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Bond Market News
Fosun to Sell 60% Stake in Nanjing Nangang for $2bn
March 15, 2023
Chinese conglomerate Fosun International announced that it will be offloading its 60% stake in Nanjing Nangang Iron & Steel United to Jiangsu Shagang for RMB 13.58bn ($1.98bn). This comes after the initial announcement in October last year and translates to a gain of RMB 830mn ($121mn) for Fosun. Separately, the company also announced that it will buy ~30% stake in chemicals producer Zhejiang Wansheng for RMB 2.65bn ($385mn).
Fosun’s bonds traded mixed – its EUR 3.95% 2026s are up 2.3 points to 76.39 while its USD 5.05% 2027s are down 0.5 points to 73.3 cents on the dollar.
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