Guo Guangchang’s empire under scrutiny as Fosun shares fall
Fosun International shares have lost nearly one-fifth of their value this month since the announcement of the divestment of a core unit, putting the nearly $40bn of debt amassed by Chinese billionaire Guo Guangchang under increased scrutiny. Fosun International’s Hong Kong-listed shares closed at their lowest point since December 2012 on Wednesday after losing 18 per cent since September 2, the day the group announced the partial divestment of a core Chinese pharmaceutical unit.
The Shanghai-based tycoon had made aggressive acquisitions to build an expansive business empire that includes English football club Wolverhampton Wanderers, Portugal’s biggest bank Millennium BCP and French resort group Club Med.
But Fosun has been subject to increasing scrutiny from rating agencies and investors over its debt in the past several months. The Financial Times reported in July that Moody’s estimated Fosun’s total consolidated debt stands at Rmb260bn ($38bn), though the company maintained at the time it was in a “sound and healthy” financial position.
立足上海的郭广昌通过激进的收购建立了规模庞大的商业帝国，旗下资产包括英格兰足球俱乐部伍尔弗汉普顿流浪者(Wolverhampton Wanderers)、葡萄牙最大的银行葡萄牙商业银行(Millennium BCP)和法国旅游度假集团地中海俱乐部(Club Med)。