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Fosun set to spin off tourism unit

By Shi Jing in Shanghai | China Daily | Updated: 2018-09-06 10:36
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A pedestrian walks across a footbridge in front of the Fosun International headquarters in Shanghai. [Photo/Agencies]

Shanghai-based conglomerate eyeing separate listing in HK for subsidiary

Shanghai-based conglomerate Fosun International has filed to the Hong Kong stock exchange for a spinoff and separate listing for its tourism unit.

According to an announcement released by the Hong Kong-listed Fosun International Ltd on Aug 31, Fosun Tourism Group will apply for a listing on the main board of the Hong Kong stock exchange. Upon completion of the proposed spinoff and listing, Fosun International will retain no more than 75 percent equity interest in Fosun Tourism Group, which will remain a subsidiary of Fosun International.

About 20 percent of the potential financing will be used to expand Fosun Tourism Group's current business, 30 percent to develop its projects in Lijiang in Southwest China's Yunnan province and Taicang in East China's Jiangsu province, and 25 percent to be used for possible investment, acquisitions and strategic alliances, according to the prospectus.

An earlier report from Reuters estimated that the total amount of financing would be at least $500 million.

Chen Qiyu, co-president of Fosun International, said at a news conference for the company's interim results on Aug 29, the Hong Kong bourse has introduced a number of favorable policies for companies specializing in businesses associated with health, livelihood and well-being. As such, the company would like to spin off more of its qualified subsidiaries to independently list in Hong Kong or other markets.

One of the most renowned brands under Fosun Tourism Group is the French resort chain Club Med, which Fosun International began acquisition of in 2010 and completed its privatization in 2015. At present, Fosun Tourism Group holds a 90.25 percent stake in Club Med, managing 69 resorts in 26 countries and regions.

Income from Club Med has accounted for most of Fosun Tourism Group's annual turnover, according to the prospectus. In 2015, 2016 and 2017, Club Med's contribution to Fosun Tourism Group's annual sales revenue was 100 percent, 99.7 percent and 99.8 percent respectively. The ratio contracted slightly to 95.5 percent during the first half of this year.

The Sanya Atlantis resort, which Fosun Tourism Group unveiled in April, had attracted more than 1.3 million guests by the end of July, according to the prospectus. The total room revenue was 63.5 million yuan ($9.3 million) by July, while income contributed by other business at the resort, such as an aquarium and water entertainment activities, reached 39.7 million yuan.

However, the stellar performance of Club Med and Atlantis has not yet helped Fosun Tourism Group achieve a profit. Public information shows that the group reported losses of 954 million yuan, 473 million yuan and 295 million yuan each year respectively between 2015 and 2017. It continued to report a loss of 135 million yuan in the first six months of this year.

Qian Jiannong, chairman and president of Fosun Tourism Group, said it will target family recreational trips in China, which promise much room for growth as the economy develops. It will build its own brands, such as international learning and playing club brand Miniversity for children, and also continue to look for investment opportunities globally for good brands and products.

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