Is Fosun Set to Rise Again as China Reopens?

The debt-heavy conglomerate announced a fresh $1 billion in asset sales last week, as growing signs emerge that its looming debt crisis of 2022 may be receding Key Takeaways: By Chen Ruzhen On the last evening of 2022, Guo Guangchang, chairman of conglomerate Fosun International Ltd. (0656.HK), visited a lantern festival at Yu Garden, the famous Shanghai tourist attraction operated by one of his company’s units. The rags-to-riches billionaire made New Year’s wishes that life would return to normal in China, and that Fosun’s global partners could visit a country…

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Newly Listed Lanvin Leaves Investors Blowing Hot and Cold

The China-owned luxury company’s shares have gyrated wildly since completion of its SPAC listing in mid-December, losing more than half their value at one point Key Takeaways: By Doug Young Once investor darlings, luxury goods companies with an emphasis on China have become just the opposite these days. Last week we reported on the latest woes at Secoo (SECO.US), whose stock once soared on its billing as China’s biggest luxury e-commerce company, but now trades at a tiny fraction of its IPO price. Now, the newly listed Lanvin Group Holdings…

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FAST NEWS: SPAC Shareholders Approve Lanvin Listing Plan

The Latest: Lanvin Group, the luxury retail arm of Fosun International (0656.HK), announced on  Monday that shareholders of Primavera Capital Acquisition Corp. (PV.US) have approved a reverse merger plan that will allow Lanvin to list on the New York Stock Exchange. Looking Up: The approval paves the way for Lanvin’s shares to start trading on the New York Stock Exchange on Dec. 15 under the ticker symbol “LANV.” The listing, using a special purpose acquisition company (SPAC), will give Lanvin a fundraising platform for its future expansion. Take note: Lavin’s…

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Fosun Seeks Club Med Investors to Plug Its Own Financial Holes

The debt-plagued financial conglomerate is reportedly looking for a third party to buy some or all of its majority stake in Fosun Tourism, owner of the French resort chain Key Takeaways: Debt-strapped Fosun is reportedly seeking to raise cash by bringing in a major outside investor for its tourism unit, whose crown jewel is the Club Med resort chain Club Med accounted for about 80% of Fosun Tourism’s business in the first three quarters of 2022, as the chain rebounded sharply on easing Covid restrictions outside China By Doug Young…

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Fosun Pharma Sells Down BioNTech Stake, Though Divorce Looks Unlikely

The Chinese company profited handsomely from its investment in the German vaccine maker, and is most likely selling the stake to help service its parent’s large debt Key Takeaways: Fosun Pharma said it sold 1.09 million BioNTech shares for $179 million, generating big profits after the stock rose more than fivefold from the original purchase price Fosun Pharma said the sale won’t affect the two companies’ business alliance, which includes plans to bring BioNTech’s high-tech mRNA Covid vaccines to China By Doug Young   Could a highly-hyped alliance between financial…

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Lanvin Nears Completion of U.S. SPAC Listing. Now the Work Begins

The luxury arm of debt-challenged financial conglomerate Fosun looks set to complete its New York listing by year-end, with an aim of breaking even by 2024 Key Takeaways: Lanvin Group’s plan for a SPAC listing has moved a step closer to completion with the setting of a Dec. 9 vote on the deal by the SPAC’s shareholders The company recorded impressive overall revenue growth in the first half of this year, but results were less stellar for the important Greater China market By Trevor Mo As the debt-strapped Fosun International…

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Fosun Scrambles to Sell Its Way Back to Health. But Will It Mortgage Its Future?

Billionaire Guo Guangchang’s flagship investment group aims to sell up to $11 billion in non-core holdings to pay down its debt. But such sales could leave it with less-desirable assets Key Takeaways: Fosun International aims to raise as much as $11 billion by selling non-core assets in the next 12 months, according to a Bloomberg report. The sale of better-performing assets might leave the group with subpar businesses that would worsen its debt problem By Warren Yang Things are looking messy these days for Fosun International Ltd. (0656.HK), the debt-laden…

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