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Chinese Association (CSL) 2019 Annual Review of Commercial Performance

Deloitte Technology, Media and Telecommunications Industry Deloitte Financial Advisory Table of Content

Section Page

Foreword 3

Chinese国内体育产业分析 Industry Overview 4

Industry Analysis 5

Business Environment Review 8

Second Social Media Impact Comparisons 11

2019 Major Football Events 14

CSL中超联赛发展回顾 Review 1719

Competition Performance 20

League Impact 30

Commercial Performance 37

CSL中超球迷调研 Fans 41

Views on CSL 44

Recognition of Sponsors 50

Afterword 56

2 Foreword

The curtain has descended on the 2019 's sports industry has slowed down Ping An China Super League. The league due to macroeconomic environment, and continued to develop well in 2019, due to gradually shifted to structural adjustment the joint efforts of the CSL, clubs, and upgrading. In this context, CSL has sponsors, media and other stakeholders. entered a new stage of development with enlarged brand influence. Looking back on the 26-year history of the league, though much improvement has In the era of the mobile Internet, game been achieved, further effort will be watching and related consumption needed to focus on more comprehensive behaviours have changed dramatically. and systematic top-level design, more How to make more effective use of new Second clear and long-term-oriented strategic technologies and media to strengthen planning, and a more scientific and interaction with fans will be critical to effective organizational structure. We also further enhance the commercial value of need to show solidarity in the face of the the CSL in the next few years. challenges brought by COVID-19. Coronavirus may affect the schedule of The year 2020 will be a crucial year for CSL 2020, but it will not affect fan’s love of reform and development, from which the sports, football and life. After the epidemic, CSL will surely benefit. We sincerely hope we expect that CSL, football, and the that the CSL will become the most entire sports industry will play an important platform for the improvement of important role in restoring consumer China's competitive football. confidence, helping people strengthen their physique and return to the path of sustainable development.

Yi LIU Yi WANG

General Secretary of Chinese Football Deloitte China Partner Association 3 CSL 2019 Commercial Performance

Sports Industry Overview CSL Review CSL Fans

Transit

Summary Second • The industry is growing slower in the short run due to macro factors. It is estimated that the industry has a marginal growth of 1.35 trillion yuan in 2020, 1.28% of the GDP. Under this premise, optimizing the industry structure will be the focus of future development, especially the areas like , services, competitions, training and other high value-added. • Compared with other sports, football is leading in media coverage and interaction among social media. As the core IP in domestic leagues, the CSL maintains high commercial performance • Policy stimulus, technology integration and consumer demand will drive the recovery of sports segment industry from the short-term negative impacts caused by Coronavirus.

4 Sports Industry Overview

Industry China’s sports industry has experienced a rapid development Analysis

Chinese Sports Industry: Overview Culture, Sports and Entertainment Gross Value-added (1978-2017)

“Hong Shan Kou State Council Meeting” [2014]46号 Transit 1978 – 1992 1992 – 2014 2014 – Present Rising Growing Booming

• Opening up of local market leads to • “Hong Shan Kou Meeting” initiates rapid • No. 46 policy paper sets in motion plan to gradual integration and success on the professionalization mobilize population and create the world’s Second international stage largest sporting industry by 2025.

China at Olympics Sports leagues Sports stars Industry stats (2018) Gold Silver Bronze Football in 1994 54 16 in 1995 32 28 Output Sporting Average 15 5 22 in 1995 11 Value Population Spend 8 12 16 in 1996 9 ¥2.4 trillion 420 million ¥2,974 19841 1988 1992

1992 2014

Note: 1. First time China participated. Source: General Office of the State Council; National Bureau of Statistics; Wind; Deloitte Research & Analysis

5 Sports Industry Overview

Industry A cooling economy is expected to slow the growth of China’s sports industry Analysis

Correlation between industry gross value-added and macroeconomic indicators Unit: hundred million yuan; %

• Growth rate of sports industry’s is Gross Value-added 20,000 positively correlated to GDP growth1 Transit Gross Value-added Growth Rate 18,000 Nominal GDP Growth Rate • Macroeconomic factors expected to cap Household Consumption Level Growth Rate 16,000 industry gross value add at an estimated ¥1.35 trillion (1.28% of Second 14,000 ~13,500 GDP) in 2020.

12,000 10,078 10,000

8,000 7,811 6,475 6,000 5,494 4,041 3,563 4,000 3,136 2,689 2,220 2,000 1,555 1,836 983 1,265

0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020F Note: 1. We took out the outliers in 2015 and 2018 statistics because of new calculation mechanism, and gross value-added of 2015 is affected by No. 46 of 2014 state guidance paper. Coronavirus impact excluded. Source: National Bureau of Statistics; Wind; Deloitte Research & Analysis

6 Sports Industry Overview

Industry The structure of China’s sports industry has begun to shift as higher, value- Analysis added segments gain growth momentum

Components of gross value-added (2015-2018) Unit: hundred million yuan; %

Competitions Fitness Value-added Venues Sporting goods Reflecting China’s historical role in the global CAGR 25% 55% 77% 27% 10% economy sporting goods manufacture has (2015-2018) Transit been the main economic driver of the sports industry. High value-added areas such as stadiums, leisure and fitness, service China and sports competitions have lagged, 5,494 6,475 7,811 10,078 34,988 offerings significant development 1% 1% 1% 1% Second opportunities. 2% 3% 3% 5% 9% 10% 10% 23% 9% 10% China’s sports industry is structurally 10% 27% different to more developed markets:

1 Labor-intensive textile and 10% manufacturing industries have Including leisure dominated. and venues 2 Sporting populations are relatively 68% 79% small and consumer willingness to 77% 75% spend on sports is limited. 57% 3 Professional competitions started late and commercial performance has not yet been fully realized. 9%

2015 2016 2017 2018 2017 Source: National Bureau of Statistics; General Administration of Sports; PRNewswire; Plunkett Research; Statista; Deloitte Research & Analysis

7 Sports Industry Overview

Capital Investors are sourcing deals in high value-added products and services Boost

Sports-related investment (2016-2019) Sub-sector investment (2018 & 2019) Number of investments Unit: % Amount raised per deal

Transit 12% 300 1.4 10% 4% 7% 34% 245 15% 1.17 Funds raised Second 1.2 Inner: in 2018 1.03 Outer: in 2019 200 191 13% 59% 0.82 Although investment 29% Venues, competition 154 0.8 levels and fundraising operations and fitness activities have slowed, 17% became popular deal sizes have investment themes in increased, indicating 2019. 100 0.550.55 82 investors are being 0.4 more selective and Venues and competition operations quality-focused. Competition marketing Fitness 0 0.0 Value-added service 2016 2017 2018 2019 Sporting goods High value-added

Source: CVSource; Deloitte Research & Analysis

8 Sports Industry Overview

Marketization Football is both the most liberalized and commercialized in China Ability

Fund sources for sports competitions (2017 & 2018) Unit: %

Facilitated by policies and capital investments, liberalized 5% operation and commercial development of sports competitions Transit has been further improved. 10% As of 2018, 85% of all sports competitions were self-financed by organizers themselves and 5% by governments. 8% Among all sports competitions, football events have the highest degree Self-supported: funded Second of market liberalization and commercialization. All football events by organizers and registered with the General Administration of Sports acquired sponsors 16% sponsorships by themselves. Sports Competitions Mixed: self-supported, but N = 2,580 subsidized by the General Proportion of self-financing1 competitions, by sport (2018) Administration of Sports Inner circle: 2017 Outer circle: 2018 Football 100%

Grant: funded by state E-sports 100% or local government 76% Basketball 86%

Winter sports 60%

Swimming 50% 85% Gymnastics 47% Shooting

Note: 1. Self-financing data is based on statistics from General Administration of Sports. Teenager competitions are usually subsidized by government which will partially affect proportion of self-financing data Source: General Administration of Sports; Deloitte Research & Analysis

9 Sports Industry Overview

Business Sports marketing has focused on three high-profile areas Environment

Key sports marketing initiatives in 2019

Football Basketball Winter sports

• Blackfish technology, a membership based Transit consumer platform, and its e-commerce platform Huanqiuhaohuo renewed their commercial • CBA announces five new sponsorship deals, partnership with streaming service PP Sports three resource replacement platforms and one Domestic official merchandise. • China Taiping Insurance secures women's Super competitions League and League A for the next three years

Second • iFLYTEK signed partnership deal with ’s • China Life named insurance partner for the FIBA • China’s State Grid, China Life, Wen Tou RCD Espanyol Basketball Holdings, North Olympic Group and Heng International • iQiyi Sports acquired UEFA Euro 2020 rights; Yuan Xiang named official partners of the • Ganten Water extends FIBA sponsorship to 2023 Winter Olympics and Paralympics competitions announced Asian World Cup qualifiers streams

• 361 Degrees secures endorsement deal with • RCD Espanyol’s Chinese striker Wu Lei became Xinjiang’s Kelanbaike the official ambassador for iFLYTEK • X-Tep secures endorsement deal with Jeremy Players Lin (Lin Shuhao)

• SAIC and SIPG started their fourth season of partnership, with a total sponsorship equivalent to ¥ 150 million. National • Alipay will commit ¥ 1 billion over the next teams decade to support the development of women’s &Clubs .

Source: Sports Money; CVSource; Deloitte Research & Analysis

10 Sports Industry Overview

Spread Digital technologies have massively extended marketing reach and channel Coverage influence opportunities

Broadcast Innovations

Social Media 5G+ VR+ AR+ Transit

Digital Media

Broadcast + TV Second Live

Stadium Stadium Stadium Stadium

???

Limited viewership Broader, but still limited Multi-channel, On-demand service Immersive experience reach internet-powered More defined audience Media and retail ecosystem

Source: Deloitte Research & Analysis

11 Sports Industry Overview

Social Media Football and basketball generate the greatest level of engagement; e-sports Impact followership is also building

News websites Micro-blogging channels Video-hosting apps

Article posts, in 10 thousand Views, in 100 million Posts, in 10 thousand

Sohu News Tencent News Sina News Weibo Hottest Topics Weibo Super Topics Tik Tok Kuaishou

Transit Football Football Basketball Basketball Basketball Football Volleyball Table Tennis Swimming Winter sports Swimming Second Tennis Boxing Weightlifting E-sports Table Tennis Swimming Boxing Volleyball Badminton Badminton Table Tennis Volleyball Tennis E-sports Gymnastics E-sports Gymnastics Track and field Diving Diving Diving Shooting Track and field Shooting Winter sports Tennis Weightlifting Gymnastics Shooting Winter sports Weightlifting

0 1 2 3 4 0 4 8 12 16 20 0 10 20 30 40 50

Note: 1. Data on all platforms is by the end of 2019.11 Source: Sina Weibo; Tik Tok; Kuaishou; Sina News; Sohu News; Tencent News; Deloitte Research & Analysis

12 Sports Industry Overview

Social Media Higher search and media traffic for football suggests a more active fan base Impact than basketball

1 Football Search Index Media Index News Index Basketball Weighted keyword search frequency Number of news with headlines containing keywords Weighted totals: number of views, comments, shares, In-season Avg. major media outlets likes, dislikes, etc. Off-season Avg. Transit

CSL vs . CBA Second

CSL2 clubs vs . CBA clubs

AFC Asian Cup UAE 2019 vs FIBA . Basketball World Cup China 2019 Note: 1. Search, Media and News Index show search volume of entire 2019. 2. To meet the requirement of comparison and avoid city and performance factors, this row compares search volumes of CSL and CBA clubs from Beijing, Shanghai and . Source: Deloitte Research & Analysis

13 Sports Industry Overview

Football Interest in football is typically event-driven Events

2019.1 2019.3 2019.6 2019.8 2019.9 2019.10

Men’s football team Wu Lei joins Spain’s China wins the right to Elkeson becomes the Defeated by , China wins the right Transit reaches the RCD Espanyol. Scores host the 2023 Asian first naturalized China lost the to host the 2021 quarterfinals of the first goal in his career Cup. Prompting calls for player to win a initiative of World Cup World Club Cup. Asian Cup abroad. a World Cup bid. national cap. qualifying. Marcello Lippi resigns as head coach.

Second

Baidu Media Index FOOTBALL as a search keyword National team stopped at the quarterfinal stage

Successful bid for Successful Elkeson de Defeated by Wu Lei bid for the Oliveira Cardoso Syria the FIFA Club joins RCD Asian Cup joined Chinese World Cup Espanyol citizenship

Source: Baidu Index; Deloitte Research & Analysis

14 国内体育产业

Football Large-scale sport events accelerate the construction of Events venues

2021 FIFA Club World Cup and 2023 AFC Asian Cup Venues1

2021 FIFA Club World Cup Sports Centre Centre Venues Dalian Suoyuwan Stadium 2023 AFC Asian Cup Venues Transit Beijing Workers Stadium Olympic Sports Centre Xi'an Fengdong Stadium Provinces with the venues Tianjin Binhai TEDA Stadium Wuhan Sports Centre Second Chengyang Stadium

Chengdu Olympic Sports Centre Fenghuangshan Stadium Kunshan Stadium Shanghai Stadium Shanghai Football Stadium • This is the 3rd professional football Hangzhou stadium in Shanghai, with more than Liangjiang Stadium Olympic Sports 30,000 seats. It will be the home Centre stadium of the Shanghai SIPG FC from 2021 new season, and the host Shanghai Pudong stadium of 2023 AFC World Cup. Olympic Sports Centre Football Stadium • It also promotes other clubs to build Xiang'an Est. complete in 2021 self-managed stadiums, such as Stadium >100,000 m2 Guangzhou Evergrande Taobao and Suning.

Note: 1. the impact on the schedule of spot events by COVID-19 is not included here Source: FIFA & AFC official websites; Deloitte Research & Analysis

15 Sports Industry Overview

Football China is investing behind its ambition to become a global football power Events

Medium- and long-term development plan(2016 – 2050)

2016 2020 2030 2050

30K school training pitches Over 40K school training pitches, Transit developed in 2015-2018. 1 pitch per 10k population in 2030. 33 national training centres (incl. 50 national training centres by the 14 women football centres) by Infrastructure end of 2020. Dec 2019.

Second • CFA launched financial regulations in • Improve club operation and • Increase number of international 2018. management; top league in . matches, bid to host FIFA World Cup, • Licensing requirement: CSL clubs for Young football players to 1m in improve national men and women teams performance, promote China’s League Governance women football team and 2020, including women footballers U19/17/15/14/13 academy teams. 100K. professional leagues to global stage.

In 2019, there are 27,059 schools In 2025 China to have 50K • Improve academy system, deliver elite specialized in youth football, football specialized schools. players to national teams/clubs, exceeding the 2020 goal of 20k. establish an effective academy Youth Training/ Campus teachers: 20,000+ In 2020, deploy 50K football competitions system and training Academy Coaches: 5,000+ trainers in schools. program in universities.

• In 2018 China national foundation • Increase state spending on football, encourage central and regional support to contributed ¥400m to football football lottery fund. development. • Encourage private investment into football development, support ecosystem of • More than 10 football-themed football business and connection with wider business such as healthcare, tourism, Market development sites in operation and online services. construction. Source: General Administration of Sports; Chinese Football Association; Deloitte Research & Analysis

16 Sports Industry Overview

Football Fans are optimistic about the future of Chinese football Events

Question: Are you optimistic about the prospects for Chinese football?

• Winning the right to host world-class competitions makes 2019:73% 80% of fans look forward to the future of Chinese football. Transit 2018:67% • 50% of fans believe the competency of Chinese football and leagues needs to improve. At the same time, they expect to see more signings with strong foreign players, stronger domestic players, and increasing public attention to football.

Second

Question: Areas for improvement Football fans (N = 4,075) N = 4,075 Higher competency 50% Optimistic Somewhat Strong foreign players joining 47% Public attention 46% Stronger domestic players 43% On-campus participation 30% Sport infrastructure 28% Youth training 13%

Source: Deloitte Research & Analysis

17 Sports Industry Overview

Epidemic Coronavirus will cause negative impact to sports industry in short-term, but Impact recovery is foreseeable driven by all parties’ contributions

Potential impact of coronavirus and future development Policy Policy stimulus: In the future, the General Sports Competitions Stimulus Administration of Sports and local governments • The sports competition performance industry is will jointly accelerate the development of a series currently stagnant, many international events are of policies to strengthen overall coordination and Transit postponed or held in different places. resumption of events. Fitness Leisure Consumer demand: The epidemic will • Fitness gyms in most regions are closed and are strengthen people's awareness of physical fitness, Second facing cash flow and membership loss pressure. online fitness at home will set off a wave.

Value-added services “Restart Product optimization: For personal projects 0.82 ” Sports with low site requirements, online teaching can • Sports training and education institutions are more dependent on strong interaction of crowds. Industry be available.

Venues Management and control upgrade: By 0.550.55 integrating new Internet technologies such as 5G, • Delays in large-scale events, and sports training and artificial intelligence, and big data, epidemic education can not be carried out normally, leading to management can be improved. the stadiums facing operational crisis

Demand Sporting goods Technology and Supply Matching supply and demand: As the epidemic • Affected by the epidemic, China ’s manufacturing PMI situation is effectively contained, both and supply in February hit a record low since its release. side and demand side are getting better.

Source: General Administration of Sports; Deloitte Research & Analysis

18 CSL 2019 Season Commercial Performance

Sports Industry CSL Review CSL Fans Overview

Transit

Summary Second • The CSL ranked the best league in Asia. • The 2019 season saw viewership figures reach about 700 million, 51% via digital media. • Pay-per-view is increasing. • CSL has put efforts in promoting the brand by, for example, hosting "Beyond Love" charity events. Sponsors are look forward to seeing more practices to boost activation.

19 CSL Review

Competition Success on the regional stage has improved the CSL’s international standing Performance

AFC Ranking of Club Competitions in the order of total points1(2015-2019)

CSL K League 1 Stars League Saudi Professional League • Consistent club success have helped the CSL climb to the top of AFC’s ranking. Transit 2015 2016 2017 2018 2019 • CSL’s world ranking is getting better, from the 56th in 2014 to the 44th in 2018. It has surpassed the U.S 1 1 league which was ranked one position higher in 2014. Second 2 2

3

4 CSL’s world ranking2 (2014-2018) 5

6 CSL Major League Soccer

2014 2015 2016 2017 2018 7

8 44 56

Note: 1. Calculation of points is explained in the Principles Of The AFC Club Competitions Ranking System. 2. Refers to the Strongest National League of The World by IFFHS. Source: AFC; International Federation of Football History & Statistics (IFFHS); Deloitte Research & Analysis

20 CSL Review

Competition CSL clubs have consistently reached the latter stages of the Champions League Performance

Performance in AFC Champions League (2015-2019)

Chinese Korean Japanese Others

• CSL clubs have a robust track record in 2015 2016 2017 2018 2019 the Champions League. Over the past Transit five seasons, CSL clubs have at minimum reached the quarterfinal stage. • Several Chinese clubs have become a Champion mainstay of the Champions League group. Second

Last 4

Participation over the last five years

Clubs that frequently Other clubs play in AFC Last 8

Last 16

Source: Transfermarket; Deloitte Research & Analysis

21 CSL Review

Competition Increasing ball-in-play time and goals per game suggest the CSL is becoming a Performance more exciting fan spectacle

Average ball-in-play time per game (2017-2019) Average goals per game (2015-2019) Unit: minutes

55:12 Average ball-in-play time continues 3.3 to trend upward 3.2 Transit 3.2 54:00 3.1 3.1 3.1 52:48 52:13 3.0 2.9 Second 51:36 51:11 2.8 50:43 2.8 2.7 J1 League and 50:24 2.7 K League 1 2.6 49:12 – 2.6 2.5 48:00 2.4 2017 2018 2019 2015 2016 2017 2018 2019

• Average ball-in-play time continues to trend upward. As games become more fluid pull on fan attention and loyalty increases. • In 2019, Average goals per game was nearly 20% higher than the Japanese and Korean leagues.

Source: CSL; Transfermarket; Deloitte Research & Analysis

22 CSL Review

Competition Increased investment in foreign stars is boosting the pulling power and value of Performance the Chinese league

Estimated value of CSL players Unit: million pounds Number of foreign players Average transfer fee (million pounds) by league 500 428.8 Transit Big Five leagues Asia-Pacific Africa 391.7 396.5 Other European leagues North America 400 359.9 J1 League – 365.5 91 151 107 85 187 6.7 300

Second 194.6 200 4.1 K League 1 3.7 3.4 –158.9 100 2.1

0 2015 2016 2017 2018 2019

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

• Recruitment from Europe’s Big Five leagues has steadily increased. • The transfer value of CSL players has surpassed • An influx of stronger foreign players is improving the quality of competitions. the J1 and K League 1.

Source: Transfermarket; Deloitte Research & Analysis

23 CSL Review

Competition Increased competitive intensity means broader, prolonged fan engagement Performance

Club points (2015-2019)

• The 2019 CSL champions secured 72 75 72 points, with only six points separating Transit 70 67 68 the top three clubs the season was 64 64 much more closely fought. 65 1 • The standard deviation points of the 60 contenders championship contenders was the lowest in the past five years Second 55 56 53 53 52 Qualified for 50 48 AFC Champions 2 45 League

40 Standard deviation of club points1 35 32 Mid-tier clubs 3 34 2015 2016 2017 2018 2019 30 31 30 1 30 25 4.2 6.0 5.0 5.0 3.1 25 2 7.2 4.0 1.7 7.9 4.7 20 Potentially 4 relegated 3 15 2.8 1.7 5.0 2.0 4.4

10 4 7.6 2.0 6.1 4.6 5.6 2015 2016 2017 2018 2019 Note: 1. This chart shows standard deviation of clubs within their tier. Smaller standard deviation means clubs have smaller discrepancies in capabilities and therefore more fierce competitions. Source: CSL; Deloitte Research & Analysis

24 CSL Review

Competition 2019 was less predictable with fan engagement boosted by a greater number of Performance end-of-season, do-or-die games

Championship fight and games that might affect relegation (2015-2019) Vertical axis: Round

2019 was a less predictable season. 30 Championship Relegation Transit • Both champion and relegation positions were determined much later in the season • The 2019 relegation fight was particularly intense with Renhe assumed set for 29 relegation; however, by the time of the Second vs. Tianhai game, both sets of fans feared their clubs would sink below Renhe. 28 • Tianhai ultimately secured survival at the 29th round of games.

27 Championship contenders made to the final game. 1 26 Championship contenders each season

25 2015 2016 2017 2018 2019

Note: 1. Championship contenders are clubs who are believed to have the greatest chance of being the champion of the season, by the round of uncertainty of championship . Source: CSL; Deloitte Research & Analysis

25 CSL Review

Competition A more professional level of refereeing has helped boost game attractiveness Performance

# of fouls per match(2015-2019) # of yellow card per match(2015-2019) # of red card per match(2015-2019)

The number of fouls Referee enforcement is 40 4.5 0.4 has decreased more stringent, improving Transit professionalism of players -5% 35 34.2 0.3 4.0 0.26 32.3 4.0 +15% 31.5 3.9 3.9 30.4 3.8 0.21 30 0.2 0.19 28.3 Second 3.6 0.15 0.15 3.5 25 0.1

20 3.0 0.0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

The involvement of international referees and VAR has improved the quality of CSL matches in terms of fairness and referring decisions. • For the first time the CSL invited top international referees including Mark Clattenburg and Milorad Mazic to judge matches and help accelerate the professionalism of domestic referees.

Source: CSL; Total Corner Statistics; Deloitte Research & Analysis

26 CSL Review

Competition CSL’s brand image has improved across multiple dimensions Performance

Question: Rate CSL in the following five areas Question: What are your impressions on CSL? (2019) (N=3,064) (N=3,064)

2018 ratings 2019 ratings

Chinese Transit 3.79 4.11 Professional Boring Intensity Exciting Well-known Positive 3.47 3.88 Second Weak Team Strong Young Fast growing 3.68 4.00 Good quality Result Surprising Expected International Popular 3.65 4.02 Many sponsors Unfair Game Fair Trustworthy Good financials 3.71 4.12 Unprofessional Professionalism Professional

Significant growth compared to survey results from 2018

Source: CSL; Deloitte Research & Analysis

27 CSL Review

Competition Fan’s remain overwhelmingly optimistic about the future prospects of the game Performance

Question: Are you optimistic about the futures prospects of the CSL? (2018 vs. 2019)

2019:78% Transit 2018:73%

Second

CSL fans N = 3,064

Very optimistic Somewhat

Source: CSL; Deloitte Research & Analysis

28 CSL Review

Competition The average attendance reached 23,336 people in the 2019 season, ranking 5th Performance in top international football leagues

Average stadium attendees per game (2019) Stadium attendance1 (2016-2019) Unit: 10 thousand people Unit: 10 thousand people; %

5.0 Attendance rate Attendees

The – 96.1% Transit 4.34 – 91.4% 3.85 La Liga– 70.5% 69% – 69.3% 64% 65% Second 64% 579 – 62.3% 2.68 570 578 2.52 560 2.5 2.33 2.28 2.27 2.13 2.12 2.08

2016 2017 2018 2019

CSL passes Serie A in attendance rate Stadium capacity changes and bad weather reduced attendances in 2019, but with average attendance at 0.0 64% clubs are drawing a higher level of fans than Bundesliga The La Liga Serie A The CSL Ligue 1 Liga MLS Liga J League many European peers. Premier Bancomer Do League MX Brasil Note: 1. Data of foreign leagues are 17/18 season. CSL attendance is based on 80% of capacity as it’s required by local security department. 2. Shanghai SIPG’s stadium is capped to 25,000 due to renovation project.;Source: CSL; Deloitte Research & Analysis

29 CSL Review

League Although fans would like to go to games, stadium quality and at-game Impact experiences lag expectations

Question: How did you watch CSL games and what do you actually prefer? (N= 2,649)

Watched channels Preffered channels According to a 2018 survey fans expect: • Stadiums to be safe, comfortable, and Transit 1 CCTV Live clean. • The view from their seats to match expectations. • High-quality games. 2 Online (PC) CCTV Second • An exciting atmosphere within the stadium.

3 Online (Mobile) Online (PC) Most clubs lease rather than own stadium limiting their ability to effect quick change

4 Local stations Online (Mobile)

5 Live Local stations

In-game stats & In-game stats & 6 commentary commentary

Source: Deloitte Research & Analysis

30 CSL Review

League Traditional and digital media channels provide the CSL with substantial reach Impact

Number of media with domestic broadcast rights CSL (2015-2019)

Traditional Media Digital Media 35 Through PPTV Sports, CCTV Sports, Migu Video and Youku Transit 31 Video, active users was: 30 0.49 billion people

9 media Digital 25 Second 23 21 20 19 4 20 3 5 5 15

22 10 18 19 17 local stations 14 15 5

1.28 billion people Traditional media Traditional 0 2015 2016 2017 2018 2019

Note: 1. Youku’s broadcasting stopped by Aug. 8th, 2019 as the contract expired. Source: CSL; Deloitte Research & Analysis

31 CSL Review

League Affected by digital media broadcast channels, traditional media broadcast Impact ratings remain low, but fluctuations between rounds are getting smaller.

Traditional media’s viewership for each match (2017-2019) Unit: 10 thousand people Broadcast time Average Variance of (hours) viewership1 viewership2 3,000 • Digital media is capturing audiences from traditional media in 2017 3,251 1,447 437 • But the variance of the number of people watching is Transit in 2018 2,999 1,123 333 gradually decreasing, indicating that those who still stay with the traditional channels are more loyal to CSL. 2,500 in 2019 3,289 1,150 321

Second 2,000

1,500

1,000

500

2019 season 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Note: 1.Average viewership is calculated by dividing cumulative viewers by total rounds. 2. Variance is the fluctuation of the viewing situation between rounds. The smaller the variance, the more fixed the audience. Source: CSL; Deloitte Research & Analysis

32 CSL Review

League Paid streaming services are widely accepted with average views per match Impact trending higher.

Digital media’s viewership for each match1 (2017-2019) Unit: 10 thousand people Average2 Variance 3,000 in 2017 1,247 254

Transit in 2018 1,065 434 2,500 in 2019 1,182 365

CSL started paid broadcast for 2019 season but the number of views did not drop. This suggests that Second 2,000 fans are willing to pay a premium.

1,500

1,000

Since the fifteenth round of the 500 2018 season the CSL has charged for broadcast, and paid service turned lots of people away. 19 season 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Note: 1. Figures include PP Sports, Youku (by 21st match of 2019 season), and Migu. 2. The number of viewers is converted to the number of viewers who have watched the entire game (90 minutes) Source: CSL; PP Sports; Youku; Migu; Deloitte Research & Analysis

33 CSL Review

League CCTV's focus on broadcasting and promotion will bring better viewing results to Impact traditional media.

Viewership for each match, Traditional vs Digital Media1 (2019) Unit: 10 thousand people

3,000 6th Evergrande VS Luneng Traditional Digital 6th CFFC VS Guoan Transit Turning Point 28th Evergrande VS SIPG 2,500 Championship Decider 4th Evergrande VS R&F Turning Point 25th Evergrande VS Zall 25th Luneng VS Shenhua Second 2,000 Turning Point

1,500

1,000

500

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Note: 1. Figures include PP Sports, Youku (by 21st match of 2019 season), and Migu. 2. The number of viewers is converted to the number of viewers who have watched the entire game (90 minutes) Source: CSL; PP Sports; Youku; Migu; CSM Media Research; Deloitte Research & Analysis

34 CSL Review

League With the implementation of full-round fees in digital media in 2019, the Impact cumulative number of viewers still surpasses traditional media

Comparison in viewership, Traditional vs Digital Media (2017-2019)

Percentage Live streaming1 (matches) Aggregate viewership2 (100 million views) in the year

Transit 2019 444 65% 2019 3.45 49%

2018 466 66% 2018 3.37 49% Second Traditional media 2017 607 72% 2017 4.34 46%

2019 240 35% 2019 3.55 51%

2018 240 34% 2018 3.52 51% Digital media 2017 240 28% 2017 3.74 54%

Note: 1. For traditional media, it refers to the aggregated number of matches broadcasted by all the channels, and double counting exists; for digital media, as every match is available, there is no double counting for the same match. 2. Aggregate viewership is calculated based on viewing the full game – 90 minutes. Source: CSL; CSM Media Research; Deloitte Research & Analysis

35 CSL Review

League Although CSL has stepped up its content output, interaction remains low Impact

CSL’s social media statistics1 (2015-2019)

Followers (Unit: 10 thousand people) Posts Interaction

1,760 Share Comments Likes Transit

515 517 40 510 510 507 34 36 919 29 24 Second 21 22 Weibo 14 15 303 267 316 8

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

538 Views

3,347 3,042 2,747 2,323 2,581 19 16 17 247 258 14 223 WeChat 4 140

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Note: 1. Statistics by December of 2019. Source: CSL; Deloitte Research & Analysis

36 CSL Review

Commercial Sponsorship has increased, making CSL the most valuable sport franchise Performance

1 CSL sponsorships by year and sponsors’ industries 13 Unit: 100 million yuan

Number of industries 10 Over the past 15 years, the quantity and quality of sponsors has improved. Transit CSL is the most scarce and largest 7 revenue generating IP. • Sponsorship levels reached ¥614 4 6.14 million in 2019. Second • Compound growth rate for sponsorship over the past 13 years reached 32%. 3 4.95 “…brand exposure in stadiums, the large 3 number of broadcast audience, big fan base on social media, various kinds of 1.51 football activities, these contribute to the high commercial performance of CSL. 0.57 0.46 Our sponsorship deal is great…” Nil --- sponsor

2004 2007 2010 2013 2016 2019

2019 Industry Insurance, Banking, Investing, Healthcare Sports gear Auto Logistics Oil Beer Diary E-commerce Watch Photoelectric Energy drinks Water Formal attire Category Note: 1. not including media and charity sponsors Source: CSL; Deloitte Research & Analysis

37 CSL Review

Commercial Sponsor brands gain from increased exposure and association with the CSL Performance

Question: Do you think sponsors match the Question: Would you follow CSL sponsors Question: Would you choose CSL sponsor CSL’s brand image? (N = 3,064) over their competitors? products over its competitors, even if the item was of the same price and quality?

Transit Big brand 60%

Good quality 52% 14% 9%

Good financials 47% Yes Yes Second Fast growing 43% CSL fans CSL fans N =3,064 No N =3,064 No Leading market player 37%

Inherit 25% 86% 91% International 14%

• In 2019, the top three characteristics that the fans think the sponsors are in line with CSL are having a big brand name, products of good quality and good financials. • Increasing brand exposure helps convert fans to buyers. 86% of fans are willing to follow CSL sponsors over their competitors and 91% are likely to buy products of their sponsors over competing products.

Source: Deloitte Research & Analysis

38 CSL Review

Commercial CSL has been continuously exploring and enriching the sponsor value activation Performance activities, to the maximum of the currently scheduled activities

218 on-court and 106 off-court sponsor interactive promotions were held during the Transit 2019 season • Held in a variety of forms including outfield booths, infield performances, lucky seats, etc.

Second Sponsor Match day interactive 2019 carnival promotion Sponsorship activation activities

6 match day carnivals were held during the 2019 season • Multiple sponsors participated in carnivals in Shandong Luneng, Dalian Yifang, etc.

Source: CSL; Deloitte Research & Analysis

39 CSL Review

Commercial CSL’s image has been boosted by the ”Beyond Love¹” foundation Performance

“Beyond love” “Beyond love” – supporting the disabled – for communities

Organiser:CSL, China Soong Ching Ling Foundation, China Activity: CSL partnered with Transit Administration of Sport for the Toutiao to support to Alzheimer’s Disabled. patients. Alzheimer

Details: Visited 20 Alzheimer’s Second patients

Activity: CSL partnered with charities and visited migrant’s Support: 2019 Season sponsors PingAn, Nike, Aigao Sport, 16 children schools. Migrant clubs. children Details:Visited 100 children in schools.

Activity: footballers visit special-needs schools and arranged for disabled kids to attend matches as ball kids etc. Activity: CSL partnered with China Paralympic Centre and visited academy schools. Academy Scope 16 cities, 65 footballers, 640 children. Details: Visited 20 young players.

Note: 1. The official name is in Chinese: 超越▪爱 Source: CSL; Deloitte Research & Analysis

40 CSL 2019 Season Commercial Performance

Sports Industry CSL Review CSL Fans Overview

Transit

Summary Second • Men are the core group among CSL fans. The majority of fans are aged 25-40, married and procreated, and are generally well educated • The CSL’s fanbase is becoming more engaged • Increased exposure, star power and expanded content is attracting casual fans to the game • Brand awareness continues to strengthen; association with the CSL is boosting sponsor recognition indicating significant opportunities for further commercialization

41 Survey

Men are the core group among CSL fans. The majority of fans are aged 25-40, Survey married and procreated, and are generally well educated

Your gender? Your age? Your marital status? Your highest education? Your annual income? (N = 1,441) (N = 1,441) (N = 1,441) (N = 1,441) (N = 1,441)

Undergradua 18~24 5% 86% Above 1m 2% Married, te and above 80% 25~29 18% procreated 500k~1m 6% Transit 39% 30~34 31% College 12% Loyal 35~39 27% 300k~500k 10% fans1 61% Unmarried 11% 40~44 9% Senior high 2% 200k~300k 29% 45~49 5% school 100k~200k 35% Married, Second 50~54 3% 10% Junior high unprocreated school and 0% 55+ 1% Below 100k 18% Male Female below

Your gender? Your age? Your marital status? Your highest education? Your annual income? (N = 1,623) (N = 1,623) (N = 1,623) (N = 1,623) (N = 1,623)

Undergradua 18~24 10% 74% Married, te and above Above 1m 1% 73% 25~29 19% procreated 500k~1m 1% 34% 30~34 26% College Casual 22% 35~39 20% 300k~500k 6% fans2 Unmarried 20% 66% 40~44 11% Senior high 200k~300k 4% 19% 45~49 10% school Married, 100k~200k 43% 50~54 3% 8% Junior high unprocreated 55+ 2% school and 1% Below 100k 31% Male Female below

Note: 1. Loyal fans refer to those who have ‘watched full games’. 2. Casual fans refer to those who occasionally watch CSL or keep up by reading news Source:Deloitte Research and Analysis

42 Survey

Survey Key focus areas and findings

47% Loyal fans1 Transit Read news about sponsors 51% >90% Watched for > 2 years Attention Support brand exposure 74% Recognition ~60% Watch >10 matches per season

Second >75% Watch through CCTV Can spell out CSL 90% CSL fans 1st 1st choice is stadium attendance (N = 3,064) Think merchandise in line CSL Behavior >50% Awareness with CSL brand image Brand Followers- >50% Watch >1.5hrs per week Recognition hip

61% Support Evergrande Willing to follow sponsors 86%

75% Watch highlights Will buy sponsors’ products 91% Channel Acceptance 71% Keep up through social media Will buy CSL merchandise 88%

Note: 1. Loyal fans refer to those who follow games of a full season; casual fans refer to those who occasionally watch CSL or keep up by reading news Source:Deloitte Research and Analysis

43 CSL Fans

Viewership and followership levels have increased; fan followership intensity Attention continues to rise

Question: Do you watch CSL? (N = 3,064) Question: How long have you been watching Question: How many matches of this season CSL? (N = 3,064) did you watch? (N = 3,064) 2018 2019 2018 2018 2019 2019 Casual fans Loyal fans Transit 32% 32% 74% 85% 72% 29% 75% 25% 26% 25% 21% 27% Second 23% 18% 20% 17% 14% 13% 28% 16% 26% 9% 25% 8% 12% 15% 4% 4% 2% 6% 2% 7% 1% 3% 3% Occasionally Occasionally Follow game Fanatics Since Since prior 2~3yrs 3~5yrs 5~10yrs >10yrs 0 1-3 4-10 11-20 21-30 31-40 41-50 >50 read news watch games schedules current season season matches

Overall attention has increased,fans has consistently pay attention to CSL and watch more games in season 2019. • Percentage of loyal fans who consider themselves very enthusiastic has dropped by 10%. The proportion of casual fans who occasionally watch games has increased 2% and because the number is big, the overall attention shows as increasing. • Percentages of watching since the current season are the same, about 2% of all fans are new. • Fans watched more games in 2019. And the percentage of viewers who watched more than 11 games increased by about 6%.

Source: Deloitte Research & Analysis

44 CSL Fans

Viewing Although CCTV remains the most popular channel to follow CSL fans are shifting Habits more and more to online channels

How do you usually watch CSL? Channel preference key shifts, 2019 vs 2018 Casual fan channel preference, 2019 vs (N = 2,649) (N = 1,441) 2018 (N = 1,208) Loyal fans Casual fans 81% 4.4% 2.1% Transit 1.9% 1.8% 74% 72% 68% 2.4% 0.6% 53% 53% 1.0%

Second 41% 36% 34% 0.0% -2.1% 19% 15% 9% -3.2% -4.6% -4.2% CCTV Online Online Local Live In-game In-game Online Local Online Live CCTV Online Local In-game Live CCTV Online (PC) (Mobile) stations stats & stats & (Mobile) Stations (PC) (Mobile) stations stats & (PC) commentary commentary commentary

Fans mostly watch through CCTV but we notice they are more inclined to watch during free time rather than following schedules. • Loyal fans follow game schedules via CCTV and online using PCs. But attention spans are declining as shown in increasing numbers of people reading in-game player stats & fans commentary (up 4.4%) and usage of mobile devices, i.e. smartphones and tablets (up 2.4%). • Casual fans tend to spend the time on mobile devices (up 2.1%). Usage of PCs has fallen the fastest.

Source: Deloitte Research & Analysis

45 CSL Fans

Viewing Among game attendees, loyal fans tend to be enthusiastic about experience; Habits casual fans are less positive, reflecting unmet expectations on stadia condition

Question: How satisfied are you with the following dimensions of the viewing experience?(Total points is 5)

Among all live game attendees, loyal fans are more satisfied with Transit Atmosphere 4.6 atmosphere while casual fans pay more attention to other stadium conditions. 4.0 • Over 69% of loyal fans are satisfied with Second stadium atmosphere, with sanitary Interactive activities Sanitary conditions 4.0 4.0 conditions and interactive activities scoring lowest in terms of ratings 3.6 3.7 • Casual fans pay more attention to Loyal fans Live game fans stadium conditions including sanitary Casual fans N =675 faciltiies, arena foods and interactive activities.

3.9 4.0

Internet connection 4.3 4.2 Transportation 3.7

4.1

Arena foods

Source: Deloitte Research & Analysis

46 CSL Fans

Viewing Fans are spending more time watching games Habits

Question: How much time do you spend How much time loyal fans spend watching How much time casual fans 1 spend watching CSL games every week? (2019) CSL games?(2019 vs. 2018) watching CSL games?(2019 vs. 2018)

Loyal fans:86% 2019:86% 2019:48% Casual fans:48% 2018:62% 2018:24% Transit

CSL fans Loyal fans Casual Second N =2,624 N=1,441 N=1,208 Above 6 hrs Above 6 hrs Above 6 hrs 1.5–6 hrs 1.5–6 hrs 1.5–6 hrs

CSL fans are spending more time watching games Loyal fans tend to spend more time In 2019, 86% of loyal fans spent more than 1.5 hrs watching games every week, up 24% on 2018. watching games than casual fans. In 2019, 48% of loyal fans spent more than 1.5 hrs watching games every week, up 24% on 2018.

Note:1. Excl. casual fans not watching CSL games Source: Deloitte Research & Analysis

47 CSL Fans

Viewing Loyal fans have a greater appetite for post-game content and are more Habits attracted by all-round game quality

Question:What factors determine whether you watch a game? Question: Besides live broadcasts what CSL content are you (Top selection option)(N = 2,649) interested in?(N = 3,064)

Loyal fans Casual fans

Transit

44% 80% 76% 37% 71% 70% 62% 56% 52% 48% 52% 52% Second 47% 44% 22% 21% 43% 18% 36% 36% 35% 13% 11% 10% 6% 5% 4% 4% 2% 3%

More Better Better Star More Improved More Post- Goal Game Expert Related Game Coach or Score exciting performance players players resonable fairness attention game highlights statistics analysis news conference player games rules from family highlights interviews and friends

Loyal fans pay more attention to game quality, while casual fans are more attracted by player reputation.

Source: Deloitte Research & Analysis

48 CSL Fans

Fans favor following the CSL via digital channels with social media fast Channels becoming the key connection between clubs and fans

Question: Which of the following channels Question: Channels favored by loyal fans Question: Preferred channels - casual fans do you use to follow CSL? (2019 vs. 2018) (2019 vs. 2018) (N = 3,064) (N = 1,441) (N = 1,623) Loyal fans Casual fans

Transit

11.6% 9.3% 84% 80% 80% 70% 6.6% 67% 66% 64% 54% 6.4% Second 45% 6.1% 2.1% 0.9% 25% 24% 22% 13% 9% 1.5% 0.9%

-4.6% PC Mobile Social TV Print FamilyBroadcast media media and -2.4% -7.7% friends Social Broadcast TV Mobile Print PC Social Mobile TV Broadcast Print PC media media media media

CSL fans are hyper-digitalized with PC, mobile and social media their main channels to follow CSL. Loyal fans tend to use a greater range of channels

Source: Deloitte Research & Analysis

49 CSL Fans

Brand Brand association with the CSL has a significant, positive influence on purchase Recognition intention; sponsor recognition is strongest amongst loyal fans

Question: Do you pay attention to sponsor Question: Awareness of sponsor brands - Question: Awareness of sponsor brands - brands when you watch sports? loyal fans casual fans

CSL fans:51% 2019:78% 2019:27% Football fans:29% 2018:63% 2018:25% Transit Sports fans:22%

All survey Loyal fans Casual fans respondents Second N=1,441 N = 1,623 N = 5,079 Always pay attention % Always pay attention % Always pay attention %

CSL fans pay more attention to sponsor Sponsor recognition has strengthened vs. 2019. brands than other footfall and sports fans.

Source: Deloitte Research & Analysis

50 CSL Fans

Brand CSL fans are more supportive of sponsor brands exposure. Recognition

Question: What is your opinion on sponsor Question: How do you feel about sponsor Question: How do you feel about sponsor brands in sports events or activities? brands in sports events or activities? brands at sports events or activities?

CSL fans:74% 2019:88% 2019:62% Football fans:56% 2018:79% 2018:50% Transit Sports fans:56%

All survey Loyal fans Casual fans respondents Second N=1,441 N = 1,623 N = 5,079 Support sponsor Support sponsor Support sponsor brand’s exposure % brand’s exposure % brand’s exposure %

CSL fans are more supportive of CSL fans show more support for sponsor brands exposure, enhancing sponsorship rights sponsor brands than other sports. in sports events.

Source: Deloitte Research & Analysis

51 CSL Fans

Brand CSL brand recognition is extremely high Awareness

Question: What is the full, branded name of the CSL?

2019:90% Transit 2018:83% 2016:79%

Second

All fans N = 3,064 Correct recognition %

Note: 1. The correct full name of CSL is ”2019 Ping An Chinese Football Association Super League”. Source: Deloitte Research & Analysis

52 CSL Fans

Brand Over 90% of loyal fans and 68% of casual fans purchased CSL licensed Acceptance products during the 2019 season

Question: Did you purchase CSL league or Question: Did you purchase CSL league or Question: Casual fans purchase CSL club licensed products in 2019? (Loyal fans, N club licensed products in 2019?(Casual fans, N licensed products vs. Other sports events = 1,441) = 1,623) or league licensed products(N = 1,623) 2018 2019 2018 2019 CSL products Other league products Transit

37% 33% 32% 38% 33% 30% 30% 32% 30% 26% 28% Second 22% 20% 21% 20% 17% 15% 15% 18% 10% 10% 9% 10% 10% 8% 7% 6% 7% 7% 4% 4% 5% 2% 2% 2% 1%

0 <100 100-500 500-1000 1000-2000 >2000 0 <100 100-500 500-1000 1000-2000 >2000 0 <100 100-500 500-1000 1000-2000 >2,000

Loyal fans are willing to spend more on CSL licensed products than casual fans. Casual fans are more willing to purchase CSL • In season 2019, about 94% of loyal fans have purchased 500-2,000 yuan annually CSL products. However, licensed products. 32% of casual fans has not purchased CSL products, and most casual fans have spent only 100-1,000 yuan annually on CSL products. Casual fans would spend 60-70 yuan more per • Compared to season 2018, Loyal fans have spent 230-250 yuan more per year and casual fans have spent year on CSL products than other league products. 80-100 yuan per year in season 2019.

Source: Deloitte Research & Analysis

53 CSL Fans

Brand Loyal fans are more willing to pay a premium for CSL products Acceptance

Question: How much premium are you Question: What channels do you use to Question: What kind of products do you willing to pay for co-branded products? purchase CSL or club-licensed products? want to purchase? (N = 3,064) (N = 3,064) (N = 3,064) Loyal fans Casual fans Loyal fans Casual fans Loyal fans Casual fans

Transit 63% 57% 54% 31% 26% 40% 24% Second 22% 17% 24% 16% 24% 15% 10% 10% 17% 14% 8% 12% 13% 12% 12% 9% 8% 5% 4% 6% 6% 6% 5% 2% 0% 1% 1% 3% 0% Disagree <5% 5%- 11%- 21%- 31%- 41%- >50% CSL online Sponsor Club Game-day Non-game Jerseys Hats Sportswear Bags Scarves to pay 10% 20% 30% 40% 50% store online online retail store day retail store store store

Loyal fans are more willing to pay premium for CSL co-branded products, most fans are willing to purchase online especially jerseys. • About 33% of casual fans are only willing to pay at most 5% premium, which is 20% less for loyal fans, 15% of loyal fans are willing to pay 30% or higher premium. • Approx. 90% of CSL fans are willing to purchase CSL products online mostly through CSL online store. • Most CSL fans tend to purchase club jerseys, 57% of loyal fans are willing to buy jerseys.

Source: Deloitte Research & Analysis

54 Afterword

In the past year, with the gradual release of China's sports industry dividends, the effect of football reform has been further manifested. Under the state suggestions promote national fitness and sports consumption, and high-quality development of the sports industry, investment effects have been witnessed to have improved the coverage of infrastructure, the standardization of league management, the systematization of youth training construction and the integrated development of football and related industries.

In 2019, the CSL ranked first in Asian leagues for the first time, with the appreciation, intensity, fluency and fairness being steadily improved, and the cumulative viewing time of digital media surpassing that of traditional media for the first time. Meanwhile, the CSL has strengthened its brand building and actively explored we-media communication. Second In the context of slowing macro economics, the CSL has made steady progress in commercial performance and achieved growth in sponsor number, quality and overall revenue. Range of communicated groups, the influence of official channels, the diversity of commercial rights and activities have been positively recognized by the sponsors.

With the continuous integration of the Internet, big data and the real economy, digital applications become more extensive and in-depth, raising higher requirements for the diversity of communications. Though negatively impacted in the short term by the Coronavirus, sports industry will recover and bring in innovated commercial solutions in the long run.

In the future, we are full of expectation and confidence that the CSL will continue to attract and develop potential fans in of fragmented information, enhance the interaction with existing 关注中超联赛官方信息 fans through creative communications, and actively develop content innovation with commercial 平台,精彩由你掌握! partners.

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