Fosun International 0656

[winston]

not vested

Fosun's debt 'only 100b yuan'

Fosun International (0656) yesterday said its actual debt was 100 billion yuan (HK$112 billion), far less than the 650 billion yuan liabilities that the market was concerned about.

The Shanghai-headquartered conglomerate stressed that the liability attributable to the parent amounted to only 100 billion yuan, after excluding the liabilities of subsidiaries including insurers and banks from the consolidated 651.3 billion yuan debt.

And the company said it could burden the debt as its net asset value per share should be around 20 yuan with a total asset of 270 billion yuan.

Meanwhile, Fosun sold 26.16 billion shares of New China Life Insurance (1336) for 448 million yuan at 17.12 yuan per share.

After the offloading, Fosun's stake in the insurer dropped from 5.84 percent to 4.99 percent. According to the market regulator, companies are required to disclose their interests in other firms if they own 5 percent or more.

Source: The Standard

https://www.thestandard.com.hk/section- ... 100b-yuan'

[winston]

not vested

FOSUN INTL 2022 NP RMB540M, Decreases 95%; Final Div HKD1.4 Cents

FOSUN INTL(00656.HK) announced its annual results for the year ended 2022, reporting a revenue of RMB175.393 billion, an increase of 8.7% year-over-year.

Net profit of RMB539 million was recorded, a 94.7% decline, giving an EPS of RMB6 cents.

A final dividend of HKD1.4 cents would be paid, compared to HKD30 cents for the same period last year.


Dividend History
Announce Date Event Particular
2022/08/30 Interim No Dividend
2022/03/23 Final D:HKD 0.3000
2021/08/24 Interim No Dividend
2021/03/30 Final D:HKD 0.2200

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... 256196/all

[winston]

vested

ANNOUNCEMENT OF FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022

http://iis.aastocks.com/20230329/10651969-0.PDF

[winston]

vested in Fosun

Citic buys steel plant for 13b yuan

Citic (0267) said its subsidiary Xinye Steel has agreed to pay 13.58 billion yuan (HK$15.52 billion) to acquire 55.25 percent of Nanjing Iron & Steel Group, which plans to buy a 60 percent stake in Nanjing Iron & Steel United for the same amount from Fosun International (0656) at the same time.

Nanjing Iron & Steel Group has a 40 percent interest in Nanjing Iron & Steel United and the remaining 60 percent is held by Fosun High Technology, Fosun Industrial Investment, and Fosun Industrial Technology, according to two separate filings by the two companies.

Upon completion of the acquisition, Xinye Steel will hold 55.25 percent equity interest in Nanjing Iron & Steel Group, which will then hold the entire equity interest in Nanjing Iron & Steel United, which directly and indirectly holds in aggregate 59.10 percent equity interest of Nanjing Iron & Steel. The three companies will each become a non-wholly owned subsidiary of Citic.

As Nanjing Iron & Steel's products are complementary to the group's products, the proposed acquisition will further strengthen its competitive advantages in bar steel, wire steel, and plate steel products and increase its special steel production capacity to over 30 million tonnes per annum, Citic's filing said.

Source: The Standard

https://www.thestandard.com.hk/section- ... r-13b-yuan

[winston]

vested

(1) TERMINATION OF MAJOR TRANSACTION - PREVIOUS DISPOSAL OF NANJING NANGANG TO
SHAGANG GROUP AND SHAGANG INVESTMENT

(2) MAJOR TRANSACTION - NEW DISPOSAL OF NANJING NANGANG TO NANJING IRON & STEEL GROUP

https://www1.hkexnews.hk/listedco/listc ... 200125.pdf

[winston]

noy vested

Tycoon once dubbed ‘China's Warren Buffett’ sells billions in assets to revive firm

by Venus Feng

Pummelled by China’s credit crisis and a 95% profit plunge last year, Fosun has offloaded some US$4.8 billion of assets since May, including the sale of its holding in the parent of Nanjing Iron & Steel Co that was renegotiated this month.

The group will keep selling assets to focus on core businesses in the household consumption sector.

In October, Fosun said it would unload as much as US$11 billion of assets in the next year to refocus on three key sectors: pharma, retail and tourism.

Source: Bloomberg

https://www.theedgemarkets.com/node/664526

[winston]

not vested

FOSUN INTL (00656.HK) Interim NP RMB1.36B, Down 40.4%

FOSUN INTL (00656.HK) announced its interim results for the six months ended June, with total revenue of RMB97.065 billion, up 10.9% YoY.

Net profit dropped 40.4% to RMB1.36 billion, with an EPS of RMB17 cents.

No interim dividend was declared.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

Record Fosun asset sales can’t halt stock drop to decade low

By Shirley Zhao & Lorretta Chen

Record stretch of asset sales that total at least US$6.6 billion (RM30.89 billion) in just two years,

The company’s shares have fallen 26% this year after touching the lowest in a decade last week, compared with a decline of about 11% for the benchmark Hang Seng Index.

The planned sale of Fosun’s 60% stake in Nanjing Nangang Iron & Steel United Co for US$2 billion, among its largest-ever announced divestitures, has also been dragged down by litigation that was only settled last month.

Source: Bloomberg

https://theedgemalaysia.com/node/690908

[winston]

not vested

FOSUN refocuses on core sectors

by Themis Qi

Will now focus on two key sectors - biotech and healthcare and entertainment and tourism

Its purchases included French resort brand Club Med, English Premier League club Wolverhampton Wanderers and Portugal's biggest bank Millennium BCP.

Its biggest progress last year was the disposal of Fosun's 60 percent stake in Nanjing Nangang for 13.58 billion yuan (HK$14.8 billion).

Source: The Standard

https://www.thestandard.com.hk/section- ... re-sectors

[winston]

not vested

Chinese conglomerate Fosun International to accelerate asset sales as deleveraging campaign boosts financial profile

Fosun posted a net profit of 1.38 billion yuan for 2023, turning around from a net loss of 831.8 million yuan a year earlier, helped by a reduction in debt

The company aims to lower borrowings by 10 billion yuan (US$1.38 billion) annually in the next 2-3 years

by Daniel Ren

Source: SCMP

https://www.scmp.com/business/china-bus ... pe=article