Fosun International Limited is a Chinese international conglomerate and investment company. Founded in 1992 by Guo Guangchang and four others, the company is headquartered in Shanghai and was incorporated in Hong Kong in 2004. Its CEO is Wang Qunbin, who replaced Liang Xinjun who resigned in March 2017. Guo Guangchang remains as the chairman of Fosun International.
|Traded as||SEHK: 00656|
|Owner||Fosun International Holdings (71.48%)|
|Parent||Fosun International Holdings|
|Fosun International Limited|
Fosun Group was founded in 1992 by five graduates of Fudan University: Guo Guangchang, Liang Xinjun, Wang Qunbin (Chinese: 汪群斌), Fan Wei (Chinese: 范伟), and Tan Jian (Chinese: 谈剑). The major holding company of the group, Fosun High Technology was incorporated in 1994 in the mainland China.
In the 1990s, Fosun started its business by doing market research. Then Fosun extended its business into the healthcare industry, real estate, etc. In 2004, a new holding company of the group, Fosun International Limited was incorporated in Hong Kong. In July 2007, Fosun International was listed on the main board of the Hong Kong Stock Exchange as SEHK: 00656.
During 2011, the three major growth engines of Fosun, industrial profits, investment profits and asset management profits rose rapidly, enabling Fosun to make strides toward its vision of becoming "a premium investment group with a focus on China's growth momentum".
From 2010 through 2015, Fosun spent billions buying foreign firms in the healthcare, tourism, fashion, and banking industries in the US and Europe. These included France's Club Med, Britain's Thomas Cook Group, Canada's Cirque du Soleil, American clothing label St John, and Greek jeweler Folli Follie. At the end of 2014 Fosun acquired the US insurer Meadowbrook for around $433 million, marking the first full purchase of a US insurer by a Chinese company. Fosun also purchased Australian oil company Roc Oil, its first acquisition in the petroleum industry.
On 11 December 2015, it was reported that the chairman of Fosun, the billionaire Guo Guangchang, had disappeared, and it was speculated that he had been questioned by government authorities in an inquiry stemming from Party General Secretary Xi Jinping’s anti-corruption efforts. Guo however reappeared on 14 December 2015 at a Fosun board of directors meeting. During his disappearance, Fosun requested that trading of shares be temporarily suspended. The Fosun board of directors issued a statement saying that Guo was assisting in a government inquiry which, in their opinion, did not present a “material adverse impact” on Fosun's finances or operations.
Fosun's businesses cover industrial operations, investment, asset management, and insurance with many subsidiary companies in each business.
- Fosun Finance (86%)
- Fosun Hani Securities (100%)
- Miacom Diagnostics
- Secret Recipe
- St John, an American fashion brand that specializes in women's knitwear
- Perfect World
- IDERA (in Japan)
- Resolution Property (in UK)
- Fosun Eurasia Capital (in Russia)
- Rio Bravo Investmentos (in Brazil)
- Shanghai Forte Land (99.15%)
- Fosun Property Holdings (100%)
- Lloyds Chambers (London)
- a project in Donggang (Dalian) (64%)
Private equity funds managedEdit
- Fosun Capital
- Fosun Chuanghong
- Ji'nan Financial Development Investment Fund
- Pramerica-Fosun China Opportunity Fund
- Shanghai Sunvision Binhe Equity Investment Center
- Shanghai Sunvision Xicheng Equity Investment Center
- Star Capital (Shanghai Star Equity Investment L.P.)
- Weishi Fund
- Zhejiang Growth Fund
- Banco Comercial Português (25.16%)
- China Minsheng Bank (2.22%)
- China Financial Services Holdings (SEHK: 605, 4.9%)
- The Floow Limited (15%)
- Cirque du Soleil (25% via private equity funds managed by Fosun International and associated company Yuyuan Tourist Mart)
- Focus Media (8.09%)
- Folli Follie (10%, additional 3.89% stake held by Pramerica-Fosun China Opportunity Fund)
- New China Life Insurance (3.28%)
- Shanghai Zendai Property (14.0%)
- Thomas Cook Group (5.76% via Fidelidade)
- Yong'an Property Insurance (19.9%)
- Yuyuan Tourist Mart (26.45%)
- Zhaojin Mining (3.57%)
Former portfolio companiesEdit
The major shareholder of Fosun International was a Hong Kong incorporated company Fosun Holdings, which was a wholly owned subsidiary of British Virgin Islands incorporated company Fosun International Holdings. Three founders of Fosun International, Guo Guangchang, Liang Xinjun and Wang Qunbin, owned 64.45%, 24.44% and 11.11% respectively in Fosun International Holdings. Fan Wei, another founder, withdrew his stake in Fosun International Holdings in September 2015.
- "Archived copy". Archived from the original on 24 September 2015. Retrieved 6 February 2008.
- "Fosun CEO Liang Xinjun Steps Down, Citing Health Reasons - Caixin Global". www.caixinglobal.com. Retrieved 2017-07-06.
- "Bloated but still bingeing". The Economist. ISSN 0013-0613. Retrieved 15 June 2016.
- "China's Fosun joins bidding war for Portuguese hospital operator". BBC News. 23 September 2014. Retrieved 23 September 2014.
- China's Fosun to buy U.S. insurer to help finance acquisition spree. Reuters, 30 December 2014
- "Fosun Edges Out Competitor for Australia's Roc Oil". The Wall Street Journal. 4 August 2014. Retrieved 14 April 2017.
- Chinese tycoon Guo Guangchang reported missing., BBC News, 11 December 2015. Retrieved 11 December 2015.
- "Another turn of the screw". The Economist. ISSN 0013-0613. Retrieved 30 December 2015.
- "Fosun Group Takes Over Wolves". Wolverhampton Wanderers. 21 July 2016.
- "Wolves bought by Chinese conglomerate Fosun International for £45m". BBC Sport. 21 July 2016. Retrieved 30 July 2016.
- "2016 THIRD QUARTERLY REPORT" (PDF). Fosun Pharmaceutical. Hong Kong Stock Exchange. 28 October 2016. Retrieved 20 November 2016.
- Kang, Xiaoxiao (5 March 2013). "Fosun Pharma bidding $22.5 mln for U.S. Saladax". Morning Whistle. Archived from the original on 26 March 2013. Retrieved 3 April 2013.
- "2015 Annual Report" (PDF). Fosun International. Hong Kong Stock Exchange. 28 April 2016. Retrieved 19 November 2016.
- http://www.businesswire.com/news/home/20140714005525/en/miacom-diagnostics-GmbH-teams-Fosun-Diagnostics-Diagnostic. Missing or empty
- "Fosun joins hands with Secret Recipe of Malaysia". Fosun. 15 February 2014. Archived from the original on 4 April 2016. Retrieved 4 April 2016.
- "Chinesa Fosun confirma compra da gestora Rio Bravo". Valor.com.br (in Portuguese). Valor Econômico. 29 July 2016. Retrieved 6 October 2016.
- "China's Fosun to buyout Forte Land for $320 million". Reuters. 20 January 2011. Retrieved 2017-07-27.
- "Chinese Firm Is Behind a Group Bidding for Club Med". Cnbc.com. 27 May 2013. Retrieved 30 July 2016.
- (PDF) http://web3.cmvm.pt/sdi/emitentes/docs/PQ65733.pdf. Missing or empty
- "2016 Interim Report" (PDF). China Minsheng Bank. Hong Kong Stock Exchange. 22 September 2016. Retrieved 20 November 2016.
- "£13M Investment in technology firm The Floow Limited". 6 March 2017.