Guangzhou Evergrande Taobao Football Club, the sports club jointly owned by Evergrande Real Estate Group and Alibaba Group Holdings, plans to list on China’s so-called New Third Board for small enterprises.
The loss-making football team has lodged an application to float its shares on the National Equities Exchange and Quotations Co., according to a regulatory filing from Evergrande Thursday.
If the plans succeed, Evergrande Taobao FC will become Asia’s first listed soccer club, Reuters noted.
The listing is expected to improve corporate governance at the club, which is 60-percent owned by Evergrande and 40 percent by Alibaba.
Evergrande referred to several recent policy announcements aimed at strengthening China’s sports industry, including a reform plan announced by authorities in March to raise the level of play and reform a sport tainted by corruption.
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