The East Asia Basketball Association (EABA) announces strategic partnership with pan-Asia VC firm Gobi Partners GBA
HONG KONG, Aug. 25, 2023 /PRNewswire/ -- The East Asia Basketball Association (EABA) announces strategic partnership with VC firm Gobi Partners GBA to accelerate the formation of a new East Asia professional basketball league headquartered in Hong Kong.
Gobi Partners GBA will advise the EABA with on-the-ground startup knowledge and provide financial support to "Project REAL", the strategic initiative to establish a new pan-regional league under the EABA's framework. Joint promotion of emerging sports-related technologies is also among the key aspects of this partnership.
Starting in 2024, the new league plans to invite top clubs from Mainland China, Japan, Korea, Mongolia, Hong Kong, Taiwan and Macao to compete at the highest level of club basketball in East Asia.
Founded in 2016, Gobi Partners GBA is part of the pan-Asia VC platform. Gobi Partners has invested in over 70 companies, in which it also exclusively manages the Alibaba-backed AEF GBA Fund.
Mr. Chibo Tang, Managing Partner of Gobi Partners GBA, said: "We believe Project REAL presents an unique opportunity for East Asia basketball and Greater Bay Area can play a vital role in it. We are happy to endorse the initiative from early on to ensure its success."
Mr. Jay Li, Head of Project REAL and Advisor to EABA President Mr. Yao Ming, said: "It's exciting to be able to bring on board Gobi Partners GBA as an institutional backer preparing for the inception of a new league. Thanks for their pioneering commitment to help further develop the sport of basketball in this region."
*About the East Asia Basketball Association (EABA)
*The East Asia Basketball Association (EABA) is one of six Sub-Zones of FIBA Asia. The EABA members include PR China, Japan, Korea, Mongolia, Hong Kong SAR, Macau SAR, and Chinese Taipei. The current EABA President is Mr. Yao Ming.
*About Project REAL
*Project Real is a strategic initiative under the framework of the East Asia Basketball Association. REAL's purpose is to evaluate the status of current international club basketball competition in the region and to come up with an actionable plan for a new, pan-regional league to be rolled out in 2024.
*About Gobi Partners GBA (Gobi GBA)
*Gobi Partners GBA (Gobi GBA) was established in 2016 as a part of the leading Pan-Asian venture capital platform Gobi Partners. Gobi GBA is the sole general partner (GP) of the Alibaba Hong Kong Entrepreneurs Fund (AEF) as well as the AEF Greater Bay Area Fund (AEF GBA Fund), and has formed strategic partnerships with other renowned financial institutions such as HSBC and Hang Seng Bank.
As of 2022, Gobi GBA has invested in over 70 start-ups across the Greater Bay Area, and has fostered the growth of 7 unicorns including Airwallex, Amber, Animoca Brands, GoGoX, Prenetics, and more.