Wikipedia

Fosun International

"Fosun" redirects here. For other uses, seeFosun (disambiguation).

Fosun International Limitedis a Chinesemultinationalconglomerateholding company.[4]Founded in 1992 byGuo Guangchangand four others, the company is headquartered inShanghaiand wasincorporatedinHong Kongin 2004. Its Co-CEOs are Chen Qiyu and Xu Xiaoliang.Wang Qunbinjoined Guo Guangchang as co-chairman in early 2020.[5]The company is located in over 35 countries and is one of the largest privately owned conglomerates in China. It was ranked 371st on theForbes Global 2000ranking in 2020.[6]

Fosun International Limited
Company typePublic
SEHK:656
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
RevenueIncreaseUS$25.4 billion[1][2](2021)
IncreaseUS$1.6 billion[1][2](2021)
Total assetsIncreaseUS$126.48 billion[1](2021)
Number of employees
71,000[3](2019)
ParentFosun International Holdings
Chinese name
Simplified ChinesePhục tinh quốc tế công ty hữu hạn
Traditional ChinesePhục tinh quốc tế công ty hữu hạn
Transcriptions
Standard Mandarin
Hanyu PinyinFùxīng Guójì Yǒuxiàn Gōngsī
Fosun International
Simplified ChinesePhục tinh quốc tế
Traditional ChinesePhục tinh quốc tế
Transcriptions
Standard Mandarin
Hanyu PinyinFùxīng Guójì
Websitefosun

History

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1990s

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Fosun Groupwas founded in 1992 as the Guangxin Technology Development Company by five graduates[7]ofFudan Universityin Shanghai:[8]Guo Guangchang,[9]Liang Xinjun,[10]Wang Qunbin[11](Chinese:Uông đàn bân),Fan Wei[12](Chinese:Phạm vĩ), and Tan Jian (Chinese:Nói kiếm).[9]Fosun started its business by doing market research.[13]The major holding company of the group, Fosun High Technology, was incorporated in 1994 in mainland China. Then Fosun extended its business into the healthcare industry (asFosun Pharmaceutical),[14]real estate,[15][16]and steel etc.[17][18]

2000s

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In 2004, a new holding company of the group,Fosun International Limitedwas 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.[19][20]

2010s

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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".[21]

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'sClub Med,Britain'sThomas Cook Group,[22]Canada'sCirque du Soleil,[23]American clothing labelSt John,and Greek jewelerFolli Follie.[24][25]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.[26]Fosun also purchased Australian oil companyRoc Oil,its first acquisition in the petroleum industry.[27]

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.[28]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.[29]

In July 2016, Fosun bought the English football clubWolverhampton Wanderersfrom its previous ownerSteve Morganfor an estimated £45 million. Under Fosun's ownership, Wolves have progressed from being a mid table side in theFootball League Championship(second tier of English football) to finishing seventh in theFA Premier League,reaching anFA Cupsemi-final and qualifying for theUEFA Europa League.[30][31][32]

In 2016 Fosun began to invest in India.[33]Delhiverywas one such investment made in 2017,[34]in addition to previous investments inMakeMyTrip,India's largest online travel company and Gland Pharma.[35]Fosun is also involved in the Indian real estate market.[36]

On 28 August 2019,Thomas Cook Groupannounced 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"[37]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.[38]

2020s

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In March 2020, the company acquired a 55.4% equity interest in French jewelry brand Djula.[39]They also signed an agreement in July 2020 with a high-end Italian jewelry group to develop theDamianiand Salvini brands in China.[40]In August 2020 the company bought a 30% stake in Jinhui Liquor for $262 million.[41]

In 2022, after has been severely hit by the effects of theCOVID-19 pandemic and China's extreme lockdown policies,the Shanghai-based conglomerate divested many of its key assets to avoid defaulting on its short-term debts. By October 2022, Fosun announced that it would sell as much as $11 billion of assets within the next 12 months, amid efforts to bolster both its balance sheet and investor confidence.[42]

Response to COVID-19 pandemic

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During thecoronavirus pandemic of 2020,Fosun Pharmaceuticals partnered with German biotech firm Biopharmaceutical New Technologies (BioNTech) to produce and distribute theCOVID-19mRNA vaccineBNT162b2.[43][44]The company also donated medical supplies to several countries during the COVID-19 pandemic.[45][46]

Business structure

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Fosun has a wide array of business activities, including investing in other firms, managing a number ofprivate equity funds,and enteringjoint ventures.

Equity investments

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Fosun has invested in a number of businesses throughout different sectors, such as asset management, insurance, and industrial operations.

Asset management

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Banking

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Entertainment

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Fashion

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Formerly namedFosun Fashion,the fashion sector of Fosun's business is now namedLanvin Group.[53]

Food and drink

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Industrial operations

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Insurance

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Investment

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Media

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Private hospitals

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Real estate

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Retail

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Technology

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Tourism

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Fosun-managed private equity funds

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  • Carlyle-Fosun[48]
  • Fosun Capital[48]
  • Fosun RZ Capital[48]
  • Fosun Chuanghong[48]
  • Ji'nan Financial Development Investment Fund[48]
  • Pramerica-Fosun China Opportunity Fund[48]
  • Shanghai Sunvision Binhe Equity Investment Center[48]
  • Shanghai Sunvision Xicheng Equity Investment Center[48]
  • Star Capital (Shanghai Star Equity Investment L.P.)[48]
  • Weishi Fund[48]
  • Zhe gian g Growth Fund[48]

Joint ventures

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Former equity investments

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Shareholders

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The major shareholder of Fosun International was a Hong Kong incorporated company Fosun Holdings,[48]which was a wholly owned subsidiary ofBritish Virgin Islandsincorporated company Fosun International Holdings. Three founders of Fosun International,Guo Guangchang,Liang XinjunandWang Qunbin,owned 64.45%, 24.44% and 11.11% respectively in Fosun International Holdings.[48]Fan Wei,another founder, withdrew his stake in Fosun International Holdings in September 2015.[48]

References

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