The United States Tops Skema Publika's First Annual Sport and Soft Power Ranking
27 Mar 2025 14:05

Nanjing-based leisure and travel agency, China United Travel Co. Ltd. (CUTC), is planning to acquire a 100% stake in the sports company Duo Sport Group via cash and shares, according to an official statement released on Monday evening.
This deal is said to be valued at 495.0 million yuan (US$75.89 million). Reuters said that the travel agency has plans to “raise up to 209.7 million yuan in shares private placement to fund acquisition”.
At the same time, the CUTC will sell all shares of its subsidiary, Tangshan Hot Spring, for 299 million yuan. In the year 2016, the hot spring unit generated 69.2 million yuan, accounting for 63% of its parent company’s total revenue, while its parent company decided to cut the hot spring business due to recurring losses during the past 3 years.
The acquisition will become a milestone for the CUTC to enter the sports industry. As it buys Duo Sports, a company who focuses on sporting events operation and sports agencies, the travel company plans to monetize its new sports business through copyright trading, sports marketing and consulting services.
Source: Hexun
Proofread by William Logsdon
The United States Tops Skema Publika's First Annual Sport and Soft Power Ranking
27 Mar 2025 14:05
When New tournaments Meets New Tech, the Old Friend of Football Has New Stories
14 Jul 2025 12:36
Related coverage
HNA subsidiary sells Rio Olympics tickets
21 Jan 2016
Doing Now raises RMB500 million
28 Sep 2017
CSM nominated for 2016 TV Sports Awards
05 Aug 2016
25 Jul 2016
Absen to invest $ 4.5m in sports industry
10 May 2016
More from Yutang Sports
When New tournaments Meets New Tech, the Old Friend of Football Has New Stories
14 Jul 2025
The United States Tops Skema Publika's First Annual Sport and Soft Power Ranking
27 Mar 2025
SPORTACCORD confirms Istanbul as Host City for 2025 Convention
13 Mar 2025
A turning point for global sport: IBA President Umar Kremlev and Donald Trump Jr join forces
30 Sep 2025
Yutang Sports
 Chinese website
Chinese website
loading...