F1 could soon have a Chinese formula one team.

Recently, Hong Kong-based KC Motorgroup (KCMG) became the first Chinese entry to be confirmed for the fabled Le Mans 24 hour race.

Headed by Paul Ip, the outfit this week took delivery of its Morgan chassis for the LMP2 class, which will be driven by Shanghai-based Swiss driver Alexandre Imperatori.

"I started KC Motorgroup with one ambitious goal in mind — be the first formula one team in China," said Ip.