|Bid||11.840 x 0|
|Ask||11.860 x 0|
|Day's Range||11.720 - 12.240|
|52 Week Range||7.280 - 12.500|
|Beta (5Y Monthly)||1.06|
|PE Ratio (TTM)||6.13|
|Earnings Date||Mar 29, 2021 - Apr 02, 2021|
|Forward Dividend & Yield||0.77 (6.29%)|
|Ex-Dividend Date||Jun 08, 2020|
|1y Target Est||20.63|
(Bloomberg) -- Fosun International Ltd. is acquiring a controlling stake in Sichuan Tuopai Shede Group Co., boosting its presence in the coveted baijiu liquor sector as the Chinese conglomerate led by billionaire Guo Guangchang pivots inward for growth.Fosun will buy a 70% stake in the liquor and spirits maker for 4.53 billion yuan ($694 million) in cash, the company said in a Dec. 31 exchange filing. This is the second such investment in 2020 by the Fosun Group after it bought a 30% stake in another maker of the fiery wine -- a hot favorite in China -- in July.The transaction underscores the domestic push underway at the insurance-to-tourism conglomerate as the Chinese economy rebounds from a pandemic-induced slowdown, even as western nations still struggle to contain the coronavirus outbreak.Fosun is “optimistic about the potential growth of the target company which operates a high-quality liquor and spirits business,” it said in the filing, adding that the deal will cement its foothold in businesses which “support the lifestyle” of modern Chinese consumers.Asset-Price DownturnIts founder Guo said in March that it will seek out investment opportunities as the “once-in-a-century” coronavirus pandemic sparks an asset-price downturn. Fosun is one of the largest and last remaining acquisitive Chinese groups. Its businesses span health care, insurance, tourism and leisure, and about 45% of its revenue was from overseas in 2019.The pandemic, which forced people to stay home for months and shun travel, hit Fosun’s tourism and retail businesses the hardest, Guo told Bloomberg Television in August. It lost its 20% stake in the struggling circus operator, Cirque du Soleil Entertainment Group the same month.The conglomerate is now betting on its pharmaceuticals division to offset the slump as its unit Shanghai Fosun Pharmaceutical Group Co. gears up to market Pfizer-BioNTech’s coronavirus vaccine in Hong Kong.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Co-founded by Turkish-German scientists Uğur Şahin and his wife Özlem Türeci, BioNTech is now worth $25 billion.
Fosun International Limited (HKEX stock code: 00656, "Fosun International", "Fosun" or "the Company") successfully priced US$400 million 5-year senior unsecured notes with coupon rate of 5.95% at par on 12 October; concurrently, the Company announced a tender offer targeting its existing approximate US$410 million 6.875% senior notes due in January 2021. The Company identified a supportive market window post China's National Day holiday, and eventually priced the new notes ahead of large volume of competing supply as well as increasing market volatilities. The deal marked another successful benchmark transaction in Fosun International overseas debt financing space. 176 investors participated in the transaction, and total orderbook peaked at over US$2.6 billion with final landing at 5.95%, 45bps tightening from initial price guidance ("IPG") level. Oversubscription rate reached about 5.8x after final price guidance was released.