Fang Yu Wen, managing director of China Team, addresses a gathering on Tuesday to formally introduce the country's entrant in the 2013 America's Cup series of yacht races. China Team will be returning to San Francisco in October for another preliminary competition, Fang said. The team, founded by China Equity Group CEO Wang Chaoyong, is backed by the State General Administration of Sports and the Chinese Yachting Association. Zhang Qidong / China Daily