Fosun's reduction of holding the market and follow Guo Guangchang's response

Economic Observation Network reporter Cai Yuekun Wang Yajie on September 13, 2022, the stock price of Fosun International (0656.HK), the core operating entity of the "Fosun", once fell more than 6.6%. As of the closing, it fell 4.11%. In addition, Fosun's Fosun Pharmaceutical (600196.SH) stock price fell 1.6%, and the stock price of Yuyuan (600655.SH) fell 0.9%. Recently, the Fosuna has also made a hand -reduced holdings or intended to reduce the holding part of the shares.

On September 13, the market was concerned that the Beijing Municipal Management Enterprise received a notice from the Beijing State -owned Assets Supervision and Administration Commission to sort out the cooperation with Fosun Group (not limited to holding stocks, equity investment, funds lending, engineering contracting, guarantee, business cooperation and other items), and Research the risk of related cooperation.

In this regard, on September 13, reporters from Economic Observation Network contacted Guo Guangchang, head of Fosun Group, and Beijing State -owned Assets Supervision and Administration Commission. Guo Guangchang WeChat replied to reporters that he was just back to Shanghai and is being isolated, and this is the daily information collection of the Beijing State -owned Assets Supervision and Administration Commission without targeted. When the reporter asked about the reduction of Fosun Pharmaceutical a few days ago, the reason for the previous gold emblem wine and Hainan mining industry was to return the funds to the capital and increase liquidity. It was still purely only from the perspective of financial investment returns. "Don't listen to this rumor."

On the evening of September 13, the Beijing State -owned Assets Supervision and Administration Commission responded to the reporter of the Economic Observation Network that in response to the recent sales of Fosun Group's stock, the Beijing State -owned Assets Supervision and Administration Commission issued a notice from the perspective of state -owned assets supervision. Clear the bottom and analysis situation belong to a regular work.

On the afternoon of September 13, Guo Guangchang, chairman of Fosun Group, released a Weibo saying that he had just ended the travel trip of overseas for several months. Fortunately, he returned to Shanghai before the typhoon "Plum Blossom". Essence

Guo Guangchang also said, "I always believe that globalization is the common interest of all mankind, and Fosun's competitiveness lies in the global vision and ability. More importantly, as a company rooted in China, China is always the most important thing in Fosun's most important thing. Base. "

The stock price of "Fosun" falls in a row

According to the official website of Fosun Group, Fosun was founded in 1992. It has cultivated four major business segments: health, happiness, wealth, and intelligent manufacturing. In 2021, total revenue reached RMB 16.129 billion, and the company's total assets reached 806.4 billion yuan. In 2022 Forbes The 589th of the global listed company's top 2000 list, the MSCI ESG rating is AA.

The "Fosun" enterprise is actually controlled by Guo Guangchang, the natural person, and has more equity levels and involves overseas entities. Non -listed companies such as Fudi Group and Nangang Union are operated by each sector.

Judging from the performance of the secondary market, many companies under the "Fosun" have been in the event that the stock price has fallen for several days.

From September 2nd to September 8th, Fosun International's stock price fell for 5 consecutive trading days, and it rose on September 9. After the Mid -Autumn Festival, on September 13, its stock price fell again, a sharp drop of more than 4%. As of the closing of September 13, since September 2, the stock price has fallen by more than 15%. By the 13th, the closing was reported to HK $ 4.9/share, with a total market value of 40.9 billion Hong Kong dollars.

From September 2nd to September 13th, the stock price of Fosun Pharmaceutical A shares fell more than 15%. On September 13, its decline was about 1.6%to 34.44 yuan/share, with a total market value of 91.9 billion yuan. Among them, on September 5, after the plummeted, the limit was blocked, and the closing of 36.19 yuan/share, the market value fell below 100 billion.

On September 7, the stock price of Yuyuan Co., Ltd. fell 3.11%, and fell 0.9%again on September 13 to close at 7.73 yuan/share, with a total market value of 30.1 billion yuan.

In response to the reasons for the decline in the stock price, on September 13, the relevant person from the Yuyuan Stock Securities Department said that the company's current operation is normal. In addition, the reporter has repeatedly dialed Fosun Pharmaceutical Discover contact information. As of press time, it has not been connected.

650 billion debt

From the perspective of the bond market, Wind data shows that Fosun International has seven foreign debt.

In June 2022, Moody's International, one of the three major international rating agencies, included the BA3 family rating of Fosun International into a list of upsurbings. Affected by negative rating operations, the company's US dollar bond prices were greatly adjusted.

In late June, the price of "Fosun International 5.95% N20230129", which will expire in January 2023, fell to nearly $ 70, and currently transferred to nearly $ 90; "Fosun International 5% N20260518" was the lowest Falling to less than $ 50, it is still maintained around $ 50, which is almost "cut" compared to the value of the ticket.

Moody's in June behind Fosun International's "rating action" mainly stemmed from Moody's concerns about Fosun International's liquidity.

Moody's senior vice president Cai Hui said that the Fosun rating is included in the list of observation, reflecting Moody's concerns about the hedging of the disconnection of investors in the public bond market, which will cause Fosun's intense liquidity to be compressed again. It is expected to be in the future. By 12 months, the company's domestic and overseas debt has expired a large scale, and the domestic real estate industry will also increase the risk of credit spread and increase the liquidity pressure of Fosun's core real estate subsidiaries.

According to the statistics of CICC's research report at the end of June, as of June 23, 2022, there were 53 durable bonds in the 6 domestic bond issuances, with a total balance of 52.85 billion yuan, of which 21 were expired within one year, a total of 197.3, a total of 197.3. 100 million yuan. The main body of Fosun's bonds abroad is mainly Fosun International. It is a wholly -owned shareholder of Fosun Hi -Tech. At present, 7 USD dollar bonds and balances have a total of 3.83 billion U.S. dollars. Issuing the guarantee structure.

In addition, according to the data of Fosun International's semi -annual report in 2022, as of June 30, 2022, Fosun International's liquidity assets were 378.78 billion yuan, and non -liquid assets were 470.90 billion yuan, totaling 849.68 billion yuan; the total liabilities of 375.40 billion yuan were 375.40 billion yuan The total non -liabilities were 275.76 billion yuan, totaling 6511.6 billion yuan. The asset -liability ratio is 76.6%.

Among them, under the liabilities, the interest calculation bank loans and other borrowings reached 123.69 billion yuan, an increase of 30%year -on -year. The cash and bank balance and regular deposits reached RMB 17.65 billion, and the average debt cost during the reporting period was 4.50%.

In addition, according to the data disclosure of the medium -term report of Fosun Hi -Tech Corporation, as of the end of 2021, Fosun International's ownership was restricted by assets (pledged). The book amount was RMB 88.857 billion.

Under the pressure of short -term debt, since 2022, the "Fosun" intends to continue to realize assets.

On September 9, the announcement disclosed by the Insurance Association showed that the "Fosun" decided to largely reduce its shareholding of Yongan Insurance's equity, from a cumulative shares of 40.68%to 14.68%.

On September 6th, Fosun Ruwen also issued an announcement. After receiving the market at the market on September 5, its controlling shareholder Foster International sold the 28 million Fosun Traveling Agreement on HK $ 8.57/share at a price of HK $ 8.57/share Give independent third parties.

On the evening of September 2nd, Fosun Pharmaceutical announced that the controlling shareholder Fosun High Technology intends to reduce its holdings of not more than 80.897 million A shares, accounting for 3%of the company's total share capital, and the closing price of 40.21 yuan/share on September 2nd. This time reduction can be cash out about 3.2 billion yuan;

On September 3, Yuyuan shares issued an announcement saying that 13%of the stocks are planned to be sold, and the total transaction price is expected to be 1.937 billion yuan. After the completion of the holdings, Yuyuan shares will lose the control of the golden emblem wine;

In addition, Fosun Group also reduced its equity of listed companies such as Hainan Mining (601969.SH), Zhongshan Public (000685.SZ), Taihe Technology (300801.SZ), and Qingdao Beer (600600.SH).

According to incomplete statistics, since 2022, the "Fosun" has or intended to reduce the cash -out scale of its company's shares or more than 10 billion yuan.

Profitable pressure

While facing debt weight pressure, in the first half of 2022, the net profit of Fosun International's return to the mother also declined.

On August 31, Fosun International released the semi -annual report data pointed out that the company achieved operating income of 82.89 billion yuan in the first half of 2022, an increase of 17.7%year -on -year; net profit attributable to mothers was 2.70 billion yuan, a year -on -year decrease of 33.6%.

It is reported that the main operating subject of Fosun International Health Section is Fosun Pharmaceutical; the main operating entity of the happy sector is Yuyuan Co., Ltd.; the rich sector includes insurance business and asset management business. The company operates the insurance sector business through Fosun Paudexin Life. At the same time, through the equity investment platforms such as Fosun Chuangfu and Fosun Rui Zheng, focusing on investment in technology, the Internet and new consumption fields. The core enterprises of the smart manufacturing sector are Hainan Mining, Nanjing Nangang and other companies.

From the perspective of business, according to the statistics of Anxin Securities, Fosun pharmaceutical revenue reached 2.128 billion yuan, the main source of revenue growth of product sales contributions, new and new product revenue accounted for more than 25%of pharmaceutical business income; The loss of more than one billion yuan has led to a large decline in the profit of the sector.

Happy sector: Overseas business recovery, losses have narrowed significantly. In the first half of 2022, the company's happy sector realized revenue of 3207 billion yuan, and the net profit attributable to the mother-in-law of 060 million yuan (the same period last year was -123 billion yuan). Among them, Fosun's revenue achieved revenue by 131%year -on -year to 6.42 billion yuan, and the loss has been greatly reduced from 2.0 billion yuan in the same period last year to 2 billion yuan. The overseas business of travel is strong.

Regarding the main reason for the company's profit pressure, Guotai Junan Research News stated that it was mainly due to the rising fluctuations in the global capital market and the rise in raw material prices. Its health, richness, and intellectual manufacturing sectors have been fully under pressure to drag the overall performance of the group in mid-2022. From the perspective of the section, the net profit attributable to the mother is -76.4%, -39.4%, and -36.1%year-on-year. Although the sales of Fosun Pharmaceutical products in the health sector have grown strongly, the fair value of financial assets such as BNTX shares held by its ownership has rebounded sharply, leading to a loss of net profit. It has also been severely dragged down by the fair value of financial assets including stocks; Nanda Steel shares under the smart manufacturing sector were affected by the rise in raw materials, and profits were also declining year -on -year.

In addition, for the prediction of future performance, Guotai Junan said that with the company's happy sector consumption and cultural tourism business continued to recover, its annual profit growth is expected to narrow sharply.In the first half of the year, with the impact of the new crown pneumonia's epidemic on overseas markets, the overseas consumers gradually resumed normal tourism consumption activities. Fosun's overseas business has strongly recovered, and the overall section has reduced losses by 95.1%year -on -year.Guotai Junan predicts that in the second half of the year, Fosun International Overseas Business is expected to fully restore the state before the outbreak of the new crown pneumonia.At the same time, with the gradual optimization of domestic epidemic prevention policies, the domestic consumption recovery will also help the profitability of the sector. The happy sector is expected to achieve positive growth of profits year -on -year in 2022, which will help the group's profitable growth rate narrowing.In addition, if the performance of the capital market recovers, the fair value of financial assets is also expected to boost the company's performance.

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