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

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

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09/15/2011 | 11:55am CEST

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.

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EBIT 2017 12 785 M
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Mean consensus OUTPERFORM
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Average target price 13,1  CNY
Spread / Average Target -7,3%
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Qun Bin Wang Chief Executive Officer & Director
Qi Yu Chen Co-President & Executive Director
Xiao Liang Xu Co-President & Executive Director
Guang Chang Guo Chairman
Can Wang Chief Financial Officer, Executive Director & SVP
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