Type public Industry Conglomerate Founded 1992 | Traded as SEHK: 00656 Headquarters Shanghai, China Parent organization Fosun Holdings Limited | |
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Key people Chairman: Guo Guangchang
CEO: Liang Xinjun
President: Wang Qunbin Services Diversified Investments Owner Fosun International Holdings (71.48%) Stock price 0656 (HKG) HK$ 12.30 -0.02 (-0.16%)15 Mar, 4:08 PM GMT+8 - Disclaimer CEO Liang Xinjun (16 Jan 2009–) Subsidiaries Club Med, Wolverhampton Wanderers F.C. Founders Liang Xinjun, Guo Guangchang, Fan Wei Profiles | ||
Wolves bought by chinese conglomerate fosun international for 45m
Fosun International Limited is a Chinese international conglomerate and investment company. Founded in 1992 by Guo Guangchang and 4 other people, the company is headquartered in Shanghai and was incorporated in Hong Kong in 2004. Its CEO is Liang Xinjun.
Contents
History
Fosun Group was founded in 1992 by five graduates of Fudan University: Guo Guangchang, Liang Xinjun, Wang Qunbin (Chinese: 汪群斌), Fan Wei (Chinese: 范伟), and Tan Jian (Chinese: 谈剑). The major holding company of the group, Fosun High Technology was incorporated in 1994 in the mainland China.
In the 1990s, Fosun started its business by doing market research. Then Fosun extended its business into the healthcare industry, real estate, etc. 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 Hong Kong Stock Exchange as SEHK: 00656.
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 has spent billions buying foreign firms and says it is looking at healthcare, tourism, fashion firms and banks in the US and Europe. These include France's Club Med, Britain's Thomas Cook Group, Canada's Cirque du Soleil, American clothing label St John, and Greek jeweler Folli Follie. At the end of 2014 it was announced, that Fosun would be acquiring the US insurer Meadowbrook for around $433 million, marking the first full purchase of a US insurer by a Chinese company.
On 11 December 2015, it was reported that the chairman of Fosun, the billionaire Guo Guangchang has disappeared, and it is speculated that he was questioned by government authorities in an inquiry stemming from Party General Secretary Xi Jinping’s anti-corruption efforts. 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 from its previous owner Steve Morgan for an estimated £45 million.
Businesses
Fosun's businesses cover industrial operations, investment, asset management, and insurance with many subsidiary companies in each business.
Industrial operations:
Investment:
Asset management:
Insurance:
Real estate:
Private hospitals:
Entertainment :
Private equity funds managed
Joint ventures
Equity investments
Former portfolio companies
Awards
In July 2011, Fosun ranked No. 81 among Fortune (China)'s top 500 enterprises of China. In December 2011, Fosun was awarded "2011 Top Chinese Non-state owned Enterprises of CSR" by Southern Weekend. In April 2012, Fosun was no. 1136 in Forbes Global Top 2000 enterprises.
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 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. Fan Wei, another founder, withdrew his stake in Fosun International Holdings in September 2015.