Investment reports

Foreign media reports of “regulators asking banks to review their exposure to Fosun” are completely false.

HONG KONG, September 14, 2022 /PRNewswire/ — In response to overseas media reports of “Chinese regulators asking banks and some state-owned companies to review their exposure to Fosun” on September 13, Fosun said those reports were completely false.

It is understood that Fosun has sought confirmation from regulators through multiple channels. The China Banking and Insurance Regulatory Commission (CBIRC) has not asked commercial banks to verify their financial exposure to Fosun, and many commercial banks that cooperate with Fosun have never received relevant notices.

Gong Ping, Executive Chairman and Chief Financial Officer of Fosun International, said, “Fosun’s recent apparently frequent reductions in equity investments and divestments are a continuation of its financial strategy of balancing investments and divestments in recent years. Fosun has been dynamically sorting and optimizing its assets. These moves are not just about coping with the current market environment. However, we have noticed that the complex external environment has raised public opinion on the disposal of assets of the Group, leading to a unilateral interpretation of this disposal of assets, while neglecting the general principle of optimization of the assets of the Group. , which is our dynamic long-lived asset optimization.”

According to interim results announced on August 30, Fosun’s four main business segments, namely health, happiness, wealth and smart manufacturing, showed resilience. In the first half, Fosun achieved sustainable revenue growth, its total revenue reached RMB82.89 billion, an increase of 17.7% year-on-year. His company’s operating profit was up 35.5% year over year. At the same time, the Group’s resources remained stable. At the end of the reporting period, cash, bank balances and term deposits were abundant, amounting to 117.65 billion RMB; the adjusted NAV remained stable at HK$24.2 per share.

SOURCEFosun