The partnership, agreed between UIM President Raffaele Chiulli and BUND Holding Group President Xin Chongjie, will commence with the group’s sponsorship of next month’s UIM Awards Giving Gala.

“On behalf of the UIM, I am honoured and delighted to enter in to this new partnership agreement with BUND Holding Group,” said President Chiulli.

“The group has been a key supporter of powerboat activities, most notably the Aquabike Class Pro World Championship and the Nations Cup World Series Grand Prix of Shanghai.

“That successful support has helped boost powerboat racing in one of the world’s most dynamic markets meaning an ongoing partnership between the UIM and BUND Holding can only be of benefit to the sport both on and off the water.”

A major operating group with "interests in a diverse range of products and services ranging from financial services and real estate to industrial investment and sports event operations", BUND Holding enters into the partnership following a highly successful powerboating year.

In 2016, the group established itself as a local organiser of UIM Aquabike and Nations Cup events in China, occasions that were acclaimed as the two sports’ first carbon neutral events to be staged in the country.

“Following the success of the two events in China, I am pleased to enter into this exciting new partnership with our colleagues at the UIM,” said Chongjie.

“Powerboat racing is a unique and dynamic sport which offers us great opportunities and a strong platform to develop our social and public involvement - I look forward to growing our partnership in the years to come.”