Topic
Fosun International (Hong Kong stock code 00656.HK), the parent of Fosun Group, listed in Hong Kong in July 2007. Fosun Group said it mainly invests in sectors that will significantly benefit from growth in China’s domestic demand, such as consumption, financial services, resources and energy, and manufacturing.
- The company, one of China’s largest private-sector firms, agreed to sell an 8.2 per cent stake in Ageas for about €670 million (US$714 million)
- More divestments to come, analyst says, as conglomerate aims to cut debts by US$1.38 billion annually in the next two to three years
Chinese conglomerate Fosun International is rapidly offloading assets as it looks to lower debt and concentrate on sustainable businesses
Fosun Tourism Group, the leisure and tourism unit of Chinese conglomerate Fosun International, is courting both domestic and international investors in a move that is in line with its asset-light strategy.
Fosun Tourism Group, the leisure and tourism unit of Fosun International, said on Wednesday that it is “financially sound”, amid reports that its parent firm is mulling the sale of a stake in the luxury resort to cope with debt.
Westwell, which makes AI chips and autonomous vehicles for the logistics industry, inaugurates on Tuesday its international headquarters in Hong Kong as a springboard to global expansion.
Fosun Group founder Guo Guangchang says China’s private firms have suffered from high debt and heavy asset loads, while Juneyao Group chairman Wang Junjin says entrepreneurs should ‘refuse lying flat’.
The Fosun Group is looking to make another major leap in the healthcare industry as it prepares to deliver locally-made surgical robots to hospitals.
The eight-day National Day holiday season promises to deliver a windfall for China’s tourism industry. Pent-up demand could overwhelm capacity, allowing hotel operators to raise prices by as much as 10 times, some of them said.
The resort operator, owned by Fosun Tourism, said people are now spending 23 per cent more and staying 10 per cent longer than they did before the pandemic.
Club Med aims to build one or two more resorts in Hainan province, most likely in major cities such as Sanya and Wenchang, while parent Fosun Tourism is optimistic about posting a profit after back-to-back losses in 2021 and 2022.
The resort operator reports a ‘strong rebound’ as the reopening of mainland China, coupled with pent-up demand everywhere, bodes well for the pandemic-battered tourism sector.
Long queues of mainland Chinese nationals looking to receive the mRNA vaccine have been seen outside Hong Kong clinics following a re-opening of the border.
Executives of 21 private-sector businesses, including Alibaba, JD.com, Fosun and Blue Moon, appear in a CCTV programme that signals Beijing’s determination to revive entrepreneur confidence.
Bivalent BioNTech jab services offered on platform operated by Shanghai Fosun Pharmaceutical Group, which includes 299 yuan booking fee.
Heavily indebted Fosun International has been selling some assets as it faced questions about its financial strength in recent months.
A sale of Hyderabad-based Gland, which specialises in injectable drugs such as antibiotics, oncology and cardiology treatments, will help Fosun raise cash and shore up its balance sheet.
Fosun International, which holds a 58.92 per cent stake in Shanghai-listed Nanjing Iron & Steel, is close to finalising a deal with Jiangsu Shagang Group, a source said.
Fosun International has sold some of its peripheral assets to raise almost US$100 million in cash in recent weeks, as credit rating cuts heighten concerns about the conglomerate’s financial strength.
Fosun International has denied reports that regulators had sought information on potential credit exposure from lenders.
An undisclosed number of executives at Chinese an online-dating company have been arrested for alleged financial embezzlement, Fosun says, following a social media post about their disappearance.
Inside the upcoming plans of China’s Fosun International Ltd., from New York Stock Exchange additions to breaking into the Gen Z market
Fosun International’s fashion group Lanvin said it will partner with Canadian e-commerce website Shopify to bring European brands to US consumers.
Shanghai Fosun Pharmaceutical Group is looking into which of its existing plants can be used to manufacture generic versions of Pfizer’s nirmatrelvir, which is sold under the Paxlovid brand name, and Merck’s molnupiravir.
Owner of Italian shoemaker Sergio Rossi and Austrian lingerie maker Wolford agrees to merge with blank-cheque company backed by Beijing’s Primavera Capital.
Chinese companies are seeking to capitalise on Eileen Gu’s freestyle skiing exploits at the Winter Olympics. As many as 346 million people have taken to the slopes and skating rinks, surpassing President Xi’s target.
The Winter Olympics has catapulted dozens of Chinese brands into the limelight, giving them unprecedented airtime to showcase their stuff on the world stage.
A Chinese company tried in vain to build a luxury conglomerate to rival LVMH by buying up storied Western brands such as Gieves & Hawkes. Chinese investors don’t know fashion well enough, experts say.
Club Med expects Thailand, Vietnam and Indonesia to benefit from the rebound in tourism and is on the lookout for investors and partners in these markets to open new resorts.
The Hong Kong-listed company expected performance between July this year and June 2022 to match its full-year earnings for 2019, said Andrew Xu, its executive president and co-chief financial officer.
Investors are willing to pay a premium for companies with assured long-term growth prospects, China’s best-performing health care fund manager says, citing the history of iPhone maker Apple as an example.
