Zhejiang establishes 20-billion-yuan smart sports FOF

November 25: A 20-billion-yuan smart sports Fund of Funds (FOF) has been set up in Zhejiang Province with co-founders Huayun Zhiti Investments, the Hangzhou Future Science and Technology City Management Committee, Zhe Jin Trust and the Zhejiang Daily Media Group.

The FOF and another 3-billion-yuan sports fund has been listed as one of the 12 key projects at Qiantang River Financial Harbour in Hangzhou City. 

The FOF and the special fund aims to provide smart sports start-ups with hatching, mergers and acquisitions, and IPO services. 

At the same time, the inaugural National Smart Sports Event, hosted by the All-China Sports Federation, will locate its final game of 2018 in Hangzhou of Zhejiang Province. 

As Pan Jianchen, President of Huayun Zhiti said, “We are looking to set up 70 projects over the next 5 years, adopting the model of the professional sporting events by 2022.”

Source: Tencent

Proofread by William Logsdon