|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||1.3500 - 1.3500|
|52 Week Range||1.1400 - 1.7200|
|Beta (5Y Monthly)||1.44|
|PE Ratio (TTM)||5.42|
|Forward Dividend & Yield||0.06 (4.73%)|
|1y Target Est||N/A|
Fosun International, the Shanghai-based conglomerate that owns the Club Med holiday group, said it was banking on Chinese consumers to turn round its struggling overseas fashion companies, which include France’s Lanvin. Two years ago it established a fashion unit to manage the five overseas clothing companies it had acquired. “With the formation of the group we’ve become more hands-on,” said Joann Cheng, chairman of Fosun Fashion Group.
(Bloomberg) -- Alibaba Group Holding Ltd. will spend $3.3 billion to raise its stake in Cainiao, in an effort to exert more control over the logistics subsidiary that underpins its sprawling e-commerce empire.The Hangzhou-based company will lift its stake in Cainiao to 63% from 51% by subscribing for newly issued shares in its latest financing round and buying existing stock from another holder, the company said on Friday.Six-year-old Cainiao is the rapidly growing business that sits at the heart of Alibaba’s expansion -- both in China and abroad. It oversees a coterie of at least a dozen shipping partners, orchestrating deliveries carried out by millions of people across the country.The increased stake could help Alibaba expand deeper into the business of setting up and controlling its own infrastructure, much like Amazon.com Inc. Billionaire Jack Ma said in May last year that he wanted to invest 100 billion yuan ($14 billion) in logistics without giving a time frame.Read more: Alibaba’s Ma Says to Invest at Least 100B Yuan on LogisticsCainiao’s revenue, after elimination of inter-company transactions, rose 48% to 4.8 billion yuan in the quarter ended September.The logistics giant is expanding at a rapid clip, keeping pace with its parent’s online retail business. It’s developed a neighborhood delivery service with a combination of stations and self-pickup lockers, known as Cainiao Posts, a key to bolstering last-mile delivery. The daily package volume handled by Cainiao Post doubled in September, compared with last year, according to Alibaba’s filings.Cainiao’s Guoguo app, which offers crowd-sourced parcel pick-up and delivery services, had 100 million annual users at of the end of August. Its parcel volume more than doubled in the September quarter, compared with last year, according to its filing.Alibaba created Cainiao with the department-store chain Intime Retail Group Co. and industrial conglomerate Fosun International Ltd. The trio led an initial investment of 100 billion yuan into the company to build out its logistics network.The company has since managed a delicate relationship with its delivery partners, as players jostled for business and valuable user data. Alibaba’s facing increasing competition in delivery from Pinduoduo Inc., China’s No. 3 platform. Pinduduo is seeking to take control of its own data by developing in-house shipping information technology.Read more: E-commerce Upstart Pinduoduo Wants its Data Back From Alibaba(Updates with details on logistics from the third paragraph)To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, Edwin Chan, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The liquidation of 178-year-old British tour operator Thomas Cook will have a limited financial impact on Chinese conglomerate Fosun International, the Hong Kong-listed company said on Friday.Fosun Tourism and Fidelidade, two of the conglomerate's major subsidiaries, together held 18.6 per cent of Thomas Cook's shares as of the end of June, making Fosun its largest shareholder.Fosun said the carrying amount, which means the recorded costs, after its accumulated impairment losses from its investment in Thomas Cook amounted to just 327 million yuan (US$45.8 million), according to a filing with the Hong Kong stock exchange.International rating agency Moody's Investors Service agreed that the liquidation's impact on Fosun would be limited, but added that it reflected the risks of the Chinese conglomerate's overseas investment strategy.Thomas Cook logos are pictured on the tail fins of the company's passenger aircraft at Manchester Airport in northern England on September 23. Photo: AFP alt=Thomas Cook logos are pictured on the tail fins of the company's passenger aircraft at Manchester Airport in northern England on September 23. Photo: AFP"The liquidation will have a limited impact on Fosun's future cash flow and market value-based leverage because it has a large and highly diversified investment portfolio, which amounted to about 229 billion yuan as of the end of 2018," Moody's said.The agency said Fosun Tourism and Fidelidade had recognised most of the impairment losses from their Thomas Cook investment in 2018 and the first half of this year and, therefore, further recognition of impairment losses would be limited.The collapse of Thomas Cook, to which Fosun, investors and creditors offered £900 million (US$1.1 billion) in the form of a financial lifeline last month, weighed on the Shanghai-based conglomerate's listed equities. Thomas Cook's collapse scuttles Fosun's global tourism ambitionFosun did not disclose its impairment losses from the Thomas Cook investment. It did say that on top of the carrying amount, it had never provided any guarantees to the tour operator, and had not made any investment in relation to its possible recapitalisation.Fosun has a strong investment appetite, and a track record of investing in financially weak businesses with the aim of turning them around for value appreciation, Moody's said.The conglomerate aims to create one of the world's largest leisure-focused businesses, and owns culture and tourism-related businesses such as French resort chain Club Med, Canadian circus company Cirque du Soleil and the Atlantis resort in southern China's main tropical resort island of Hainan, among other tourism assets.Thomas Cook's demise left 600,000 holidaymakers in the lurch, forcing the UK government to charter dozens of flights to bring hundreds of thousands of tourists home, in what authorities said was the biggest peacetime repatriation of British subjects.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
Models at Lanvin's fashion show in Paris shrugged off the drizzle for a stroll through a dreamy museum garden on Wednesday, showing off long dresses, comic strip prints and adventurous capes. Guests, including French actress Isabelle Huppert, took shelter under see-through umbrellas on the outdoor catwalk, set among the bamboo and lush vegetation of the jungle-like garden at the Quai Branly, a museum focused on non-European cultures. The mix of male and female models, featuring sisters Bella and Gigi Hadid, swept past in flowing dresses and pastel tones.
British travel operator Thomas Cook Group said on Wednesday it had agreed the main terms of a rescue package that will see China's Fosun Tourism take over its tour operations and creditor banks and bondholders acquire its airline. Thomas Cook also said in July that it was working to secure new investment from shareholder Fosun Tourism which would see the Chinese group take control of the business, along with Thomas Cook's lenders whose debt would be converted into equity. The terms announced on Wednesday will see Fosun - whose Chinese parent owns all-inclusive holiday firm Club Med - contribute 450 million pounds ($552 million) of new money in return for at least 75% of the tour operator business and 25% of the group's airline.
Profit Reaches RMB 7.61 Billion with Best Ever Interim Results HONG KONG and SHANGHAI , Aug. 27, 2019 /PRNewswire/ -- 1H2019 FINANCIAL HIGHLIGHTS: Revenue increases 57 % to new record of RMB 68.48 billion ...
HONG KONG , Aug. 19, 2019 /PRNewswire/ -- On 16 August 2019 , Hang Seng Indexes Company Limited announced the results of its review of the Hang Seng Family of Indexes for the quarter ended 28 June 2019 ...
China's MYbank, an offshoot of Alibaba Group Holding Ltd, seeks to raise about 6 billion yuan ($871 million) in its maiden fundraising, valuing the online lender at 24 billion yuan, according to a source and a fundraising document seen by Reuters. MYbank, backed by Alibaba affiliate Ant Financial Services Group and Chinese conglomerate Fosun International Ltd , plans to use the proceeds to boost its capital base and support lending to small businesses, said the person with direct knowledge of the matter. Its capital adequacy ratio was 12.1% at the end of 2018 from 13.51% a year prior, its 2018 annual report showed.
HONG KONG/LONDON (Reuters) - Thomas Cook is negotiating a 750 million pound ($941 million) rescue that will give Fosun Tourism , its biggest investor, control of the indebted British group's package-tour business, in a blow to other shareholders. The company's shares fell more than 45% to their lowest-ever level on news of the proposal, which would give Club Med owner Fosun a minority stake in Thomas Cook's airline business. "This comes at a cost, with a significant dilution for existing shareholders," Chief Executive Peter Fankhauser said, adding it was a "pragmatic and responsible solution to secure the future of the Thomas Cook business and brand".
New edition of the program is more international and with an alignment in the themes of sustainable development with social, economic and environmental impact, focusing on three strategic synergies: Healthtech, Insurtech and Fintech. The Portuguese health care group, Luz Saude, and the German private bank Hauck & Aufhauser will reinforce their participation in the program. LISBON, Portugal, July 4, 2019 /PRNewswire/ -- Fosun and its portfolio companies Fidelidade, Luz Saude and Hauck & Aufhauser launched the fourth edition of the startups acceleration program - Protechting - which aims to support the development of international projects which contribute to improve the protection of people in strategic areas, such as Healthtech, Insurtech and Fintech, but with an increased concern on sustainable development issues.