China United Travel to buy 55% shares of sports company

China United Travel Co., Ltd (CUTC), a public-listed company focusing on leisure and travel tourism, announced last Friday that Suzhou Hualv Xinji Sports Investment Center, one of its joint ventures, will purchase 55% of the shares (at a premium) of Beijing Future Sun Sport & Culture Company. 

As reported in news stories, Hualv Xinji is a joint venture launched in October by CUTC’s sports subsidiary and other Shanghai-based investment companies. The venture is targeted at expanding CUTC’s sports business. It is said that this purchase deal, which is worth ¥20 million yuan, will pave the way for CUTC to enter the basketball market.

Future Sun is a Beijing-based sports company founded in 2013. Its major brand is China Show1 Basketball Club, which specializes in basketball training in China. With the help of the Harlem Wizards and the United States Basketball Association, the company has developed its businesses in Events Operation, Basketball Dream Shows, Basketball Art Exhibitions and International English & Basketball Camps.

Source:Sina

Proofread by John Devlin.