China in the America's Cup

Joint venture with Le Defi announced

The rumours about possible Chinese involvement in the 32rd America's Cup gained substance today in Geneva when Chaoyong Wang, President of China Equity Investment, one of the very first Chinese venture capital funds and Xavier de Lesquen, co-founder of the French America's Cup challenger Le Defi signed a joint venture that will culminate in China's first participatin in the America's Cup.

Wang is one of a new generation of Chinese entrepreneurs working to modernise their country. With Team China, the ambition is to offer an exceptional window to the companies wanting to promote their business activities and their brands in China and internationally. "I believe that a great number of partners will wish to join our project to consolidate their presence in China which is one of the principal world markets," said Wang.

Team China will use as its base of its campaign, the experience of Le Defi, with the ultimate objective of winning the America's Cup with a Chinese boat. A process is now about to get underway to round up the best Chinese talent to take part in such a campaign - technical specialists, sportsmen, logistics, communications and marketing experts, administrators, etc.

Le Defi's Xavier de Lesquen said: "It is an extraordinary adventure to join Chao Yong Wang to create China Team. It is a move of much enthusiasm and energy and one whichwill take us to the heart of this immense country and this civilsation. We offer a formidable opportunity for the companies which will accompany us." Team China will allow companies a catchment of the Chinese population, totalling more than 1 billion.

Also present in Geneva was America's Cup Management CEO Michel Bonnefous: "we are delighted to accomodate a Chinese project in the America's Cup. It is a very positive step, which works well with our planned direction."