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More doors open to China's sporting star
By Lydia Chen |
July 21, 2011, Thursday
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Print Edition
Print Edition
LIFE may close one door today but it can open another one for you tomorrow, Yao Ming, China's most successful basketball player, said yesterday.
Yao, who has called an end to his 18-year playing career, is to learn how to be a successful businessman. He said he had already signed up for classes to learn how to run a business as he's again "a rookie starting from the very beginning."
A humble remark for the man who helped the NBA achieve a foothold in the world's most populous country and led to a surge in television coverage and retail sales in the world's second largest economy.
Yao, whose annual income was estimated at 250 million yuan (US$38.7 million) last year by Forbes China, has already invested in several areas, including a website, property, the stock market, gyms and a hotel.
His most successful investment so far is Beijing UniStrong Science & Technology Co, a Chinese satellite navigation and positioning service provider that debuted on the ChiNext board on April 2.
The company surged nearly 148 percent from its initial public offering price of 37 yuan to close at 91.5 yuan on its debut, meaning that Yao, the fourth largest shareholder with 675,000 shares in the Beijing-based firm, profited by at least 36 million yuan on that day.
However, UniStrong closed at 33.08 yuan yesterday.
Yao's investment in Top100.cn, a Chinese website that provides music downloads, should start to pay off soon.
The website, a partner of Google China, is planning to list on the Nasdaq after completing a buyout deal to become the biggest Chinese online music downloads provider.
Yao, with his agent Zhang Mingji, invested US$3 million in the website in 2005 and he made a second investment last June.
In August 2007, Yao teamed up with United States-based California Fitness to open their first jointly owned gymnasium in Beijing. Three months later, he opened a second one in Shanghai.
China's wealthiest athlete is also an investor in the Beijing Sunflower Hotel.
On July 16, 2009, Yao bought the Shanghai Sharks, his former club, when it was on the verge of extinction due to financial difficulties. The team was in 96 million yuan of debt at the time.
Yao also has advertising contracts worth a total of US$150 million. Current contracts give him an annual income of US$21 million.
Yao, who has called an end to his 18-year playing career, is to learn how to be a successful businessman. He said he had already signed up for classes to learn how to run a business as he's again "a rookie starting from the very beginning."
A humble remark for the man who helped the NBA achieve a foothold in the world's most populous country and led to a surge in television coverage and retail sales in the world's second largest economy.
Yao, whose annual income was estimated at 250 million yuan (US$38.7 million) last year by Forbes China, has already invested in several areas, including a website, property, the stock market, gyms and a hotel.
His most successful investment so far is Beijing UniStrong Science & Technology Co, a Chinese satellite navigation and positioning service provider that debuted on the ChiNext board on April 2.
The company surged nearly 148 percent from its initial public offering price of 37 yuan to close at 91.5 yuan on its debut, meaning that Yao, the fourth largest shareholder with 675,000 shares in the Beijing-based firm, profited by at least 36 million yuan on that day.
However, UniStrong closed at 33.08 yuan yesterday.
Yao's investment in Top100.cn, a Chinese website that provides music downloads, should start to pay off soon.
The website, a partner of Google China, is planning to list on the Nasdaq after completing a buyout deal to become the biggest Chinese online music downloads provider.
Yao, with his agent Zhang Mingji, invested US$3 million in the website in 2005 and he made a second investment last June.
In August 2007, Yao teamed up with United States-based California Fitness to open their first jointly owned gymnasium in Beijing. Three months later, he opened a second one in Shanghai.
China's wealthiest athlete is also an investor in the Beijing Sunflower Hotel.
On July 16, 2009, Yao bought the Shanghai Sharks, his former club, when it was on the verge of extinction due to financial difficulties. The team was in 96 million yuan of debt at the time.
Yao also has advertising contracts worth a total of US$150 million. Current contracts give him an annual income of US$21 million.
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