Jump to content

Fosun International

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Gab4gab (talk | contribs) at 01:40, 6 June 2022 (sentence case for section titles per MOS:SECTIONS). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

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

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 Chinese复星国际有限公司
Traditional Chinese復星國際有限公司
Transcriptions
Standard Mandarin
Hanyu PinyinFùxīng Guójì Yǒuxiàn Gōngsī
Fosun International
Simplified Chinese复星国际
Traditional Chinese復星國際
Transcriptions
Standard Mandarin
Hanyu PinyinFùxīng Guójì
Websiteen.fosun.com

Fosun International Limited is a Chinese multinational conglomerate holding company.[4] 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 Chen Qiyu and Xu Xiaoliang. Wang Qunbin joined Guo Guangchang as co-chairman in early 2020.[5] The company is located in 16 countries and is one of the largest privately owned conglomerates in China. It was ranked 371st on the Forbes Global 2000 ranking in 2020.[6]

History

1990s

Fosun Group was founded in 1992 as the Guangxin Technology Development Company by five graduates[7] of Fudan University in Shanghai:[8] Guo Guangchang,[9] Liang Xinjun,[10] Wang Qunbin[11] (Chinese: 汪群斌), Fan Wei[12] (Chinese: 范伟), and Tan Jian (Chinese: 谈剑).[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 (as Fosun Pharmaceutical),[14] real estate,[15][16] and steel etc.[17][18]

2000s

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.[19][20]

2010s

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's Club Med, Britain's Thomas Cook Group,[22] Canada's Cirque du Soleil,[23] American clothing label St John, and Greek jeweler Folli 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 company Roc 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]

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 the UEFA Europa League.[30][31][32]

In 2016 Fosun began to invest in India.[33] “Delhivery” was one such investment made in 2017,[34] in addition to previous investments in MakeMyTrip, 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 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"[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

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 the Damiani and Salvini brands in China.[40] In August 2020 the company bought a 30% stake in Jinhui Liquor for $262 million.[41]

Response to COVID-19 pandemic

During the coronavirus pandemic of 2020, Fosun Pharmaceuticals partnered with German biotech firm Biopharmaceutical New Technologies (BioNTech)[42] to produce and distribute the COVID-19 mRNA vaccine BNT162b2. Once approved, Fosun will market the vaccine in China, and BioNTech will retain the rights to sell it internationally.[43][44][45]

Fosun was part of an alliance of Chinese companies that donated medical supplies to 23 countries during the COVID-19 pandemic.[46]

In March 2020, Fosun brought medical supplies to Milan, Italy, including 5,500 protective suits and 40,000 N95 respirator masks together with the Longfor Group and Beijing Taikiang Yicai Foundation. This donation was in addition to 5,000 masks that had been donated to Milan's municipal government earlier by Fosun.[47]

Fosun launched the Global anti-Virus Relief Scheme which created a forum for China, the US, the UK, and Portugal to share information and experience about COVID-19 in early March 2020. Several companies have also joined the effort, including Baidu, New Oriental, Xiaomi and Sequoia Capital. Fosun has distributed close to 4 million units of medical supplies around the world, including surgical masks, protective suits, and diagnostic reagents.[48]

Fosun donated medical protection supplies to South Korea in two shipments in March, 36,000 early in the month and additional 22,000 later in the month.[49] The company also donated supplies to the UK, Japan[50] and India.[51]

At the end of March 2020, the Chinese National Medical Products Administration gave Fosun Pharmaceutical emergency approval for the use of a novel coronavirus nucleic acid detection kit that it developed.[52][53]

Fosun, Haitong Securities, and the Portuguese football agency Gestifute brought 461 kilos representing 58,400 units of medical supplies to Shanghai’s sister city in Portugal, Porto at the end of March 2020.[54][55]

Fosun delivered medical supplies in several shipments during March 2020 to the city of Wolverhampton, UK, the home of the Wolves football team, which is owned by Fosun.[56]

The company donated N95 masks to New York's NYU Langone Medical Center and Mount Sinai Hospital as well as similar donations to hospitals in Chicago, Boston, New Jersey, California and elsewhere in the United States.[57][58] The Coalition of Asian-American IPA (CAIPA) accepted 7,000 N95 masks from Fosun, and then distributed them to hospitals throughout the New York area during March 2020.[59]

Business structure

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

Equity investments

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

Asset management

Banking

Entertainment

Fashion

Food and drink

Industrial operations

Insurance

Investment

Media

Private hospitals

Real estate

Retail

Technology

Tourism

Fosun-managed private equity funds

  • Carlyle-Fosun[61]
  • Fosun Capital[61]
  • Fosun RZ Capital[61]
  • Fosun Chuanghong[61]
  • Ji'nan Financial Development Investment Fund[61]
  • Pramerica-Fosun China Opportunity Fund[61]
  • Shanghai Sunvision Binhe Equity Investment Center[61]
  • Shanghai Sunvision Xicheng Equity Investment Center[61]
  • Star Capital (Shanghai Star Equity Investment L.P.)[61]
  • Weishi Fund[61]
  • Zhejiang Growth Fund[61]

Joint ventures

Former equity investments

Shareholders

The major shareholder of Fosun International was a Hong Kong incorporated company Fosun Holdings,[61] 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.[61] Fan Wei, another founder, withdrew his stake in Fosun International Holdings in September 2015.[61]

References

  1. ^ a b c "Fosun International Announces 2021 Annual Results: Total Revenue Increased by 18% to RMB161.29 Billion, Striving to Pursue Steady and Sustainable Development". Yahoo! Finance. 23 March 2022.
  2. ^ a b Sundarkumar, Amruth (25 March 2022). "Fosun Reports 26% Profit Jump in 2021". BondEvalue.
  3. ^ . June 2020 https://ir.fosun.com/static-files/93b4a5da-8531-4ee3-ae2a-32a6cbe48fe1. Retrieved 20 June 2020. {{cite web}}: Missing or empty |title= (help)
  4. ^ "BLANK". www.fosun-international.com. Archived from the original on 24 September 2015. Retrieved 6 February 2008.
  5. ^ Zhao, Shirley (21 February 2020). "Fosun Names Co-Chairman, Picks Two Presidents as Co-CEOs". Bloomberg. Retrieved 27 February 2020.
  6. ^ "2020 Forbes Global 2000". Forbes. Retrieved 20 June 2020.
  7. ^ "Fosun loses one more founding member". EJ Insight. 31 March 2017. Retrieved 10 February 2020.
  8. ^ "Life on the go for Fosun Group CEO". Fosun. 31 May 2012. Retrieved 10 February 2020.
  9. ^ 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.
  10. ^ Flannery, Russell. "Liang Xinjun, Billionaire Co-Founder Of China Investment Firm Fosun, Departs As CEO". Forbes. Retrieved 10 February 2020.
  11. ^ "Wang Qunbin". Forbes. Retrieved 10 February 2020.
  12. ^ "Fan Wei". Forbes. Retrieved 10 February 2020.
  13. ^ 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.
  14. ^ 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.
  15. ^ Babar, Kailash (20 September 2019). "Fosun invests 800 crore in realty venture with Ahuja Constructions". The Economic Times. Retrieved 10 February 2020.
  16. ^ "London Real Estate | Chinese Buyers | Fosun International". The Real Deal New York. 6 October 2018. Retrieved 10 February 2020.
  17. ^ Equity, Private; Management, Strategic; China. "Fosun Group's Guo Guangchang: Marrying Chinese Momentum to Global Resources". Knowledge@Wharton. Retrieved 10 February 2020.
  18. ^ Zhang, Wenxian; Alon, Ilan (2010). A Guide to the Top 100 Companies in China. World Scientific. ISBN 978-981-4291-46-0.
  19. ^ Anderlini, Jamil (11 December 2015). "SubChina's Warren Buffett' caught up in Beijing probe". www.ft.com. Retrieved 22 January 2020.
  20. ^ "Fosun International (SEHK:656) - Share price, News & Analysis". Simply Wall St. Retrieved 22 January 2020.
  21. ^ "Fosun International Limited Annual Results 2011" (PDF). Media.corporate-ir.net. March 2012. Retrieved 29 January 2020.
  22. ^ "Britain's Thomas Cook soars after China's Fosun buys stake". Reuters. 6 March 2015. Retrieved 3 February 2020.
  23. ^ "Cirque du Soleil sells majority stake to U.S., Chinese investors". Reuters. 20 April 2015. Retrieved 3 February 2020.
  24. ^ "Bloated but still bingeing". The Economist. ISSN 0013-0613. Retrieved 15 June 2016.
  25. ^ "China's Fosun joins bidding war for Portuguese hospital operator". BBC News. 23 September 2014. Retrieved 23 September 2014.
  26. ^ China's Fosun to buy U.S. insurer to help finance acquisition spree. Reuters, 30 December 2014
  27. ^ "Fosun Edges Out Competitor for Australia's Roc Oil". The Wall Street Journal. 4 August 2014. Retrieved 14 April 2017.
  28. ^ Chinese tycoon Guo Guangchang reported missing., BBC News, 11 December 2015. Retrieved 11 December 2015.
  29. ^ "Another turn of the screw". The Economist. ISSN 0013-0613. Retrieved 30 December 2015.
  30. ^ "Wolves qualify for Europa League after Man City win FA Cup". BBC Sport. 18 May 2019. Retrieved 19 July 2020.
  31. ^ "Fosun Group Takes Over Wolves". Wolverhampton Wanderers. 21 July 2016.
  32. ^ "Wolves bought by Chinese conglomerate Fosun International for £45m". BBC Sport. 21 July 2016. Retrieved 30 July 2016.
  33. ^ Pani, Priyanka (12 October 2016). "Fosun eyes Indian start-ups with $200-m fund". The Hindu Business Line. Retrieved 24 February 2020.
  34. ^ Gooptu, Biswarup; Ganguly, Payal (23 May 2017). "Delhivery secures $30M from Fosun International". ETtech.com. Retrieved 24 February 2020.
  35. ^ Biswarup Gooptu; Payal Ganguly (23 May 2017). "Delhivery secures $30M from Fosun International". ET Tech. The Economic Times. Retrieved 23 May 2017.
  36. ^ 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.
  37. ^ "Chinese poised to acquire world's oldest travel firm as Thomas Cook agrees key rescue terms". Reuters. 28 August 2019. Retrieved 28 August 2019.
  38. ^ "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."
  39. ^ Spencer, Mimosa (27 March 2020). "Fosun's Jewelry Unit Yuyuan to Buy Majority Stake in Djula". WWD. Retrieved 21 September 2020.
  40. ^ Zhang, Tianwei (10 July 2020). "Fosun's Jewelry Unit Yuyuan Scores Damiani Group China License". WWD. Retrieved 21 September 2020.
  41. ^ "Chinese conglomerate Fosun's Yuyuan to buy 30% stake in Jinhui Liquor for $262m". DealStreetAsia. Retrieved 21 September 2020.
  42. ^ Reuters, Daily Sabah with (18 March 2020). "Turkish-owned biotech firm signs deal with China's Fosun, US' Pfizer to co-develop coronavirus vaccine". Daily Sabah. Retrieved 21 April 2020. {{cite web}}: |last= has generic name (help)
  43. ^ "BioNTech in China alliance with Fosun over potential coronavirus vaccine". Reuters. 16 March 2020. Retrieved 21 April 2020.
  44. ^ Cookson, Clive (16 March 2020). "Fosun and BioNTech launch $135m vaccine hunt for coronavirus". www.ft.com. Retrieved 21 April 2020.
  45. ^ "China's drugs sector may see 'explosive' growth as Covid-19 spurs research". South China Morning Post. 14 April 2020. Retrieved 21 April 2020.
  46. ^ Flannery, Russell. "Act Globally: China's Fosun International Guo Guangchang On Lessons From COVID-19 Pandemic". Forbes. Retrieved 21 April 2020.
  47. ^ "Chinese firms donate medical supplies to Italy - Xinhua | English.news.cn". www.xinhuanet.com. Retrieved 21 April 2020.
  48. ^ 李齐. "Fosun launches relief scheme to help regions hit by virus - Chinadaily.com.cn". epaper.chinadaily.com.cn. Retrieved 27 April 2020.
  49. ^ ""The flowers are blooming, and the hope is dawning": Fosun donates 22,000 pieces of medical protective supplies to South Korea-PR Newswire APAC". en.prnasia.com. Retrieved 27 April 2020.
  50. ^ "Fosun joins global battle against coronavirus". SHINE. Retrieved 27 April 2020.
  51. ^ Makichuk, Dave (25 March 2020). "Fosun bolsters Portugal in virus fight". Asia Times. Retrieved 27 April 2020.
  52. ^ "Boris Johnson tests positive for coronavirus; Fosun test cleared in China". www.spglobal.com. Retrieved 27 April 2020.
  53. ^ "Shanghai Fosun receives emergency approval in China for COVID-19 test". www.spglobal.com. Retrieved 27 April 2020.
  54. ^ "Shanghai donations head to Portugal, Poland". SHINE. Retrieved 6 May 2020.
  55. ^ Makichuk, Dave (25 March 2020). "Fosun bolsters Portugal in virus fight". Asia Times. Retrieved 6 May 2020.
  56. ^ Brassington, Jamie. "Wolves' owners Fosun donate protective clothing to help city fight coronavirus". www.expressandstar.com. Retrieved 6 May 2020.
  57. ^ "Fosun Continues Joining Hand with Other Benevolent Enterprises in Donating Medical Supplies, to Hospitals in the U.S." P&T Community. 1 April 2020. Retrieved 6 May 2020.
  58. ^ CAIPA. "Two Founders of Fosun and Its Foundation Donated 7,000 N95 Masks to Support CAIPA's COVID 19 Hospital Relief Efforts". www.prnewswire.com. Retrieved 10 November 2020.
  59. ^ CAIPA. "Two Founders of Fosun and Its Foundation Donated 7,000 N95 Masks to Support CAIPA's COVID 19 Hospital Relief Efforts". WFMZ.com. Retrieved 6 May 2020.
  60. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af ag ah ai aj ak al am an ao ap "Fosun Annual Report 2017" (PDF). Retrieved 23 April 2020.
  61. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af ag "2015 Annual Report" (PDF). Fosun International. Hong Kong Stock Exchange. 28 April 2016. Retrieved 19 November 2016.
  62. ^ "Chinesa Fosun confirma compra da gestora Rio Bravo". Valor.com.br (in Portuguese). Valor Econômico. 29 July 2016. Retrieved 6 October 2016.
  63. ^ "Banco Comercial Português, S.A. informs about increased qualified holding of Chiado, an affiliate of Fosun" (PDF) (Press release). 11 September 2017.
  64. ^ "2016 Interim Report" (PDF). China Minsheng Bank. Hong Kong Stock Exchange. 22 September 2016. Retrieved 20 November 2016.
  65. ^ Edwards, Joe. "Fosun believed to be open to new Wolves investment". www.expressandstar.com. Retrieved 13 January 2020.
  66. ^ 宋静丽. "Fosun furthers efforts to tap fashion market - Chinadaily.com.cn". global.chinadaily.com.cn. Retrieved 13 January 2020.
  67. ^ 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.
  68. ^ "Fosun subsidiary completes acquisition of 50% stake in Caribbean insurer NAGICO Holdings". www.chinagoabroad.com. Retrieved 26 May 2019.
  69. ^ "Insurer jumps on Fosun move - Business - Chinadaily.com.cn". www.chinadaily.com.cn. Retrieved 13 January 2020.
  70. ^ "miacom diagnostics GmbH teams up with Fosun Diagnostics, a Diagnostic Division of Shanghai Fosun Pharmaceutical Group". Business Wire. 14 July 2014.
  71. ^ "Chinesa Fosun fecha compra de 70% da Guide Investimentos". valor.globo.com (in Portuguese). Valor Econômico. 12 September 2017. Retrieved 9 October 2019.
  72. ^ "China's Fosun to buyout Forte Land for $320 million". Reuters. 20 January 2011. Retrieved 27 July 2017.
  73. ^ Young, Michael (4 June 2019). "126 Madison Avenue, aka Madison House, Tops-Out 62 Stories and 805 Feet Above NoMad". New York YIMBY. Retrieved 13 January 2020.
  74. ^ "Fosun Acquires Sydney Office Tower for $93M". Mingtiandi. 27 January 2015. Retrieved 13 January 2020.
  75. ^ "China's Fosun Buys Second Tokyo Office Tower in Five Months". Mingtiandi. 21 December 2014. Retrieved 13 January 2020.
  76. ^ "Fosun joins hands with Secret Recipe of Malaysia". Fosun. 15 February 2014. Archived from the original on 4 April 2016. Retrieved 4 April 2016.
  77. ^ "Fosun International Thinks Perfect World Is Perfect". Insider Monkey. Retrieved 13 January 2020.
  78. ^ "£13M Investment in technology firm The Floow Limited". 6 March 2017.
  79. ^ "China Fosun dials up tourism push with $1.74 billion Atlantis Sanya luxury resort". Reuters. 28 April 2018. Retrieved 23 April 2020.
  80. ^ "China Huarong Asset Management Co., Ltd. issues new shares for $2.4 Billion". www.iaireview.org. Retrieved 13 January 2020.
  81. ^ "Liberty Mutual to Acquire Ironshore from China's Fosun for $3 Billion". Insurance Journal. 5 December 2016. Retrieved 13 January 2020.
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Fosun_International&oldid=1091734128"