Fosun International

Fosun International Limited is a Chinese conglomerate and investment company.[2] Founded in 1992 by Guo Guangchang and four others, the company is headquartered in Shanghai and was incorporated in Hong Kong in 2004. Its Co-CEOs are Xu Xiaoliang and Chen Quiyu. Wang Qunbin joined Guo Guangchang as Co-Chairman in early 2020.[3] The company is located in 16 countries and ranked 416th on the Forbes Global 2000 ranking. [4]

Fosun International
Public
Traded asSEHK656
ISINHK0656038673 Edit this on Wikidata
IndustryConglomerate
Founded
  • 1992 (1992) (predecessor)
  • 1994 (1994) (as Fosun Hi-tech)
  • 24 December 2004 (2004-12-24) (as Fosun Intl.)
Founder
Headquarters
  • Shanghai, China
  • Hong Kong (registered office)
Key people
  • Co-Chairman: Guo Guangchang
  • Co-Chairman: Wang Qunbin
  • Co-CEO: Chen Qiyu
  • Co-CEO: Xu Xiaoliang
ServicesDiversified Investments
Revenue109,351,640,000 renminbi[1] (2018) Edit this on Wikidata
ParentFosun International Holdings
SubsidiariesThomas Cook Tourism
Websitewww.fosun.com
Fosun International Limited
Simplified Chinese复星国际有限公司
Traditional Chinese復星國際有限公司
Fosun International
Simplified Chinese复星国际
Traditional Chinese復星國際

HistoryEdit

1990sEdit

Fosun Group was founded in 1992 as the Guangxin Technology Development Company by five graduates[5] of Fudan University in Shanghai:[6] Guo Guangchang,[7] Liang Xinjun,[8] Wang Qunbin[9] (Chinese: 汪群斌), Fan Wei[10] (Chinese: 范伟), and Tan Jian (Chinese: 谈剑).[7] Fosun started its business by doing market research.[11] The major holding company of the group, Fosun Pharmaceutical Company, was incorporated in 1994 in mainland China.[12] The company specialized in producing medication for Hepatitis A, which occurs often in China.[12] Then Fosun extended its business into the healthcare industry,[13] real estate,[14][15] etc.[16]

2000sEdit

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 Stock Exchange of Hong Kong as SEHK:656.[17][18]

2010sEdit

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".[19]

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,[20] Canada's Cirque du Soleil,[21] American clothing label St John, and Greek jeweler Folli Follie.[22][23] 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.[24] Fosun also purchased Australian oil company Roc Oil, its first acquisition in the petroleum industry.[25]

On 11 December 2015, the chairman of Fosun, Guo Guangchang, was reported missing. 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.[26] 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.[27]

On 21 July 2016, it was confirmed that Fosun had bought the English football club Wolverhampton Wanderers from its previous owner Steve Morgan for an estimated £45 million. Under Fosun's ownership, Wolves have progressed from being a mid table side in the Football League Championship (second tier of English football) to finishing seventh in the FA Premier League, reaching an FA Cup semi-final and qualifying for European competition.[28][29]

In 2016 Fosun began to invest in India.[30]Delhivery” was one such investment made in 2017,[31] in addition to previous investments in MakeMyTrip, India's largest online travel company and Gland Pharma. [32] Fosun is also involved in the Indian real estate market.[33]

On 28 August 2019, Thomas Cook Group announced that the group "had agreed the main terms of a rescue package that will see Hong Kong’s Fosun Tourism take over its tour operations and creditor banks and bondholders acquire its airline"[34]

In early November 2019, Fosun said it would purchase the Thomas Cook brand for £11m. The company viewed itself as a "potential saviour" by purchasing the name.[35]

BusinessesEdit

Fosun's businesses cover industrial operations, investment, asset management, and insurance with many subsidiary companies in each business.

Industrial operations:

Investment:

Asset management:

Insurance:

Real estate:

Private hospitals:

Entertainment :

Private equity funds managedEdit

  • Carlyle-Fosun[38]
  • Fosun Capital[38]
  • Fosun RZ Capital [38]
  • Fosun Chuanghong[38]
  • Ji'nan Financial Development Investment Fund[38]
  • Pramerica-Fosun China Opportunity Fund[38]
  • Shanghai Sunvision Binhe Equity Investment Center[38]
  • Shanghai Sunvision Xicheng Equity Investment Center[38]
  • Star Capital (Shanghai Star Equity Investment L.P.)[38]
  • Weishi Fund[38]
  • Zhejiang Growth Fund[38]

Joint venturesEdit

Equity investmentsEdit

Former portfolio companiesEdit

ShareholdersEdit

The major shareholder of Fosun International was a Hong Kong incorporated company Fosun Holdings,[38] 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.[38] Fan Wei, another founder, withdrew his stake in Fosun International Holdings in September 2015.[38]

ReferencesEdit

  1. ^ https://finance.sina.com.cn/zt_d/2019_zq500qbd/.
  2. ^ "BLANK". www.fosun-international.com. Archived from the original on 24 September 2015. Retrieved 6 February 2008.
  3. ^ Zhao, Shirley (21 February 2020). "Fosun Names Co-Chairman, Picks Two Presidents as Co-CEOs". Bloomberg. Retrieved 27 February 2020.
  4. ^ "Fosun, every day more international". The Business Report. Retrieved 24 January 2019.
  5. ^ "Fosun loses one more founding member". EJ Insight. 31 March 2017. Retrieved 10 February 2020.
  6. ^ "Life on the go for Fosun Group CEO". Fosun. 31 May 2012. Retrieved 10 February 2020.
  7. ^ a b hermes (21 December 2015). "Fosun chairman Guo Guangchang: Farmer's son with a streak of enterprise". The Straits Times. Retrieved 10 February 2020.
  8. ^ Flannery, Russell. "Liang Xinjun, Billionaire Co-Founder Of China Investment Firm Fosun, Departs As CEO". Forbes. Retrieved 10 February 2020.
  9. ^ "Wang Qunbin". Forbes. Retrieved 10 February 2020.
  10. ^ "Fan Wei". Forbes. Retrieved 10 February 2020.
  11. ^ Taylor, Ian (19 July 2019). "Fosun: What you need to know about the Chinese conglomerate set to take a majority stake in Thomas Cook". Travel Weekly. Retrieved 10 February 2020.
  12. ^ a b Zhang, Wenxian; Alon, Ilan (2010). A Guide to the Top 100 Companies in China. World Scientific. ISBN 978-981-4291-46-0.
  13. ^ Bhalla, Mohit (18 April 2018). "China's Fosun emerges as the fourth contender for cash-strapped Fortis healthcare". The Economic Times. Retrieved 10 February 2020.
  14. ^ Babar, Kailash (20 September 2019). "Fosun invests 800 crore in realty venture with Ahuja Constructions". The Economic Times. Retrieved 10 February 2020.
  15. ^ "London Real Estate | Chinese Buyers | Fosun International". The Real Deal New York. 6 October 2018. Retrieved 10 February 2020.
  16. ^ Equity, Private; Management, Strategic; China. "Fosun Group's Guo Guangchang: Marrying Chinese Momentum to Global Resources". Knowledge@Wharton. Retrieved 10 February 2020.
  17. ^ Anderlini, Jamil (11 December 2015). "SubChina's Warren Buffett' caught up in Beijing probe". www.ft.com. Retrieved 22 January 2020.
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  20. ^ "Britain's Thomas Cook soars after China's Fosun buys stake". Reuters. 6 March 2015. Retrieved 3 February 2020.
  21. ^ "Cirque du Soleil sells majority stake to U.S., Chinese investors". Reuters. 20 April 2015. Retrieved 3 February 2020.
  22. ^ "Bloated but still bingeing". The Economist. ISSN 0013-0613. Retrieved 15 June 2016.
  23. ^ "China's Fosun joins bidding war for Portuguese hospital operator". BBC News. 23 September 2014. Retrieved 23 September 2014.
  24. ^ China's Fosun to buy U.S. insurer to help finance acquisition spree. Reuters, 30 December 2014
  25. ^ "Fosun Edges Out Competitor for Australia's Roc Oil". The Wall Street Journal. 4 August 2014. Retrieved 14 April 2017.
  26. ^ Chinese tycoon Guo Guangchang reported missing., BBC News, 11 December 2015. Retrieved 11 December 2015.
  27. ^ "Another turn of the screw". The Economist. ISSN 0013-0613. Retrieved 30 December 2015.
  28. ^ "Fosun Group Takes Over Wolves". Wolverhampton Wanderers. 21 July 2016.
  29. ^ "Wolves bought by Chinese conglomerate Fosun International for £45m". BBC Sport. 21 July 2016. Retrieved 30 July 2016.
  30. ^ Pani, Priyanka (12 October 2016). "Fosun eyes Indian start-ups with $200-m fund". The Hindu Business Line. Retrieved 24 February 2020.
  31. ^ Gooptu, Biswarup; Ganguly, Payal (23 May 2017). "Delhivery secures $30M from Fosun International". ETtech.com. Retrieved 24 February 2020.
  32. ^ Biswarup Gooptu; Payal Ganguly (23 May 2017). "Delhivery secures $30M from Fosun International". ET Tech. The Economic Times. Retrieved 23 May 2017.
  33. ^ sharma, Ravi Teja (15 September 2016). "Enter the dragon: China's Fosun International plans to invest $1 billion via realty private equity platform". The Economic Times. Retrieved 24 February 2020.
  34. ^ "Chinese poised to acquire world's oldest travel firm as Thomas Cook agrees key rescue terms". Reuters. 28 August 2019. Retrieved 28 August 2019.
  35. ^ "Thomas Cook brand sold to Club Med owner Fosun for £11m". BBC News. 1 November 2019. Retrieved 2 November 2019. He said: "The acquisition of the Thomas Cook brand will enable the group to expand its tourism business building on the extensive brand awareness of Thomas Cook and the robust growth momentum of Chinese outbound tourism."
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  39. ^ "miacom diagnostics GmbH teams up with Fosun Diagnostics, a Diagnostic Division of Shanghai Fosun Pharmaceutical Group". Business Wire. 14 July 2014.
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  42. ^ "Fosun International Thinks Perfect World Is Perfect". Insider Monkey. Retrieved 13 January 2020.
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External linksEdit