CBEX to Auction FOU Used at Beijing Olympic Games

CBEX to Auction FOU Used at Beijing Olympic Games

BEIJING, Feb. 26 /PRNewswire-Asia/ -- CBEX (China Beijing Equity Exchange) announced today the auctioning of the fous (an ancient Chinese percussion instrument derived from clay potteries and bronze ware) that were used in the grand performance of fou at the opening ceremony of Beijing Olympics Games.

According to CBEX, the first auction will be held on March 8, in which 1,000 pieces of fou will be auctioned in package.

According to Liang Yu, spokesperson and executive vice president of CBEX, following CBEX's official disposal of Olympic assets since August 2008, the fous used at the Olympic Games have been the focus of attention. Over the past six months, CBEX has received thousands of telephone inquiries, and a lot of people have expressed their intention to bid for the fous.

Before the auction, Beijing Organizing Committee for the Games of the XXIX Olympiad (BOCOG) has, in the form of power of attorney, guaranteed to CBEX that the objects to be auctioned are the exact fous used at the opening ceremony, each having a unique special code used in the "Fou Array" at the opening ceremony. BOCOG said that from the perspective of protection of intellectual property rights, the fou will no longer be made or mimicked in the future, and the molds used for manufacturing the fous have been destroyed.

It is noteworthy that different from the previous disposal of Olympic-related assets, besides onsite package auction of some pieces of fou, the rest will be auctioned through online bidding. According to Liang Yu, given a big number of intended buyers, CBEX will use Jinmajia online bidding system, tailored for the disposal of Olympics-related assets, with a view to ensuring wider, more convenient, and more effective public participation. Intended buyers around China may, after registration and payment of deposit, log onto the website of Jinmajia for online bidding. Online bidding is free from the restrictions of regional and number of intended buyers of traditional auctions, which demonstrates the Olympic spirit of full participation and fair competition.

On Jun 25, 2008, BOCOG and CBEX signed Contract for the Disposition of Asserts of BOCOG, and published the information of the first batch of assets on the website of CBEX, marking the entry into formal disposal procedures of the assets of BOCOG. Since the first Olympic asset auction on Aug 5, 2008, CBEX has conducted 9 auctions so far, which included furniture and household appliances at Media Village, air conditioning units, computers, servers, and BOCOG official cars, with the disposal covering more than 500,000 pieces of Olympic assets with total price of nearly 30 million yuan, with a value-added rate of more than 30%.

   For more information, please contact:     Coral Shuai    China Beijing Equity Exchange    Tel:   +86-10-6629-5692    Fax:   +86-6629-5588 x5692    Email: xsshuai@cbex.com.cn  

Source: China Beijing Equity Exchange

CONTACT: Coral Shuai of China Beijing Equity Exchange, +86-10-6629-5692,
Fax: +86-6629-5588 x5692, xsshuai@cbex.com.cn

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Profile: International Entertainment