Member access

4-Traders Homepage  >  Shares  >  Stock Exchange of Hong Kong  >  Fosun International Limited    0656   HK0656038673

End-of-day quote. End-of-day quote Stock Exchange of Hong Kong - 07/24
10.26 HKD   -1.16%
5h ago FOSUN : Int'l adds stake in Bona at US$49.16m
1d ago FOSUN : VOLUNTARY ANNOUNCEMENT—INVESTMENT IN BONA
2d ago FOSUN : and Spanish Osborne Family Join Efforts to Speed up Globalization
SummaryChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 

Fosun International : Voluntary Announcement – Preparation to Establish a Life Insurance Joint Venture Company

09/15/2011 | 05:55am US/Eastern
Recommend:
0

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

VOLUNTARY ANNOUNCEMENT PREPARATION TO ESTABLISHA LIFE INSURANCE JOINT VENTURE COMPANY

The Board is pleased to announce that Fosun Industrial Technology, a wholly owned subsidiary of the Company and The Prudential Insurance Company of America, the United States insurance arm of Prudential Financial, Inc., have recently received a formal approval from the China Insurance Regulatory Commission on preparation to establish a life insurance joint venture company in China.

The board of directors (the “Board”) of Fosun International Limited (the “Company”) is pleased to announce that Shanghai Fosun Industrial Technology Development Company Limited (“Fosun Industrial Technology”), a wholly owned subsidiary of the Company and The Prudential Insurance Company of America, the United States insurance arm of Prudential Financial, Inc., an independent third party of the Company, have recently received a formal approval from the China Insurance Regulatory Commission on preparation to establish a life insurance joint venture company in China (the “Transaction”).

The life insurance joint venture company will start with a registered capital of RMB500 million with The Prudential Insurance Company of America and Fosun Industrial Technology each contributing 50 percent of it. The joint venture company is proposed to be headquartered in Shanghai.

The Board believes that China’s insurance business has great growth potential and the

Transaction fits into the long-term investment strategy of the Company.

The Transaction is conducted in the ordinary and usual course of business of the Company and does not constitute a notifiable transaction nor a connected transaction for the Company under Chapter 14 or Chapter 14A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

By Order of the Board Fosun International Limited Guo Guangchang

Chairman

Shanghai, the PRC, 15 September 2011

As at the date of this announcement, the executive directors of the Company are Mr. Guo Guangchang, Mr. Liang Xinjun, Mr. Wang Qunbin, Mr. Fan Wei, Mr. Ding Guoqi, Mr. Qin Xuetang and Mr. Wu Ping; the non- executive director is Mr. Liu Benren; and the independent non-executive directors are Dr. Chen Kaixian, Mr. Zhang Shengman and Mr. Andrew Y. Yan.

Recommend :
0
React to this article
Latest news on FOSUN INTERNATIONAL LIMITE
5h ago FOSUN : Int'l adds stake in Bona at US$49.16m
1d ago FOSUN : VOLUNTARY ANNOUNCEMENT—INVESTMENT IN BONA
2d ago FOSUN : and Spanish Osborne Family Join Efforts to Speed up Globalization
3d agoDJChina's Huarong to Sell $2 Billion Stake
07/16 FOSUN : ANNOUNCEMENT—EXPECTED PROFIT GROWTH IN THE FIRST HALF OF 2014 OF N..
07/10 FOSUN : Learning from Warren Buffett, Transforming to an Insurance-oriented Inve..
07/04 Italy's Bonomi targets comeback with Club Med bid
06/30 FOSUN : INSIDE INFORMATION AND JOINT PROGRESS ANNOUNCEMENT — DISCLOSEABLE ..
06/25 FOSUN : Notification Letter and Change Request Form to Registered Shareholders
06/25 FOSUN : Notification Letter and Request Form to Non-Registered Shareholders
Advertisement
Chart
Duration : Period :
Fosun International Limite Technical Analysis Chart | 0656 | HK0656038673 | 4-Traders
Income Statement Evolution
Fosun International Limite : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF