General Administration of Sport of China to give up ownership of CSIG

‍‍

Despite the fact that the China Sports Industry Group (CSIG) owns Beijing Marathon and many other popular events, the General Administration of Sport plans to dispose of its 22% stake in CSIG, because the net profit attributable to two shareholders has declined by 24.76% and 24.35% respectively over the last two years. It is also reported that Wanda Group would take part in this transfering of shareholders somehow. 

On November 13th, CSIG issued a notice that the Fund Management Center of the General Administration of Sport intends to transfer all CSIG shares through this agreement. The Fund Management Center of the General Administration of Sport holds a total of 22.07% of the shares and is the largest shareholder. In addition, the Lottery Management Center of the General Administration of Sport holds 3.22% of the shares.

From November 14th, 2016, the trading of CSIG shares is to be suspended, but for no longer than 10 trading days.

CSIG was established in March 1998 and its total market value is 17.035 billion yuan.  It is the only listing company in which the General Administration of Sport of China holds shares. Its business includes sports marketing, sports brokerage, health & fitness and sports lottery. Also, it owns the Beijing Marathon, the China International Road Cycling Race, the PGA Tour China Series, the China Golf Club League and several other popular events.

‍‍Proofread by Sean O Diobhilin‍‍

‍‍