Wisdom Sports sells subsidiary basketball company for 116 Million Yuan

Shenzhen Wisdom Sports Industry Co. Ltd., an affiliated company of Wisdom Sports, has sold its entire stake in Shenzhen Wisdom Basketball Industry Co. Ltd. for 116 million yuan. The purchaser is Shenzhen Zhongkedingtai Venture Investment Partnership, a subsidiary of Wo Shing New Materials. Wisdom Sports is expected to earn about 72 million yuan of profits from the sale.

Shenzhen Wisdom Basketball Industry Co. Ltd. is a limited liability company registered and established in China, possessing exclusive commercial rights to the Men's National Basketball League(NBL) from 2016 to 2019. It is able to utilize specific commercial rights while managing and promoting league matches.

Wisdom Sports began its strategic transformation in 2014, gradually reducing its traditional media advertising business, and accelerating the perfection and development of its sports industry chain. In May 2015, Wisdom Sports Group formally entered the basketball field.

Going on its financial statements, basketball has become one of the main sections of Wisdom Sports. By June 30, 2016, its event operating income had reached 195 million yuan, an increase of about 81.9%, of which NBL made a substantial contribution.

Wisdom Group now has six subsidiary companies, Wisdom Sports Group included. It will put an emphasis on event  operation, sports science & technology, the health industry, venue operation and sports study. Looking to the future, forming a "sport +" platform will be the main strategy.

Source：Sohu Finance

Proofread by Sean O Diobhilin