rise in that popularity. This will have a great impact on the professional league (CBA) as well as the university league which is developing very fast. It will help with our aim to train more athletes and get a bigger pool of talented players."

 

He Zhenliang’s Olympic vision lives on

FIG President Bruno Grandi (left), IOC Honorary President Juan Antono Samaranch (middle) and IOC Member He Zhenliang (right). Photo by FIG during Beijing 2008

The Chinese Olympic Committee on Sunday confirmed the passing of IOC Honorary Member He Zhenliang.

An astute politician and diplomat, He played a pivotal role in returning China to the Olympic movement and also attracting the Olympic Games to Beijing. His great achievements earned him the moniker “Mr. Olympics” in China.

“The Olympic Movement has lost one of its most fervent ambassadors,” said IOC president Bach.

Before serving as IOC honorary member, He was IOC member from 1981 until 2010. He also served on the IOC executive board for three four-year periods and as IOC vice president from 1989 to 1993.

"China's current major-member status in the IOC is inseparable from He's hard work for decades,” Wei Jizhong, former secretary-general of the Chinese Olympic Committee told China Daily on Sunday. 

He played a vital part in helping Beijing win the right to host the Summer Olympic Games as an executive on the Beijing 2000 and 2008 bid committees.

Jizhong recalled He’s disappointment when Beijing missed out on 2000 by just two votes, telling China Daily "He said he felt he had let his country and people down, while in fact he'd done what he could to the utmost.”

The highlight of He’s career came at the 112th IOC session when Beijing’s bid committee won the host city election for 2008 under his leadership. 

In an interview with HOST CITY magazine published on the eve of the Olympic Games in 2008, He said: “The Olympic Games will help the world better understand China and vice versa. 

“If we can achieve such a goal through the Olympic Games, then the Games will not only leave its mark in the development history of China, in particular it will shine as a significant milestone in our diplomatic history. It will also be a symbolic major event in the history of international relations.”

These goals were certainly achieved, with the Beijing Games showcasing China to the world at a time of unprecedented economic growth.

IOC president Thomas Bach said “He was a man of culture and art. He was a true advocate of the social values of sport and of our Movement and I would like to pay tribute to the passion and energy he deployed over the years to fulfil his mission as an IOC Member in China. 

“He also helped our Movement better understand his country, its people and outstanding culture.”

Speaking to HOST CITY in 2008 about the impact of hosting the Games, He acknowledged the improvements to infrastructure and material wealth in Beijing, but said that more valuable benefit was the cultural impact of the humanistic values of Olympism in China. 

“The Olympic Games bestows hope and enlightenment to the world,” he told HOST CITY. “We need to make concerted efforts to build a bridge of tolerance, understanding, respect and friendly coexistence across different places, races, religions and ideologies.”

A keen sportsman, Mr He enjoyed swimming, playing table tennis, tennis, football, basketball and golf. A champion of sport and Olympic values in school curricula, He told HOST CITY his long term aspiration was for a greater role for sports within education in China. 

He’s other roles within the IOC included Chairman of the Cultural Commission (1995-1999), Chairman (2000-2009) and then Honorary Member  (2009-2015) of the Commission for Culture and Olympic Education, Vice-Chairman of the Sport for All Commission (1985-1987), and member of a number of other Commissions including the IOC 2000 reforms. 

He served as deputy secretary general of the Chinese Gymnastics Association, secretary general of the Chinese Table Tennis Association, deputy secretary general of the All-China Sports Federation and president of Chinese Olympic Committee.

The Beijing 2022 Olympic Winter Games Bid Committee also mourned He’s passing, praising his contributions to the Olympic Movement in China. The bid committee said it will endeavour to win the right to host the 2022 Games as a tribute to He.

 

Belt and Road Forum showcases Beijing as driver of international trade

Ben Avison, Editorial Director of Host City in Beijing during the Belt and Road Forum

At a time when many western nations are grappling with protectionism and calling into question long established trading agreements, China has welcomed world leaders to its capital city to herald the dawn of a series of new trading relationships.

The theme of the conference – the Belt and Road Initiative – positions China as the driver of economic development worldwide.

"More than 2,000 years ago, our ancestors, driven by a desire for friendship, opened the overland and maritime Silk Roads and thus started a great era of exchanges among civilizations," president Xi Jinping told delegates at the welcome banquet.

"We gather here to renew the Silk Road spirit and discuss the Belt and Road development for international cooperation. This is both a continuation of our shared legacy and a right choice for the future."

Much like the Olympic Games – of which Beijing is the first city ever to be hosting both the Winter and Summer editions – political and economic summits are a means of putting the host nation at the centre of the geopolitical landscape.

According to president Xi, China has now signed cooperation agreements with more than 68 countries and international organisations.

State owned banks are to invest another $40bn to boost infrastructure, industrial capacity and financing along the new silk road, which now extends beyond Africa and Eastern Europe to South America.

United Nations secretary-general Antonio Guterres told China Daily: “The Belt and Road Initiative has immense potential... It can promote effective access to markets and new opportunities… It is rooted in a shared vision for global development.”

Contrast this with the UK’s imminent separation from 27 nations of the European Union, or US president Donald Trump’s protectionist rhetoric. As one Beijinger told me today: “Oh, you are from Britain, leaving the EU… this must be bad for business!”

Business is certainly good in China. The reason for my visit was not actually to attend the Belt and Road Forum, but to speak with VIPs from the city about Host City Asia, which takes place in Beijing on 18 October 2017. The opportunities in this sector are as great for organisations from overseas as they are for China.

The sun shone throughout the Belt and Road Forum. While Host City cannot guarantee blue skies, even in the city’s favourite “golden month” of October, one thing is for certain – the sports and entertainment sectors here are booming rapidly and China is loving sharing the limelight.

Host City Asia takes place in Beijing on 18 October 2017. Beijing will host the second Belt and Road Forum for International Cooperation in 2019.

China's 'gold mine' sports industry presents huge opportunities

Liu Xiaoming, the ambassador of the People's Republic of China to the UK

The boom in China's sports industry presents huge potential for foreign investment, especially from the UK.

Speaking at the Telegraph Business of Sport conference in London, Liu Xiaoming, the ambassador of the People's Republic of China to the UK, said that sport has become one of the country's new economic highlights and a national strategy for business.

From sports events and venues to retail and sponsorship, China has major opportunities for collaboration said Liu.

"There's no doubt China is a big sports nation, but China is not yet a strong sports nation," he said. "There are challenges. But in the long run China's sports sector has a huge market to offer.

"Many compare China's sports industry to a huge gold mine.

"The sport sector is fast emerging as a new growth point. By 2020 the total output will exceed US$450 billion. All this indicates a growing demand for domestic and foreign investment. [China's] sport industry is booming.

"[There is] great potential for China and the UK to collaborate in many aspects of the sports industry."

When asked about China's potential of hosting the 2030 FIFA World Cup, Liu added that it is a dream for the Asian superpower.

"Chinese people have three dreams for football," he said. "Dream one is to be a champion of Asian Games. They want to see the Chinese team perform better.

"Second dream is to host the World Cup. Maybe not 2030 but looking down the road we hope Chinese will host the World Cup.

"Third dream is to win the World Cup."

To discover more opportunities in China's sports, business and cultural events market visit Host City Asia in Beijing on 18 October.

 

eSports made medal sport for Hangzhou 2022 Asian Games

[Source: OCA] The Olympic Council of Asia and Alisports of China has announced a strategic partnership to bring the electronic sports video game phenomenon to the official sports programme of the 2022 Asian Games in Hangzhou, China.

eSports, which is enjoyed by millions of youngsters around Asia and the world, has already been added to the OCA’s 5th Asian Indoor and Martial Arts Games (AIMAG) in Ashgabat, Turkmenistan, this September as a demonstration sport.

It will also feature in next year’s 18th Asian Games in Jakarta and Palembang, Indonesia, again as a demonstration sport. By the time of the 19th Asian Games in 2022, however, eSports will become an official medal sport – reflecting the rapid development and popularity of this new form of sports participation among the youth.

Alisports, which was established in 2015 as the Alibaba Sports Group by the Chinese e-commerce giant Alibaba Group, will work closely with the OCA to develop the marketing of eSports.

The OCA President, HE Sheikh Ahmad Al Fahad Al Sabah, said: “The Olympic Council of Asia has constantly been committed to the heritage, development and improvement of Asian sports, and we are extremely pleased about the strategic partnership with Alisports. 

“We look forward to further collaboration with Alisports in regards to digital sports concepts along with sporting events. We are sure that the extensive organising capabilities of Alisports, and their experience in e-sports, will assist the OCA in developing all sports.”

Alisports founder and CEO Mr. Zhang Dazhong said: “I would like to thank the Olympic Council of Asia for their faith in Alisports. Together we will work on providing the sponsors of the Asian Games with more opportunities and maximising the market value, so that the OCA enjoys optimum benefits and advantages.”

eSports to be contested at the 5th AIMAG this September include FIFA 2017, MOBA (Multiplayer Online Battle Arena) and RTA (Real Time Attack) gaming types.

[Source: OCA]

Alibaba president to deliver keynote at SportAccord Convention 2017 plenary conference “innovation in action”

SportAccord Convention takes place in Aarhus, Denmark

[Source: SportAccord Convention] SportAccord Convention is delighted to confirm that Michael Evans, President of the Alibaba Group will be the Keynote for this year’s Plenary Conference, Innovation in Action at the 15th edition, to be held at the Aarhus Convention Center, Denmark from 2 – 7 April 2017.

The Keynote will begin on Wednesday, 5 April at 09:10 to 09:40 and take the format of a Fireside Chat with David Eades, Anchor and Journalist, BBC World. The session is entitled: Open Sesame: Unlocking the rich potential of new sporting horizons, and using innovation to drive sport to a new level of entertainment and fan engagement.

When Sydney hosted the Olympic Games in 2000, Alibaba was a Chinese start-up and not quite a year old. Fast forward 18 years and Alibaba has now grown into the world’s largest online and mobile commerce company. Alibaba is now expanding into media, entertainment and sport, recently forging an historic long-term partnership with the IOC through 2028, using technological innovation and know-how to contribute to the Olympic Movement.

As President, Michael Evans is responsible for leading and executing Alibaba Group’s international growth strategy. Commenting on Alibaba’s involvement in the SportAccord Convention, Evans said:

“We’re delighted to be taking part in the SportAccord Convention as this gives us an opportunity to   share some of the key insights and innovative approach Alibaba is taking when it comes to sport and entertainment, the growth of the digital and mobile market, as well as the exciting potential of the Chinese market for sport.”

Panel sessions and case studies following the Keynote will include:

  • Plenary Panel Session entitled: Innovation – A permanent change revolution, or an opportunity to reset your sport?
  • Innovation in the Business of Sport
  • IF Innovation in Action – International Orienteering Federation
  • Future Sports – Drone Racing

Nis Hatt, Managing Director of SportAccord Convention said, “We’re delighted Alibaba will open the Plenary Conference focused on Innovation in Action. With the increasing significance of sport in China in terms of fan engagement and business growth, there are significant opportunities to be had by everyone. Alibaba’s meteoric rise will most certainly have some bearing on what we hear during the Keynote.”

SportAccord Convention is the world’s premier and most exclusive annual event at the service of sport. It is focused on driving positive change internationally and dedicated to engaging and connecting; international sports federations, rights holders, organising committees, cities, press and media, businesses and other organisations involved in the development of sport.

The Convention is host to annual general meetings of governing bodies, and once again, will welcome a delegation from the International Olympic Committee. The 6-day Convention includes the Plenary Conference, City Forum, LawAccord, MediaAccord, the Exhibition, as well as the Opening Ceremony and Closing Event.

CMC Capital Partners invests in Formula E

Photo: Formula E

[Source: Formula E] Formula E Holdings has announced that CMC Capital Partners are to become a shareholder in the company, adding to the growing list of investors joining the electric street racing series.

The investment is led by CMC Capital Partners - China’s leading investor and operator in media and entertainment, sports, internet and mobile, and lifestyle sectors - whose consortium also includes SECA (a CMC portfolio company).

Alejandro Agag, Founder & CEO of Formula E, said: “We are excited to welcome CMC Capital Partners, led by Mr. Ruigang Li, to the increasing list of investors joining Formula E and the electric revolution. China is an important player in the potential of electric vehicle manufacturing and production, and this partnership reinforces our intentions to promote sustainable mobility across Asia and Mainland China. The opening round of each season has been hosted in this region - Beijing and Hong Kong - and we have teams and drivers such as TECHEETAH and Ma Qing Hua already competing in the series. We look forward to working closely with CMC Capital Partners, and continuing to grow the profile of Formula E in key territories across the globe."

Ruigang Li, Founding Chairman of CMC, said: “The global automotive industry is now undergoing profound changes with the power source shifting to renewable energy from traditional petrochemical. China is playing a central role in promoting these changes with its vast auto market. The evolution of the auto industry has also brought historic opportunities for motorsports. Since its inauguration three years ago, Formula E has quickly evolved into a premium global sports IP under a first-class leadership, with remarkable progress in promoting sustainability, innovation, and market penetration of electric vehicles, as well as in media partnership, sponsorship and tourism. CMC has been focusing on investing in premium global and local sports IPs, and we look forward to working together with Formula E both in China and globally.”

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