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11/02/2024 07:25:19 am

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China's Fosun Ambitiously Aims to Become a World Leader: Report

China's Fosun said it aims to become world leaders in the fields of healthcare, tourism and insurance.

(Photo : YouTube Screenshot) Fosun chairman Guo Guangchang has said that the company aims to become a world leader in the fields of healthcare, tourism and insurance.

China's Fosun Group is aiming to become world leader in the fields of tourism, healthcare and insurance, Guo Guangchang, the company's chairman and cofounder, told Reuters in an exclusive interview on Tuesday.

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Guo said that Fosun is targeting companies across developed markets, adding it has "clear plans" of how it will reduce its debts.

After Guo went missing last December, he said things are "back to normal" now and stressed his continued interest in a consumer-driven industry.

"We see more and more opportunities globally so we are adapting our strategy," the Chinese billionaire said. "Our target for the next five to 10 years is to become the world's leading service provider for individuals and families in terms of health, wealth and happiness."

In April, Fosun International's Ba3 credit rating improved from negative to stable, signifying that the group "will prudently manage its expansion and strengthen its financial discipline."

The company has said it is doubling its effort to get rid of its debts soon. "We are working on that and have a very clear plan to do that," Guo stated.

Last month, Moody revealed that Fosun has slowed down its overseas shopping spree, thus reducing its cash needs. However, the agency still noted that its rating could be compromised if Fosun continues its ambitious debt-funded expansion.

This week, Fosun made a non-binding bid to purchase unlisted Indian drugmaker Gland Pharma Ltd. for $1.5 billion. Aside from the target industries mentioned above, Fosun also plans to invest on upstream commodities such as mining with oil and gas extraction.

"We are looking globally, but we are paying more attention to Russia, India, Brazil and Africa," Guo noted.

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