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

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Fosun International : China's Fosun International plans $500 million IPO of tourism business - IFR

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12/07/2017 | 08:28am CET
Fosun International Ltd services are displayed at a news conference in Hong Kong

Chinese conglomerate Fosun International is in talks with banks to list its tourism business, which includes French resort chain Club Med, to raise at least $500 million, IFR reported on Thursday, citing people familiar with the situation.

Fosun Tourism & Culture Group includes a Chinese joint venture with tour operator Thomas Cook Group and a luxury hotel in Hainan province as well as Club Med, according to IFR, a Thomson Reuters publication.

Shanghai-based Fosun is considering spinning off the unit as early as next year and is likely to pick Hong Kong as the listing venue, according to the people. Two sources said the deal would raise at least $500 million, according to IFR.

Fosun declined to comment when contacted by Reuters.

Fosun, co-founded by Chinese billionaire Guo Guangchang, was in the vanguard of China's global dealmaking spree over the past few years, snapping up assets including a Portuguese insurer, and stakes in Greek jewellery retailer Folli Follie and Cirque du Soleil. It bought Club Med for $1 billion in 2015 after a protracted bid battle.

The float of Fosun's tourism unit is one of several expected from China's largest dealmakers as they rationalise portfolios and seek to boost their finances. Last week, fellow conglomerate HNA said it was considering listing Gategroup, the Swiss airline caterer, in Zurich next year and signalled it was looking at other asset sales.

Fosun itself announced plans last year to list Ironshore, its reinsurance unit, but was stalled by a U.S. review of its two-stage acquisition of the Bermuda-based group. It sold the company to U.S. insurer Liberty Mutual for $3 billion last December.

In September, it listed Israeli subsidiary Sisram Medical in Hong Kong through a HK$ 977 million (£93.5 million) IPO. Sisram is a producer of medical aesthetics devices.

Fosun divides its businesses into "Health", or pharmaceutical and medical-related, "Wealth" for its financial operations, and "Happiness" for its tourism, leisure and consumer units. In the first half of this year, the Happiness unit reported profits of 516 million yuan (£58.3 million) from sales of 6.53 billion yuan.

Fosun shares were trading at HK$15.78 on Thursday afternoon, giving the company a market capitalisation of HK$135 billion.

(Reporting by Jennifer Hughes; Editing by Muralikumar Anantharaman)

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Financials ( CNY)
Sales 2017 76 815 M
EBIT 2017 -
Net income 2017 12 248 M
Debt 2017 68 142 M
Yield 2017 1,57%
P/E ratio 2017 9,56
P/E ratio 2018 8,48
EV / Sales 2017 2,45x
EV / Sales 2018 2,22x
Capitalization 120 B
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Mean consensus BUY
Number of Analysts 7
Average target price 20,0  CNY
Spread / Average Target 43%
EPS Revisions
Managers
NameTitle
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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