A Chinese public company enters into sports industry

On the evening of April 10th, China United Travel Co.,Ltd, a company located in Nanjing China, announced a plan to establish strategic partnership with Xiamen Quan Wei Cultural Industry Ltd., aiming at a co-operation project of building a Muay Thai(also called Thai Boxing) gymnasium in 2015.

They are planning to invest around 53 million yuan in the Muay Thai industry chain of the Chinese market.

Apart from that, the co-operation project also includes the introduction, operation and marketing of Muay Thai events, as well as the development of a Muai Thai training base.

According to the announcement, China United Travel will exclusively lay out 50 million yuan on the training base, which is supposed to be the mere Muay Thai gymnasium in Fujian Province. In terms of the co-operated company which is for Muay Thai events, both parties will contribute 3 million respectively.

It is reported that Quanwei Cultural Industry is the exclusive operating agency, authorized by World Muay Thai Council, of Muay Thai in China. And China United Travel did not go into sports industry until last September.

Source: cs.com.cn