HBN to acquire Euroleague Basketball's promoter in China

Beijing Hualu Baina Film & TV Inc. (HBN) announced yesterday that its subsidiary Hualu Sports is to purchase 75% of the shares of a Beijing company which is authorized to promote Euroleague Basketball in China. The cost will be 34.057 million yuan. As HBN puts it, this investment is the first step for its acquisition of international intellectual property within the sports industry.

With the development of the sports industry, an increasing number of listed companies are entering the sports business in China. The Changchun-based Yatai Group, said last Saturday that together with three other shareholders, the private conglomerate will launch Yatai Sports. This joint venture will focus on the development of sports resources, sports marketing, events operations and campus soccer.

Another listed entity, AOTO Electronics, is expanding its sports business by providing LED products in events services. Also, according to a recent post, the sportswear brand K-bird is expected to raise 1.681 billion yuan on its supply chain and sports cloud platform. Thanks to this strong policy of support, the sports industry has welcomed in a golden age of capital investment.

‍‍Source: China Securities Journal‍‍

‍‍Proofread by John Devlin