CMC Capital Partners invests in Formula E
February 16, 2017
By Colin Mann
Chinese investment house CMC Capital Partners is to become a shareholder in Formula E Holdings, adding to the growing list of investors joining the electric street racing series sanctioned by governing body the FIA. CMC Capital Partners is China’s leading investor and operator in media and entertainment, sports, Internet and mobile, and lifestyle sectors – with its consortium also including SECA (a CMC portfolio company).
Alejandro Agag, Founder & CEO of Formula E, said: “We are excited to welcome CMC Capital Partners, led by Mr. Ruigang Li, to the increasing list of investors joining Formula E and the electric revolution. China is an important player in the potential of electric vehicle manufacturing and production, and this partnership reinforces our intentions to promote sustainable mobility across Asia and Mainland China. The opening round of each season has been hosted in this region – Beijing and Hong Kong – and we have teams and drivers such as TECHEETAH and Ma Qing Hua already competing in the series. We look forward to working closely with CMC Capital Partners, and continuing to grow the profile of Formula E in key territories across the globe.”
Ruigang Li, Founding Chairman of CMC, said: “The global automotive industry is now undergoing profound changes with the power source shifting to renewable energy from traditional petrochemical. China is playing a central role in promoting these changes with its vast auto market. The evolution of the auto industry has also brought historic opportunities for motorsports. Since its inauguration three years ago, Formula E has quickly evolved into a premium global sports IP under a first-class leadership, with remarkable progress in promoting sustainability, innovation, and market penetration of electric vehicles, as well as in media partnership, sponsorship and tourism. CMC has been focusing on investing in premium global and local sports IPs, and we look forward to working together with Formula E both in China and globally.”
Formula E has set up partnerships with Chinese TV stations and online video sites including CCTV and iQiyi.com to broadcast races in China. In 2016, 488,000 Chinese viewers watched the race in Hong Kong via the Internet.