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Bond Market News
Fosun Cuts Down Insurance Stake
September 20, 2022
Chinese conglomerate Fosun International reduced its shareholding of New China Life Insurance Co to 4.99% from 5.84% via a block deal for HK$448mn ($57mn) at HK$17.12 ($2.18) per share . Fosun invested in the insurer in 2016 at HK$22 per share. Fosun Group is said to be paring back investments on concerns over its debt risks. In 1H 2022, insurance generated 19% of the company’s total revenue but the segment reported a net loss of RMB 541mn ($77mn). As of June, Fosun’s liabilities to assets ratio increased to 76.7% from 74.8% in the previous year and its short-term borrowings rose 29% YoY to RMB 123.7bn ($17.8bn). Its cash and cash equivalents stood at RMB 117.1bn ($16.7bn). Fosun’s dollar bonds are under pressure since last week after a report mentioned that regulators had asked banks and SOEs to evaluate their exposure to the company. While Fosun has denied these reports, its dollar bonds have continued to fall.
Fosun’s 5.95% 2025s were trading 0.48 points lower at 39.03.
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