Basketball star Yao scores windfall in IPO

Updated 2017-10-24 09:32:55 Global Times

Basketball star Yao Ming reportedly reaped a windfall from a stake in a company that went public on Friday in Shanghai, domestic news site reported on Monday.

Like many other retired National Basketball Association (NBA) stars, the famed player turned to the business world after leaving the sport, the report said.

The company is Shanghai Fengyuzhu Exhibition Co, a digital entertainment system solution services provider, which held an IPO on the Shanghai Stock Exchange. On the day of the listing, the value of Yao's stake increased by almost 10 million yuan (.51 million) to more than 15 million yuan, according to the news report.

According to a filing by Shanghai Fengyuzhu, Yao invested 5.07 million yuan in late 2015.

Yao could not sell the stake for at least three years.

He has so far invested in more than 20 enterprises, covering sectors such as technology, culture and venture capital, the report said, citing public information.

Yao holds a 10 percent stake in Shanghai Hongying Equity Investment Fund Management Co, which is the fifth-biggest shareholder of Shanghai Fengyuzhu.

Moreover, Yao has kept the promise he made in February when he was elected China Basketball Association (CBA) president, the report added.

After about eight years at the Shanghai Sharks Basketball Club, Yao resigned from his position to focus on reform in the CBA.

Yao played five seasons for the Shanghai Sharks before he entered the NBA in 2002.

He bought the team in 2009 for about 20 million yuan but has since sold that team.

Yao said the CBA's new season will be of great significance. In the past eight months, Yao has pushed forward reform to make the association more influential while it is transformed to be both commercialized and professional.

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