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A Detailed Look at Interim Results 2023: How did Fosun Set Sail Again After the "Perfect Storm"?

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星期四, 八月 31, 2023
Happiness, Total, Face, Trastuzumab, Metaphor, USD, Incidence, Patient, Fosun Pharma, FTG, Growth, Biosimilar, MAA, PD-1, FDA, Regulation of tobacco by the U.S. Food and Drug Administration, Empowerment, Food, S&P Global Ratings, Cryptocurrency, Bank, Security (finance), Renewable energy, Fine chemical, Health, Fosun International

On 31 August, Fosun International held its 2023 interim results presentation.

Key Points: 
  • On 31 August, Fosun International held its 2023 interim results presentation.
  • The key indicator reflecting a company's endogenous growth capabilities - industrial operation profit surged 66% (excluding the effects of asset disposed) year-on-year to RMB3.37 billion.
  • In addition, on 30 June, Fosun International arranged to redeem the USD700 million offshore bond due on 2 July.
  • According to the interim results announcement, Fosun has continued to firmly push forward the implementation of the divestment of non-strategy and non-core assets in 2023.

Fosun Repays US$700 Million Bond, and Has No Significant US Dollar Bonds Maturing in the Next 12 Months

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星期二, 七月 4, 2023
Projection, S&P Global, RMB, S&P Global Ratings, Bank, Fosun International

In addition, Fosun has completed the repayment of RMB6.7 billion maturing onshore bonds in the public market.

Key Points: 
  • In addition, Fosun has completed the repayment of RMB6.7 billion maturing onshore bonds in the public market.
  • As a result, Fosun has alleviated any near-term pressure associated with offshore debt repayment for the next 12 months.
  • Being a diversified and internationally active conglomerate, Fosun benefits from the inherent advantages of a well-balanced asset portfolio that can withstand industry-specific and market-specific downturns.
  • The successful redemption of maturing debts in 2023 underscores Fosun's consistent execution of its financial strategy aimed at divesting non-core assets.

Fosun's Ratings Affirmed by S&P, Market Bullish on Chinese Private Enterprises

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星期三, 五月 31, 2023
HSBC, China Construction Bank, Exim Bank, Bank of Communications, S&P Global, Industrial and Commercial Bank of China, Bank of China, Daiwa Securities Group, Face, Hang Seng Bank, China Minsheng Bank, Club Med, Bank of East Asia, Communication, Agricultural Bank, Commercial bank, Shanghai Pudong Development Bank, Commerzbank, Deleveraging, Sale, Goldman Sachs, Agricultural Bank of China, Standard Chartered, Bank, Relaxation, Industrial, S&P Global Ratings, News, Risk management, Renewable energy, Security (finance), Fosun International

This move implies that with continuous efforts to optimize capital and asset base, Fosun's short-term liquidity pressure has been greatly eased and its ratings have been affirmed by international agency S&P Global Ratings.

Key Points: 
  • This move implies that with continuous efforts to optimize capital and asset base, Fosun's short-term liquidity pressure has been greatly eased and its ratings have been affirmed by international agency S&P Global Ratings.
  • Analysts believe that coupled with the recent increase in foreign investment in China and the continuous net purchase of domestic securities, S&P Global Ratings' move also revealed that the international capital market is bullish on Chinese private enterprises considering the confidence boost in the outlook of China's economic recovery.
  • At the same time, sound banking relationships enabled sufficient sources of liquidity amid turbulence in the bond market.
  • In the report issued on 30 May, S&P Global Ratings fully affirmed Fosun's sound relationships with domestic and foreign banks.

Fosun's Strategy of "Streamlining the Organization" Begins to Bear Fruit and Offshore Syndicated Loan are Launched

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星期五, 五月 12, 2023
HSBC, China Construction Bank, Exim Bank, Happiness, Bank of Communications, Optimism, Industrial and Commercial Bank of China, Fosun Pharma, Bank of China, Daiwa Securities Group, Hang Seng Bank, China Minsheng Bank, Club Med, Bank of East Asia, Communication, Agricultural Bank, Health, Commercial bank, Shanghai Pudong Development Bank, Commerzbank, Sale, Goldman Sachs, US, Euro, Agricultural Bank of China, FTG, Standard Chartered, Bank, Overweight, Relaxation, Guotai Junan Securities, RMB, Security (finance), Fosun International

The offshore syndicated loan was jointly initiated by seven banks including Bank of China, Bank of East Asia, Commerzbank, Hang Seng Bank, HSBC, Natixis Bank, and Standard Chartered Bank as lead bookrunners.

Key Points: 
  • The offshore syndicated loan was jointly initiated by seven banks including Bank of China, Bank of East Asia, Commerzbank, Hang Seng Bank, HSBC, Natixis Bank, and Standard Chartered Bank as lead bookrunners.
  • Since the formation of the syndicate, more than 10 banks have joined and banks may join through the "greenshoe option" in the next three months.
  • In January this year, Fosun's domestic entity obtained a syndicated loan of RMB12 billion.
  • Meanwhile, in the first quarter of 2023, Fosun High Technology successfully redeemed RMB5.93 billion bond in the domestic open market.