On May 20, the Chinese marathon industry received major news: Shanghai Donghao Lansheng Sports Co., Ltd. (hereafter "Donghao Lansheng Sports") and Wuxi Huipao Sports Co., Ltd. (hereafter "Huipao Events") officially reached an equity partnership. Donghao Lansheng used RMB 40,444,445 of its own funds to acquire a 26% stake in Wuxi Huipao Sports through an agreement transfer and a targeted capital injection, becoming Huipao's second-largest shareholder. Based on the size of this transaction, we can roughly estimate Huipao's current valuation at about RMB 155,600,000, an increase from RMB 125,000,000 in 2021. The two parties, linked by capital, are launching a new chapter of deep collaboration and mutual empowerment, joining forces to support the high-quality development of China's sports events industry and to deliver better race experiences for runners. This cooperation is not a simple stacking of resources but a precise complement and deep coordination built on core strengths. When Donghao Lansheng's comprehensive resource-integration capability, exhibition service advantages, international perspective and top-tier race operation experience combine with Huipao Events' strong race IP reserves, professional operations experience, tech-enabled capabilities and broad runner base, they will create a synergy where "1+1>2." What kind of shockwaves will this alliance of two strong players send through China's marathon industry? #DonghaoLansheng#HuipaoEvents#ShanghaiMarathon#WuxiMarathon#TrailRunningBigBang