Chinese military basketball team Bayi signed a 10-year contract with local company and set up the Bayi Fubang club on Friday in Ningbo, east China's Zhejiang Province.

Bayi Fubang, sponsored by the Ningbo Fubang (Holdings) Ltd., replaces the former Bayi Rockets to compete in the Chinese Basketball Association league (CBA).

The team celebrated the set-up of a new club with a thrilling 103-71 win over the Liaoning Hunters on Friday when the CBA opened its second phase of the season after an Asian Games break.

The Fubang has the major holdings of the club to operating the marketing and promoting aspects of the club, while the military sports bureau concentrating on training and matches.

All the players of the team could keep their status as military officials and the Fubang club promise not to invent foreign players in the recent future.

"We're going to build up a team with new notion. We don't want to copy the operating system as the other CBA club, like using foreign players as well. The Bayi Fubang club will keep its uniqueness as a military team," said Song Hanping, chairman of the club and the Fubang Group.

A new logo of Dorado was introduced to replace the former logo of Rockets as Ningbo is a seaside city and Dorado represents speed, aggressiveness and cooperation.

The Bayi men's basketball team had been staying at Ningbo for eight seasons when it won four CBA titles, triple runners-up and finished third once.

With former Miami Heat center Wang Zhizhi rejoining the team before the 2006-07 season, the Bayi Fubang is ready to reclaim the trophy which parted them for three seasons