- Moody’s Upgrades Fosun International to Ba2, Outlook Stable Completes EUR625 million acquisition of France’s St Hubert with Sanyuan
- Release Time: Jan 16, 2018
January 16, 2018, Fosun International Limited (SEHK stock code: 00656, “Fosun International” or the “Company”) announced it has received notice from Moody’s Investors Service that it has upgraded the corporate family rating of Fosun International to Ba2 from Ba3 with a stable outlook. The rating upgrade is recognition of Fosun’s evolving strategy, its disciplined investment approach as well as the effective post-investment management and value creation. The Company also announced the completion of the St Hubert acquisition with Sanyuan.
Moody’s upgrades Fosun to Ba2 reflecting improved business profile
Moody’s report stated that the upgrade of Fosun’s corporate family rating to Ba2 reflected the Company’s improved business profile, which should in turn reduce volatility in its future performance. Moody’s expressed that Fosun has provided better transparency over its investment strategy. The Company has shifted its focus to more stable and diversified businesses, thereby improving its capacity to withstand cyclical risks. The upgrade also considers the Company’s established track record of managing well its acquired businesses. For example, Fosun Insurance Portugal has maintained its leading market shares in Portugal and expanded its international businesses as well as reported profitable results since being acquired in 2014.
EUR625 million St Hubert Acquisition completes
Fosun also announced the successful completion of its acquisition of St-Hubert for EUR625 million, a century-old healthy food company in France, with Sanyuan. The successful completion of this acquisition of St-Hubert by Sanyuan and Fosun, was first announced in July 2017 and will introduce the healthy food products of St-Hubert into China.
In 2017, Fosun completed a strategic transformation to be centered around family, deeply rooted in China while innovating a global happiness ecosystem. In order to achieve the mission, Fosun will not only continue to combining China’s growth momentum with global resources to seek for more investment opportunites, but also will be more active in product development, effective implementation of C2M (client-to-smart maker) strategy, improvement of operational capacity, and more emphasis on technology-led accomplishment. All in all, Fosun will increase investments in technology, research and development, artificial intelligence and other innovative projects.
Fosun International Limited is a family focused multinational company that has been listed on the main board of the Hong Kong Stock Exchange (00656:HK) since 2007. Founded in 1992, Fosun's total assets exceed RMB500 billion (c.US$75 billion). With its roots in China, and through technology and innovation, Fosun’s mission is to create customer-to-maker (C2M) ecosystems in health, happiness and wealth, providing high-quality products and services for families around the world.
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