Tuesday, 17 Jan 2017 12:00 | By Yutang Sports
Wanda Group recently held its annual Group Convention in Hefei, and announced the business performance of its different divisions in 2016.
Wanda had assets of 796.1 billion yuan, an increase of 21.4% compared with that at the end of 2015. It had revenues of 254.98 billion yuan, completing 103.2% of its yearly plan, and an increase of 3.4%, according to this published data up to December 31, 2016. Wanda Sports had revenues of 6.4 billion Yuan, completing 98% of its yearly plan, an increase of 9% compared with that at the end of 2015.
Wang Jianlin, chairman of the Wanda Group, announced that the revenue goal of Wanda Sports was 7 billion Yuan in 2016 and at the beginning of the new year Wanda Sports looks to be on target to reach that figure in 2017. The Wanda Group has also expressed publicly that Wanda Sports will focus on spectator sports (media & marketing business), mass participation sports (leisure sports business) and services ( production, digital and service business).
Wanda Group continued its expansion in the sports industry in 2016. From 2016 to 2033, Wanda will be the worldwide exclusive partner of the International Basketball Federation for the sale and marketing of global sponsorship and licensing rights. Last June Wanda publicly announced that events would include the FIBA Basketball World Cups and their Qualifiers, the Men's and Women's Continental Cups and their Qualifiers, as well as the FIBA Women's Basketball World Cups, Youth World Championships and 4 Men’s Basketball World Cups. The cooperation involves comprehensive services around brand marketing, event reception, on-site operation, marketing support etc.
On 16th October 2016, the inaugural IRONMAN 70.3 triathlon was held by Wanda Sports in Hefei. At the end of the year, Wanda Sports and Guangxi signed an agreement with the international cycling body, the UCI, to organize the Tour of Guangxi in 2017 onward.
Wang Jianlin stated that inn 2017 they are going to produce a new sport event in China, bring 2 new international sports events into China, and sign a commercial partnership with another international sports organization.
At the Caixin Summit on 4th December, 2016, Wang also forecast that the net profit of Wanda would be several billions by 2020 and would finally turn Wanda Sports into a listed company.
Proofread by Sean O Diobhilin