The operational partner is Cao Dayuan 9p's Beijing Yuan 19 Educational Technology Co. Ltd. The "Yuan" in the company name obviously came from the last character of Cao Dayuan 9p's name. But in Chinese Yuan(元) also means origin/beginning, so it fits well with a new pro tournament.
The format is single elimination. Time setting is 1 hour main time plus 30 x 3 byoyomi before the semi finals, and 2 hours main time plus 1 min x 5 byoyomi for semi finals and final. Prize money is 60k CNY (a little less than 10k USD) for the champion and 20k for the runner up. All participants in the main tournament gets playing fees, any female player in the top 8 gets an extra 10k CNY.
There were two preliminary matches to determine the 32 players for the main tournament. In the prelims Wang Meicheng beat Cai Lichen, Mao Yanxin beat Wang Wenqi.
For introduction of these new pros please refer to my 2019 PQT thread here: viewtopic.php?p=248181#p248181. It is still ongoing and will take a few weeks to finish.
Yuan 19 Cup Opening Ceremony (this will also serve as shodan certificates issuing ceremony going forward)