LeSports to Take Over China Sports Industry Company Limited

During the night of February 9th, the China Sports Industry Co., Ltd. announced that its largest shareholder, the Sports Fund Management Center of the General Administration of Sport, had released 4 intended transferees; Beijing Xiangming Sports Culture Co. Ltd., Sunline Group Co. Ltd., Tianjin Leti’anhong Sports Culture Development Co. Ltd. and Shenzhen City Star Shipping Co. Ltd. Among them, Tianjin Leti’anhong Sports Culture Development Co. Ltd. is a subsidiary of Lesports. Its executive director is Lei ZhenJian, CEO of Lesports. So now Chinese media are reporting that Lesports intends taking over the China Sports Industry Co., Ltd. In a deal worth 3.3 billion yuan.

Established in March 1998, the China Sports Industry Co., Ltd. is China's largest joint-stock enterprise in the sports industry. It is also the only listed company controlled by the China General Administration of Sport.

On December 20th, 2016, the biggest shareholder of the China Sports Industry Co., Ltd, the Sports Fund Management Center of the General Administration of Sport, agreed to transfer all the shares held by the company through open bidding, that is, 186239981 shares, accounting for 22.0733% of the total equity. The benchmark is 17.53 yuan per share.

At present, the China Sports Industry Co., Ltd covers urban sports real estate development, operation management & providing content for sports venues and facilities, operational management of sports contests, sports intermediary services, fitness club chain operation and equipment supplies & services for sports lotteries.

Source: Netease‍‍

Proofread by Sean O Diobhilin