China's Fosun Reviews 9,000 Deals, Does 100
China's Fosun Reviews 9,000 Deals, Does 100
(Bloomberg) -- Chinese billionaire Guo Guangchang is one busy shopper.
Fosun International Ltd., flagship of the drugs-to-insurance group Guo leads, reviewed almost 25 possible investments a day, on average, since August 2017, totaling about 9,000.
It’s a global buying binge that’s still growing, even as China’s government cracks down on big dealmaking by previously acquisitive conglomerates like Dalian Wanda Group Co., HNA Group Co. and Anbang Insurance Group Co.
Shanghai-based Fosun disclosed the numbers during an earnings presentation in Hong Kong Wednesday. Of the 9,000 overseas and domestic opportunities reviewed, the group engaged with 700 and completed 100 in a process Fosun describes as “disciplined, competitive, bottom-up.”
Just this year, Fosun snapped up French fashion house Lanvin and Austrian pantyhose brand Wolford, along with financial assets in Brazil and a dating website in China.
It’s also considering takeover of Italian lingerie maker La Perla and Belgium insurer Ageas.
To contact Bloomberg News staff for this story: Jing Yang de Morel in Shanghai at jyang543@bloomberg.net
To contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Dave McCombs
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