Fosun Int'l Plans USD2bn Investment in Financial Sector

Fosun International Limited plans to spend maximum USD 2 billion in acquiring financial services companies like retail bank, life and health insurers because it takes financial business as strategic core business.

A top executive of Fosun International said the company holds strong outlook for the mainland consumption industry and that the group owns USD 4 billion in cash. Guo Guangchang, chairman of Fosun International, said earlier that the company would look for more investment opportunities in financial services sector.

Being the largest privately-owned comprehensive company in China, Fosun International primarily operates pharmaceuticals, property development, steel, mining, retail, services and strategic investment businesses.

It is now controlling shareholder of Tebon Securities Co., Ltd. in Shanghai, which grows rapidly in investment banking business.

Fosun International also owns 3.229% stake in Xi'an-headquartered Yongan Property Insurance Co., Ltd. The insurer, with registered capital of CNY 2.6632 billion, owns a network of 794 outlets in 16 provinces, municipalities and autonomous regions with 11,261 employees.