Fosun International Limited is a Chinese multinational

conglomerate Conglomerate or conglomeration may refer to: * Conglomerate (company) * Conglomerate (geology) * Conglomerate (mathematics) In popular culture: * The Conglomerate (American group), a production crew and musical group founded by Busta Rhymes ** ...

holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

. Founded in 1992 by

Guo Guangchang Guo Guangchang (, born February 1967) 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. According to Hurun ...

and four others, the company is headquartered in

Shanghai Shanghai (; , , Standard Chinese, Standard Mandarin pronunciation: ) is one of the four Direct-administered municipalities of China, direct-administered municipalities of the China, People's Republic of China (PRC). The city is located on the ...

and was incorporated in

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a List of cities in China, city and Special administrative regions of China, special ...

in 2004. Its Co-CEOs are Chen Qiyu and Xu Xiaoliang.

Wang Qunbin Wang Qunbin (; born 1969) is a Chinese billionaire businessman. He was appointed co-chairman of Fosun International in February 2020, and was CEO of Fosun from March 2017 to February 2020, when he replaced Liang Xinjun. He earned a bachelor's ...

joined Guo Guangchang as co-chairman in early 2020. 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 The ''Forbes'' Global 2000 is an annual ranking of the top 2000 public companies in the world, published by ''Forbes'' magazine. "The Global 2000" annual ranking is assembled by ''Forbes'' using a weighted assessment of four metrics: sales, profit ...

ranking in 2020.

History

1990s

Fosun Group was founded in 1992 as the Guangxin Technology Development Company by five graduates of Fudan University in Shanghai:

Liang Xinjun Liang Xinjun () is a Chinese entrepreneur. He is the co-founder and former vice chairman/CEO of Fosun International, one of the largest civilian-run enterprise in China. Biography Liang was born in 1968 in Taizhou, Zhejiang. He received his B. A ...

(),

Fan Wei Fan Wei is the name of: *Fan Wei (actor) Fan Wei (born 2 September 1962) is a Chinese skit, sitcom and film actor best known for his performances with Zhao Benshan and Gao Xiumin in CCTV New Year's Galas since 1995. In recent years, he has be ...

(), and Tan Jian (). Fosun started its business by doing market research. 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 Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (trade name: Fosun Pharma) is a Chinese pharmaceutical company. It is mostly owned by Fosun International. As of 2018, the A shares of the company is a constituent of SSE 180 Index as well as it ...

), real estate, and steel etc.

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.

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". 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 Club Med SAS, commonly known as Club Med and previously known as Club Méditerranée SA, is a French travel and tourism operator headquartered in Paris, specializing in all-inclusive holidays. Founded in 1950, the company has been primarily o ...

, Britain's

Thomas Cook Group Thomas Cook Group plc was a global travel group, headquartered in the United Kingdom and listed on the London Stock Exchange from its formation on 19 June 2007 by the merger of Thomas Cook AG — successor to Thomas Cook & Son — a ...

, Canada's

Cirque du Soleil Cirque du Soleil (, ; "Circus of the Sun" or "Sun Circus") is a Canadian entertainment company and the largest contemporary circus producer in the world. Located in the inner-city area of Saint-Michel, it was founded in Baie-Saint-Paul on 16 ...

, American clothing label St John, and Greek jeweler

Folli Follie Folli Follie is a Greek-based international company which designs, manufactures and distributes luxury jewellery, watches and fashion accessories. History The company was established in 1982 in Greece by Dimitris Koutsolioutsos ( el, Δημήτ ...

. 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. Fosun also purchased Australian oil company Roc Oil, its first acquisition in the petroleum industry. On 11 December 2015, the chairman of Fosun,

, 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. 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. On 21 July 2016, it was confirmed that Fosun had bought the English football club

Wolverhampton Wanderers Wolverhampton Wanderers Football Club (), commonly known as Wolves, is a professional football club based in Wolverhampton, England, which compete in the . The club has played at Molineux Stadium since moving from Dudley Road in 1889. The club' ...

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 The English Football League Championship (often referred to as the Championship for short or the Sky Bet Championship for sponsorship purposes) is the highest division of the English Football League (EFL) and second-highest overall in the E ...

(second tier of English football) to finishing seventh in the

FA Premier League The Premier League (legal name: The Football Association Premier League Limited) is the highest level of the men's English football league system. Contested by 20 clubs, it operates on a system of promotion and relegation with the English Foo ...

, reaching an

FA Cup The Football Association Challenge Cup, more commonly known as the FA Cup, is an annual knockout football competition in men's domestic English football. First played during the 1871–72 season, it is the oldest national football compet ...

semi-final and qualifying for the

UEFA Europa League The UEFA Europa League (abbreviated as UEL, or sometimes, UEFA EL), formerly the UEFA Cup, is an annual football club competition organised since 1971 by the Union of European Football Associations (UEFA) for eligible European football clubs. ...

. In 2016 Fosun began to invest in India. “

Delhivery Delhivery is an Indian logistics and supply chain company, based in Gurugram. It was founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati. The company has over 85 fulfillment centers, 24 automated s ...

” was one such investment made in 2017, in addition to previous investments in MakeMyTrip, India's largest online travel company and Gland Pharma. Fosun is also involved in the Indian real estate market. On 28 August 2019,

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" 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.

2020s

In March 2020, the company acquired a 55.4% equity interest in French jewelry brand Djula. They also signed an agreement in July 2020 with a high-end Italian jewelry group to develop the

Damiani Damiani is an Italian surname. Notable people with the surname include: * Chip Damiani (1945–2014), American drummer * Damiano Damiani (1922–2013), Italian screenwriter and film director * Donatella Damiani, Italian actress * Ernesto Damiani, ...

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

Response to COVID-19 pandemic

During the coronavirus pandemic of 2020, Fosun Pharmaceuticals partnered with German biotech firm Biopharmaceutical New Technologies ( BioNTech) to produce and distribute the

COVID-19 Coronavirus disease 2019 (COVID-19) is a contagious disease caused by a virus, the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The first known case was identified in Wuhan, China, in December 2019. The disease quick ...

mRNA vaccine BNT162b2. Once approved, Fosun will market the vaccine in China, and BioNTech will retain the rights to sell it internationally. Fosun was part of an alliance of Chinese companies that donated medical supplies to 23 countries during the COVID-19 pandemic. In March 2020, Fosun brought medical supplies to

Milan Milan ( , , Lombard: ; it, Milano ) is a city in northern Italy, capital of Lombardy, and the second-most populous city proper in Italy after Rome. The city proper has a population of about 1.4 million, while its metropolitan city ...

Italy Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical ...

, 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. 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 Corporation (; ), commonly known as Xiaomi and registered as Xiaomi Inc., is a Chinese designer and manufacturer of consumer electronics and related software, home appliances, and household items. Behind Samsung, it is the second largest ...

and

Sequoia Capital Sequoia Capital is an American venture capital firm. The firm is headquartered in Menlo Park, California, and specializes in seed stage, early stage, and growth stage investments in private companies across technology sectors. , Sequoia's total ...

. Fosun has distributed close to 4 million units of medical supplies around the world, including surgical masks, protective suits, and diagnostic reagents. Fosun donated medical protection supplies to

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...

in two shipments in March, 36,000 early in the month and additional 22,000 later in the month. The company also donated supplies to the UK, Japan and India. 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 Nucleic acids are biopolymers, macromolecules, essential to all known forms of life. They are composed of nucleotides, which are the monomers made of three components: a 5-carbon sugar, a phosphate group and a nitrogenous base. The two main ...

detection kit that it developed. Fosun,

Haitong Securities Haitong Securities is a securities firm in China, providing services in stocks and futures brokerage, as well as investment banking, corporate finance, M&A, asset management, mutual fund, and private equity. Haitong was listed on the Shangha ...

, and the Portuguese football agency Gestifute brought 461 kilos representing 58,400 units of medical supplies to

’s sister city in

Portugal Portugal, officially the Portuguese Republic ( pt, República Portuguesa, links=yes ), is a country whose mainland is located on the Iberian Peninsula of Southwestern Europe, and whose territory also includes the Atlantic archipelagos of th ...

Porto Porto or Oporto () is the second-largest city in Portugal, the capital of the Porto District, and one of the Iberian Peninsula's major urban areas. Porto city proper, which is the entire municipality of Porto, is small compared to its metropo ...

at the end of March 2020. Fosun delivered medical supplies in several shipments during March 2020 to the city of

Wolverhampton Wolverhampton () is a city, metropolitan borough and administrative centre in the West Midlands, England. The population size has increased by 5.7%, from around 249,500 in 2011 to 263,700 in 2021. People from the city are called "Wulfrunians ...

, UK, the home of the Wolves football team, which is owned by Fosun. The company donated N95 masks to New York's

NYU Langone Medical Center NYU Langone Health is an academic medical center located in New York City, New York, United States. The health system consists of NYU Grossman School of Medicine and NYU Long Island School of Medicine, both part of New York University (NYU), and ...

and Mount Sinai Hospital as well as similar donations to hospitals in

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = List of sovereign states, Count ...

Boston Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delawa ...

California California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...

and elsewhere in the United States. 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.

Business structure

Fosun has a wide array of business activities, including investing in other firms, managing a number of

private equity fund A private equity fund (abbreviated as PE fund) is a collective investment scheme used for making investments in various equity (and to a lesser extent debt) securities according to one of the investment strategies associated with private equity ...

s, and entering

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...

Equity investments

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

Asset management

*IDERA (98.00%) *China Financial Services Holdings (, 4.9%) * Fosun Eurasia Capital (in Russia) *

Hauck & Aufhäuser Hauck & Aufhäuser Privatbankiers AG is a private bank based in Frankfurt am Main. Hauck & Aufhäuser also maintains offices in Munich, Hamburg, Düsseldorf, Cologne, London, Luxembourg, Nanjing (China) and Shanghai (China) and focuses on the advi ...

(99.91%) *Resolution Property (in UK) *Rio Bravo Investmentos (in Brazil)

Banking

* Banco Comercial Português (27.06%) *

China Minsheng Bank China Minsheng Bank (), founded on January 12, 1996, in Beijing, is the first bank in China to be owned mostly by private sector enterprises. The bank was founded by Jing Shuping, a Chinese lawyer and businessman. Minsheng Bank is well known f ...

(2.22%) *

Mybank EBA Clearing is a provider of pan-European payment infrastructure wholly owned by shareholders that consist of major European banks. It owns and operates major payment infrastructure in Europe for Euro payments between banks. This includes EURO1 ...

(25.00%)

Entertainment

(25% via private equity funds managed by Fosun International and associated company Yuyuan Tourist Mart) * Studio 8 (60%) * Wolverhampton Wanderers F.C.

Fashion

Formerly named ''Fosun Fashion'', the fashion sector of Fosun's business is now named ''Lanvin Group''. * Ahava (99.46%) * Caruso (73.90%) *

(10%, additional 3.89% stake held by Pramerica-Fosun China Opportunity Fund) *

Lanvin Lanvin () is a French luxury fashion house based in Paris. Founded in 1889 by Jeanne Lanvin, it is the oldest French fashion house still in operation. Since 2018, it has been a subsidiary of Shanghai-based Lanvin Group. Bruno Sialelli, a 31-year ...

* Silver Cross (87.23%) * Sergio Rossi * St John (70.00%) * Tom Tailor (28.89%) * Wolford

Food and drink

* Jinhui Liquor * Sanyuan Foods (20.45%) *

St Hubert Hubertus or Hubert ( 656 – 30 May 727 A.D.) was a Christian saint who became the first bishop of Liège in 708 A.D. He is the patron saint of hunters, mathematicians, opticians and metalworkers. Known as the "Apostle of the Ardennes", he was ...

(98.12%) * Tsingtao Brewery (17.99%)

Industrial operations

* Cainiao (6.77%) *

(6.5%) *

(37.94%) * Gland Pharma (57.86%) * Hainan Mining (51.57%) * Fosun High Technology (100%) * Roc Oil (100%) *

Sinopharm Group Sinopharm Group Co., Ltd. is a Chinese pharmaceutical company. The parent company of Sinopharm Group was Sinopharm Industrial Investment, a 51–49 joint venture of state-owned enterprise China National Pharmaceutical Group and civilian-run en ...

* Sisram Medical *

Zhaojin Mining Zhaojin Mining Industry Company Limited () is a gold mining enterprise jointly ventured by Zhaojin Group and Fosun International. It is the largest gold producer in Shandong province, and it is headquartered in Zhaoyuan, Shandong, China. Its ...

(3.57%)

Insurance

* Ameritrust Group (100%) * Fidelidade (84.99%) * Fosun United Health Insurance (20.00%) *NAGICO Insurances (through Peak Reinsurance) * Peak Reinsurance (86.93%) * Pramerica Fosun Life Insurance (50.00%) * New China Life Insurance (3.28%) * United Family Healthcare * Yong'an P&C Insurance (40.68%)

Investment

* Fosun Finance (86%) * Fosun Hani Securities (100%) * Miacom Diagnostics * Guide Investimentos (in Brazil)

Media

Focus Media Focus Media Information Technology, formerly Focus Media Holding, is a Chinese company which operates out-of-home advertising in China which consist predominantly of digital signage screens and claims to own the country's largest Internet adver ...

(5.00%)

Private hospitals

* Chancheng Hospital * Luz Saúde (98.79%) * Starcastle Senior Living (50.00%)

Real estate

* Shanghai Forte Land (100%) * Shanghai Zendai Property (14.0%) * Fosun Property Holdings (100%) ** 126 Madison Avenue (New York) **

28 Liberty Street 28 Liberty Street, formerly known as One Chase Manhattan Plaza, is a 60-story International style skyscraper in the Financial District of Manhattan in New York City, between Nassau, Liberty, William, and Pine Streets. The building was design ...

(New York) ** 73 Miller Street (Sydney) ** a project in (Dalian) (64%) **Citigroup Center (Tokyo) ** Lloyds Chambers (London) ** The Bund Finance Center (50.00%)

Retail

* Secret Recipe * Yuyuan Tourist Mart (26.45%)

Technology

iFlytek iFlytek (), styled as iFLYTEK, is a partially state-owned Chinese information technology company established in 1999. It creates voice recognition software and 10+ voice-based internet/mobile products covering education, communication, music, int ...

(strategic minority stake) * Perfect World * The Floow Limited (15%) * WeDoctor

Tourism

* Atlantis Sanya Resort (99.81%) *

(90.10%) * MakeMyTrip (1%) * Thomas Cook Holidays

Fosun-managed private equity funds

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

Joint ventures

* Nanjing Nangang Iron and Steel United (60% share capital, 50% voting rights) ** Besino Environment (100%) **Koller (84.50%) **

Nanjing Iron and Steel Company Nanjing Iron and Steel Co., Ltd. (abb. NISCO) 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 compa ...

(, 48.19%) * Pramerica–Fosun Life Insurance (50%)

Former equity investments

China Huarong Asset Management China Huarong Asset Management Co., Ltd. known as just China Huarong () is a majority state-owned financial asset management company in China, with a focus on distressed debt management. It was one of the four asset management companies that the ...

* Ironshore *

Thomas Cook Group Plc Thomas Cook Group plc was a global travel group, headquartered in the United Kingdom and listed on the London Stock Exchange from its formation on 19 June 2007 by the merger of Thomas Cook AG — successor to Thomas Cook & Son — ...

(5.76% via Fidelidade) - Entered Compulsory Liquidation 23 September 2019

Shareholders

The major shareholder of Fosun International was a Hong Kong incorporated company Fosun Holdings, which was a wholly owned subsidiary of

British Virgin Islands ) , anthem = "God Save the King" , song_type = Territorial song , song = "Oh, Beautiful Virgin Islands" , image_map = File:British Virgin Islands on the globe (Americas centered).svg , map_caption = , mapsize = 290px , image_map2 = Brit ...

incorporated company Fosun International Holdings. Three founders of Fosun International,

and

, owned 64.45%, 24.44% and 11.11% respectively in Fosun International Holdings.

, another founder, withdrew his stake in Fosun International Holdings in September 2015.

References

{{Reflist

External links

Official website
Companies listed on the Hong Kong Stock Exchange Conglomerate companies of China Civilian-run enterprises of China Companies based in Shanghai Chinese brands Chinese companies established in 1992 Conglomerate companies established in 1992