China's Fosun Ambitiously Aims to Become a World Leader: Report
Charissa Echavez | | May 18, 2016 08:55 AM EDT |
(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.
Like Us on Facebook
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.
©2015 Chinatopix All rights reserved. Do not reproduce without permission
EDITOR'S PICKS
-
Did the Trump administration just announce plans for a trade war with ‘hostile’ China and Russia?
-
US Senate passes Taiwan travel bill slammed by China
-
As Yan Sihong’s family grieves, here are other Chinese students who went missing abroad. Some have never been found
-
Beijing blasts Western critics who ‘smear China’ with the term sharp power
-
China Envoy Seeks to Defuse Tensions With U.S. as a Trade War Brews
-
Singapore's Deputy PM Provides Bitcoin Vote of Confidence Amid China's Blanket Bans
-
China warns investors over risks in overseas virtual currency trading
-
Chinese government most trustworthy: survey
-
Kashima Antlers On Course For Back-To-Back Titles
MOST POPULAR
LATEST NEWS
Zhou Yongkang: China's Former Security Chief Sentenced to Life in Prison
China's former Chief of the Ministry of Public Security, Zhou Yongkang, has been given a life sentence after he was found guilty of abusing his office, bribery and deliberately ... Full Article
TRENDING STORY
-
China Pork Prices Expected to Stabilize As The Supplies Recover
-
Elephone P9000 Smartphone is now on Sale on Amazon India
-
There's a Big Chance Cliffhangers Won't Still Be Resolved When Grey's Anatomy Season 13 Returns
-
Supreme Court Ruled on Samsung vs Apple Dispute for Patent Infringement
-
Microsoft Surface Pro 5 Rumors and Release Date: What is the Latest?