Honav, the Chinese company that designed and made lapel pins for the Beijing and London Olympics, has become the official provider of pins for the Rio 2016 Games, becoming the first company to get pin-licensing rights three times in a row.

Jack Chen, chairman of Honav, also known as Beijing Huajiang Culture Development Co Ltd, signed the agreement with Carlos Nuzman, president of the Rio 2016 organizing committee, in London on Saturday.

"As Honav is famous for the quality of its creative designs, I have every confidence that it will continue with its work in the run-up to Rio 2016," Nuzman said at the signing ceremony.

The Beijing-based Honav made its name in 2008 by turning waste steel at Beijing National Stadium, also known as the Bird's Nest stadium, into Olympic souvenirs such as miniature torches and pins. Shortly after the Beijing Olympics, Honav was approached by organizers of the 2012 Olympics to bid for those Games' pin-licensing rights.

Honav won the bid over about 40 competitors worldwide.

Roger Yin, Honav UK Ltd CEO, said Honav stands out with its ability to combine creative ideas with its production ability.

Licensing is one of five ways to generate revenues for the Olympics. The other four are broadcasting rights, worldwide sponsorships, domestic sponsorships and ticketing.

With the licensing, Honav becomes the only company in the world with the right to design, produce, and distribute official pins for the Olympics organizers, as well as for Olympic sponsors such as Coca-Cola Co and Dow Chemical Co.

For the London 2012 Games, Honav designed 2,012 pins with various themes. "We hoped to showcase the culture and history of Britain and London through these pins," Yin said.

"It is not only about the strength of a company," he said. "Understanding the Olympics is the most important thing"

About 20 designers were involved, both Chinese and British, with the 2012 pins, he said. "Good designers are never in short supply in London. And they get great satisfaction seeing their ideas turned into products and put into the market with the Olympics," he added.

[email protected]