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Bond Market News
Fosun Said to Consider Stake Sale in FFT Group
December 7, 2023
Chinese conglomerate Fosun International is said to be considering selling a minority stake in German automatic manufacturing solutions provider FFT Group, at a €1.5bn ($1.6bn) valuation, as per sources. The sources added that Fosun may plan listing Shanghai Easun Technology Co., the holding company of FFT Group, in China in the next three years. FFT Group is fully owned by Shanghai Easun, in which Fosun and its affiliated units hold a 83% stake. Fosun has been resorting to asset sales since last year in order to cut debt and raise liquidity as concerns over its financial health took stage amid the Chinese high yield market’s worries.
Fosun’s dollar bonds were trading slightly weaker with its 5.05% 2027s down 0.4 points to 65 cents on the dollar.
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