Company type | Public | ||||||
---|---|---|---|---|---|---|---|
SEHK: 656 | |||||||
Industry | Conglomerate | ||||||
Founded |
| ||||||
Founder |
| ||||||
Headquarters |
| ||||||
Key people |
| ||||||
Services | Diversified Investments | ||||||
Revenue | US$25.4 billion [1] [2] (2021) | ||||||
US$1.6 billion [1] [2] (2021) | |||||||
Total assets | US$126.48 billion [1] (2021) | ||||||
Number of employees | 71,000 [3] (2019) | ||||||
Parent | Fosun International Holdings | ||||||
Chinese name | |||||||
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 | ||||||
| |||||||
Website | 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 over 35 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]
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]
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]
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]
In July 2016,Fosun 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]
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]
In 2022,after has been severely hit by the effects of the COVID-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]
During the coronavirus pandemic of 2020,Fosun Pharmaceuticals partnered with German biotech firm Biopharmaceutical New Technologies (BioNTech) to produce and distribute the COVID-19 mRNA vaccine BNT162b2. [43] [44] The company also donated medical supplies to several countries during the COVID-19 pandemic. [45] [46]
This article needs to be updated.(February 2023) |
Fosun has a wide array of business activities, including investing in other firms, managing a number of private equity funds, and entering joint ventures.
Fosun has invested in a number of businesses throughout different sectors, such as asset management, insurance, and industrial operations.
Formerly named Fosun Fashion, the fashion sector of Fosun's business is now named Lanvin Group. [53]
The major shareholder of Fosun International was a Hong Kong incorporated company Fosun Holdings, [48] 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. [48] Fan Wei, another founder, withdrew his stake in Fosun International Holdings in September 2015. [48]
Axa S.A. is a French multinational insurance corporation headquartered in the 8th arrondissement of Paris. It also provides investment management and other financial services via its subsidiaries. As of 2023, it is the largest financial services company by revenue in France, and the 4th largest French company.
Ping An Insurance known also as Ping An of China, full name Ping An Insurance (Group) Company of China, Ltd. is a Chinese financial services holding company whose subsidiaries provide insurance, banking, asset management, financial services. The company was founded in 1988 and is headquartered in Shenzhen. "Ping An" literally means "safe and well". It is ranked as China’s 6th largest company.
The People's Insurance Company (Group) of China Limited, known as PICC Group or just PICC, is a Chinese listed insurer. The Chinese Central Government is the controlling shareholder.
Genworth Financial, headquartered in Richmond, Virginia, provides life insurance, long-term care insurance, mortgage insurance, and annuities.
CITIC Limited is a conglomerate headquartered in Hong Kong. Its shares are listed on the Main Board of the Hong Kong Stock Exchange, and it is a constituent of the Hang Seng Index. 58% of its issued shares are owned by the Chinese state-owned CITIC Group.
AIA Group Limited, often known as AIA, is an American-Hong Kong–based multinational insurance and finance corporation. It is the largest publicly traded life insurance group in the Asia-Pacific region. It offers insurance and financial services, writing life insurance for individuals and businesses, as well as accident and health insurance, and offers retirement planning, and wealth management services, variable contracts, investments and securities.
Guo Guangchang is a Chinese businessman and investor. He is the chairman and co-founder of Fosun International Limited, and a representative of the 12th Chinese People's Political Consultative Conference. As of July 2024, Forbes estimated his net worth was US$2.8 billion. According to Hurun Report's 2019 China Rich List he was the 45th richest person in China.
China Taiping Insurance Holdings Company Limited (CTIH) formerly China Insurance International Holdings Company Limited (CIIH), is a Chinese insurance conglomerate. The company has strong Chinese Central Government background despite being incorporated in Hong Kong. It is considered as a red chip company.
Guangdong Yashili Group Co., Ltd. is a leading privately owned infant formula and soymilk products company in China. Based in Chaoan in the Chaozhou region of the Guangdong Province, China and, incorporated in the Cayman Islands. The company also has a Hong Kong-listed entity Yashili International Holdings Limited.
Nanjing Iron and Steel Co., Ltd. is a publicly traded steel maker based in Nanjing, Jiangsu Province, China. The parent company of NISCO is Nanjing Nangang Iron and Steel United Co., Ltd., a joint venture of Hong Kong listed company Fosun International and Chinese state-owned enterprise Nanjing Iron and Steel Group in a 60–40 ratio.
Nanjing Iron and Steel Group Corp., Ltd. is a Chinese conglomerate company based in Nanjing, Jiangsu Province, China. It was a state-owned enterprise, but now it is a joint venture of Nanjing Iron and Steel Venture Investment and state-owned enterprise Nanjing New Industrialization Investment Group in a 51–49 ratio. Nanjing Iron and Steel Group formed another joint venture with Fosun International as an intermediate holding company of Nanjing Iron and Steel Company, in a 60–40 ratio. On 31 December 2015 Fosun International appointed Nanjing Iron and Steel Group as a proxy for 1/6 of their voting rights, making the voting rights were equally shared between Nanjing Iron and Steel Group and Fosun International after 31 December 2015.
Shanghai Yuyuan Tourist Mart Co., Ltd. is the largest retailing conglomerate in China.
Ageas is a Belgian multinational insurance company co-headquartered in Brussels. Ageas is Belgium's largest insurer and operates in 13 countries worldwide. The company was renamed from Fortis Holding in April 2010 and consists of those insurance activities remaining after the breakup and sale of the financial services group Fortis during the financial crisis of 2007-2010.
Wanda Group, or the Dalian Wanda Group (大连万达), is a Chinese multinational conglomerate founded in Dalian, Liaoning and headquartered in Beijing. The conglomerate's core businesses are a private property developer and an entertainment company, effectively acting as the owner of Wanda Cinemas and the Hoyts Group line of cinema chains.
Doug Kornis an American Businessman and donor to, leader of, and fundraiser for numerous charitable organizations and causes.
Anbang Insurance Group was a Chinese holding company whose subsidiaries mainly deal with insurance, banking, and financial services based in Beijing. As of February 2017, the company had assets worth more than CN¥1.9 trillion. The Financial Times described Anbang as "one of China’s most politically connected companies."
Fan Wei is a Chinese businessman and investor. He was one of the founder of Hong Kong incorporated public company Fosun International; he also founded its predecessor, Fosun Group, in the mainland China. He partially owned Fosun International indirectly until 2015. Fan owned 5 shares out of 50 shares of Fosun International's ultimate parent company Fosun International Holdings as at 31 December 2014, which 79.60% stake of the publicly traded company was owned by the holding. He resigned as a non-executive director of Fosun International on 10 July 2014 and withdrew his holding in Fosun International Holdings on 4 September 2014. The number of shares of Fosun International Holdings also reduced to 45.
New China Life Insurance Co., Ltd. also known as New China Insurance (NCI) or Xinhua Baoxian Jituan is a Chinese life insurance company based in Beijing. The Chinese government owns more than half of the shares of the company via sovereign fund Central Huijin, via state-owned enterprise Baosteel Group and a financial service company China Securities Finance.
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a Chinese pharmaceutical company. It is mostly owned by Fosun International.
{{cite web}}
: CS1 maint: archived copy as title (link)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."