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December 22, 2009

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Yao set to slam dunk from investing in GPS firm

CHINESE basketball star Yao Ming is likely to gain from his investment in China's biggest Global Positioning System producer many times over after the company is listed on the A-share market.

Beijing UniStrong Science and Technology Co has been approved by the China Securities Regulatory Commission to float 30 million shares, or 25 percent of its enlarged capital, in Shenzhen to raise 469 million yuan (US$68.7 million).

Yao, the image representative of UniStrong, invested 375,000 yuan in buying 675,000 shares, or 0.75 percent, of the company to become the fourth-largest shareholder in 2007. He is likely to gain dozens of millions of yuan from the investment after the IPO.

Team Yao, Yao's management team, yesterday confirmed his share-holding of the company.

"Yao is one of the stockholders of the company, but his stake is less than 1 percent" said Zhang Mingji, director of Team Yao. Yao got to know the company two years ago after featuring in a television commercial with United States-based Garmin Ltd.

UniStrong is the general distributor of Garmin Ltd products in China.



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