Guangzhou Evergrande's "latest high-profile transfer is of a financial variety as it looks to become the first Asian football club to list on the stock market," according to Ben Bland of the FINANCIAL TIMES. Evergrande, the Chinese property company that co-owns the team with ecommerce group Alibaba, said on Thursday that it had applied to "list the shares on China's over-the-counter exchange for small companies." The company said that listing on the National Equities Exchange & Quotations System, known as the "third board," behind the main Shanghai and Shenzhen stock markets, "would enhance corporate governance, attract strategic investors and promote its corporate image." Flush with "cash from its wealthy owners," Guangzhou Evergrande has "spearheaded a drive by President Xi Jinping" to revolutionize football in the world's most populous nation. Analysts said that Chinese tycoons have "rushed to invest in football at home and abroad to ingratiate themselves with President Xi," who has released a national plan to transform China's footballing reputation. Guangzhou Evergrande has taken a "more serious approach to building its business in China," trying to follow the lead of clubs like ManU and Arsenal, "which see themselves as consumer brands as much as football clubs." ESPN writer Christopher Atkins said, "Politics has had a massive influence on investment into football in China, but Evergrande is a bit different. From a business perspective, they understand that the real estate market won't keep growing forever and they're using football to help promote their brand as they branch out into other industries, like bottled water and cooking oil" (FT, 7/2).
