Fosun International

Fosun International

Type	Public
Traded as	SEHK: 656
Industry	Conglomerate
Founded	1992 (1992) (predecessor) 1994 (1994) (as Fosun Hi-tech) 24 December 2004 (2004-12-24) (as Fosun Intl.)
Founder	Guo Guangchang Liang Xinjun Wang Qunbin Fan Wei Tan Jian
Headquarters	Shanghai, China (de facto) Hong Kong (registered office)
Key people	Chairman: Guo Guangchang CEO: Liang Xinjun President: Wang Qunbin
Services	Diversified Investments
Owner	Fosun International Holdings (71.48%)
Parent	Fosun International Holdings
Website	www.fosun.com

Fosun International Limited is a Chinese international conglomerate and investment company.^[1] 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.^[2] Guo Guangchang remains as the chairman of Fosun International.

History

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 Stock Exchange of Hong Kong as SEHK: 656.

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.^[3][4] 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.^[5] Fosun also purchased Australian oil company Roc Oil, its first acquisition in the petroleum industry.^[6]

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.^[7] 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.^[8]

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.^[9][10]

Businesses

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

Industrial operations:

• Fosun Pharmaceutical (40.02%)^[11][12]
• Hainan Mining (54.0%)^[13]
• Fosun High Technology (100%)^[13]

Investment:

• Fosun Finance (86%)^[13]
• Fosun Hani Securities (100%)
• Miacom Diagnostics^[14]
• Secret Recipe^[15]
• St John, an American fashion brand that specializes in women's knitwear
• Perfect World

Asset management:

• IDERA (in Japan)^[13]
• Resolution Property (in UK)^[13]
• Fosun Eurasia Capital (in Russia)^[13]
• Rio Bravo Investmentos (in Brazil)^[16]

Insurance:

• Peak Reinsurance (85.1%)^[13]
• Fidelidade (85.0%)^[13]

Real estate:

• Shanghai Forte Land (99.15%)^[13][17]
• Fosun Property Holdings (100%)^[13]
  • 126 Madison Avenue (New York)
  • 28 Liberty Street (New York)^[13]
  • Citigroup Center (Tokyo)
  • 73 Miller Street (Sydney)
• Lloyds Chambers (London)^[13]
• a project in Donggang (Dalian) (64%)^[13]

Private hospitals:

• Luz Saúde^[13]

Entertainment :

• Club Med (85.6%)^[13][18]
• Studio 8 (60%)^[13]
• Wolverhampton Wanderers F.C.

Equity investments

• Banco Comercial Português (25.16%)^[19]
• China Minsheng Bank (2.22%)^[20]
• China Financial Services Holdings (SEHK: 605, 4.9%)
• The Floow Limited (15%)^[21]
• Cirque du Soleil (25% via private equity funds managed by Fosun International and associated company Yuyuan Tourist Mart)^[13]
• Focus Media (8.09%)^[13]
• Folli Follie (10%, additional 3.89% stake held by Pramerica-Fosun China Opportunity Fund)^[13]
• New China Life Insurance (3.28%)
• Shanghai Zendai Property (14.0%)^[13]
• Thomas Cook Group (5.76% via Fidelidade)^[13]
• Yong'an Property Insurance (19.9%)^[13]
• Yuyuan Tourist Mart (26.45%)^[13]
• Zhaojin Mining (3.57%)^[13]

Shareholders

The major shareholder of Fosun International was a Hong Kong incorporated company Fosun Holdings,^[13] 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.^[13] Fan Wei, another founder, withdrew his stake in Fosun International Holdings in September 2015.^[13]

References

External links

• Official website