Want A Piece of Alibaba’s Football Club? Evergrande Taobao Seeking To List …

2 Jul 2015 | Author: | No comments yet »

China’s Evergrande to list football club on small-cap trading board.

Evergrande Taobao, the football club Chinese e-commerce titan Alibaba invested in last year, is seeking an initial public offering on China’s nascent over-the-counter equity exchange.Evergrande Real Estate Group Ltd. applied to list its Alibaba-backed soccer club, which would make it China’s first soccer stock, at a time the nation is pushing to become a force in the sport. Evergrande wants Guangzhou Evergrande Taobao Football Club to trade on China’s New Third Board, an over-the-counter market, the company said in a Hong Kong stock exchange filing Thursday.

China’s fifth-largest developer by sales last week became the club’s majority shareholder with a 60 percent stake, while the rest of the shares are held by Alibaba Group Holding Ltd. China first detailed the plan in March by quadrupling the number of soccer schools to 20,000 by 2020, and setting up a Communist Party committee to advance the sport. The soccer club on Monday paid 14 million euros ($15.5 million) to sign a four-year contract with Brazil’s José Paulo Bezerra Maciel Júnior, commonly known as Paulinho, according to a statement last week.

It announced in June that Brazilian world cup winning coach Luiz Felipe Scolari will lead the team, replacing former Italian national team coach Marcello Lippi.

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