The sale of Yao Ming's Shanghai Sharks is progressing slowly. The sale of the Shanghai Sharks is being hindered by pricing and new investor identity issues.
What happened? Yao Ming started looking for investors after being elected CBA president last February. CMC Holdings Ltd., Everbright Capital Investment Co. and other companies have purchased 40% of the Shanghai Sharks' shares.
Why it matters The sale of the Shanghai Sharks is significant for the CBA and Chinese basketball. Yao Ming hopes to protect the fairness of the CBA by selling the Shanghai Sharks.
What comes next? The remaining shares of the Shanghai Sharks will be priced after new investors agree. Shanghai authorities hope new investors are state-owned enterprises with stable operating and financial conditions.
| Company | Share Percentage |
|---|---|
| CMC Holdings Ltd. | 20% |
| Everbright Capital Investment Co. | 10% |
| Other companies | 10% |
The sale of the Shanghai Sharks will have a significant impact on the CBA and Chinese basketball. Yao Ming's decision will protect the fairness of the CBA. The future of the Shanghai Sharks will depend on the decisions of new investors.