(Yicai) April 19 -- Formula One has returned to Shanghai after five years and the 2024 Chinese Grand Prix has attracted unparalleled attention with the participation of the first Chinese driver, Zhou Guanyu.

The commercial value of the event may soar with the local star, industry insiders said to Yicai.

Ticket sales are hot as expected, Wu Yuchen, manager at Morningside Heights Culture Media, a motorsports consulting firm, told Yicai. When Juss Sports Development, the organizer of the event, started selling tickets on Jan. 9, the mobile application crashed shortly after due to a large number of fans.

The 2024 F1 Chinese Grand Prix celebrates its 20th anniversary and this marks the first time the race returns to China after the 1,000th F1 race in 2019. Meanwhile, Zhou, born in Shanghai in 1999, will make a racing debut in his hometown.

In addition to his strength, Zhou joined Alfa Romeo because of sponsor support and the vast Chinese market, Yicai learned from industry insiders and sponsors. With Zhou, Alfa Romeo reaped as much as EUR30 million (USD31.9 million) in sponsorship. Multiple brands, including Yili Group's yogurt brand Ambrosial and sports brand Lululemon, have chosen Zhou as their brand ambassador.

SenseTime Group, a Chinese artificial intelligence company, also sponsored Zhou and his team. Domestic companies tend to root for a local driver and cooperation deals can exceed CNY10 million (USD1.4 million).

The Formula One Group, the owner of commercial rights to the FIA Formula One World Championship, earned USD3.2 billion in revenue last year, surging by 25 percent from 2022, while its profit reached USD392 million, jumping by 64 percent, according to the annual report. American mass media company Liberty Media, the owner of Formula One, said the boost mainly came from higher royalties and sponsorship fees.

China held its first F1 race in 2004. After the country signed a seven-year cooperation deal with F1, Shanghai built China's first F1 circuit in its Jiading district with a lap length of over five kilometers and a capacity of 200,000 spectators.

Editor: Emmi Laine