VeloClub is CyclingTips’ membership program which brings us closer to our members, and connects likeminded cycling enthusiasts.
by Shane Stokes
January 5, 2018
Scotson wins Australian U23 time trial championship; Extreme weather forecast prompts further changes to Aussie Road Nationals schedule; Van der Poel on Froome: ‘For me that’s just a positive test’; Kelderman renews with Team Sunweb following 4th overall in Vuelta a España; New anti-doping program announced for Team Sunweb; Giant Bicycles expand its technical partnership with Team Sunweb for 2018; Wanda Group considers selling shares in sports assets, including cycling events; Video: Team Sunweb launch 2018; Video: How bicycles boosted the women’s rights movement
Riders in the 2017 Tour of Guangxi 2017
Following some pressure on its business by a government-led push against overseas deals, the Chinese Dalian Wanda Group is reportedly considering putting its sports assets on the stock market, including the WorldTour Tour of Guangxi.
According to Reuters, the company is considering a Hong Kong listing, and last month spoke to investment banks for what it termed a potential initial public offering of its sports businesses. Saying the information came from three separate sources, it stated that Citic Securities, China’s largest brokerage, is one of the banks involved.
Both Citic Securities and Dalian Wanda Group declined to comment. The latter is owned by Wang Jianlin, one of China’s richest men.
Reuters states that an IPO [initial public offering] of the companies sports assets would include the Swiss sports marketing company Infront Sports & Media AG, which organises the Hammer Series events with Velon. It was purchased in 2015 by Wanda for $1.2 billion.
An IPO would also include the company’s cycling assets in China. It is not clear if this would have any impact on the running of the Tour of Guangxi. Last year Chinese regulators moved against the company’s buying spree of overseas assets, instructing banks to stop providing funding.
Click through to read more at Reuters.