VivaTech takes the stage as the world's leading event for tech and startups
19 Jun 2023 18:33
China Grand Auto, a company that is affiliated with Xinjiang Guanghui Industry Investment Group Co., Ltd., made an announcement yesterday (September 18) that it is going to title sponsor the CBA team Xinjiang Guanghui Flying Tiger Basketball Club. China Grand Auto says it aims to use this title sponsorship to increase its brand influence as CBA is gaining bigger influences and more attention in China.
The announced title sponsorship fee is CNY30m. In addition, China Grand Auto says it will reward Flying Tiger with an additional CNY10m if the team can rank among the top 4 clubs in the 2018/2019 season, and another CNY20m if they win the league final championship for this season. China Grand Auto has set up the length of the sponsorship to be the 2018/2019 CBA season.
China Grand Auto has been listed in the A-Share Market since 2015. By the end of 2017, they have established a national automobile sales network covering 28 provinces and cities in China and selling 57 passenger vehicle brands. Their business include vehicle sales, leasing, second-hand automobiles, maintenance of vehicles and others.
Xinjiang Guanghui Flying Tiger was set up by Xinjiang Guanghui Industry Investment Group in 1999. The team has won the 2016/2017 season CBA Championship. The famous basketball star Zhou Qi was a player at Flying Tiger before he was signed up by Houston Rockets.
According to the business media National Business Daily, China Grand Auto disclosed in its announcement that Flying Tiger had a deficit of CNY119m in net profits and a revenue of CNY43.35m in 2017. National Business Daily also notes that it is a common phenomenon among CBA clubs to have financial losses. Nevertheless, Xinjiang Guanghui Industry Investment Group has been ranked as one of the top 500 private companies in China for several years and is recently ranked in the Fortune Global 500 list 2018.
China Grand Auto did not sponsor Flying Tiger previously as its logo has not been displayed on the team’s website.
Reference: National Business Daily
Related coverage
CBA signs Jinmailang as official drinking water sponsor
13 Oct 2017
Official CBA League company launched in Beijing
22 Nov 2016
Permanent residency for Marbury in China
19 Apr 2016
Yao Ming leads preparation for CBA leadership transition
11 Jan 2017
Lihon Lubricant sponsors China men’s national basketball team
10 Nov 2017
More from Yutang Sports
Leading legal minds tackle athlete representation and rules for transgender athletes at LawAccord
16 Feb 2024
SportAccord 2024 - combating online abuse ‘chance for sport to show its power’
22 Mar 2024
VivaTech takes the stage as the world's leading event for tech and startups
19 Jun 2023
SportAccord announces first speakers - World Sport & Business Summit 2024
06 Dec 2023
Interview with Nicolas Maurer: Becoming Mainstream and at the Forefront of French Esports Industry
04 Oct 2023
Yutang Sports
loading...