The first syndicate ever to carry the Chinese Flag in the history of the America’s Cup has ended its partnership with Le Défi.

China Team was founded on the 8th of March 2005 by a group of Chinese businessmen led by Chaoyong Wang, President of China Equity (one of the leading venture capital funds in China) in association with the company Le Défi.

The syndicate represented the Qingdao International Yacht Club, hosting yacht club for the sailing events of the 2008 Olympic Games, and marked the entrance of China in the grand concert of the America’s Cup.

"We ended our partnership with Le Défi", marketing director Stuart James told AFP. "But we're going to participate in the 34th America's Cup and we hope to make an announcement before the end of the year ."

Nevertheless, China Team, which brings its know how and technical platform from two preceding French campaigns in the America's Cup and which was leaded by the "French trio" (Xavier de Lesquen, Pierre Mas and Luc Gellusseau), is no more than a hollow and empty shell and it will be very hard for the Chinese to rebuild a Team from zero.

When questioned by AFP about Chinese participation, ACM said they are not amongst the yacht clubs which have presented the Société Nautique de Genève (SNG) with their challenge for the 33rd America’s Cup.