Gong Ping responded to the market rumor of Fosun Group's financial situation?

In response to the "Chinese regulatory authorities required banks and some state -owned enterprises to find out with Fuming -in -Junda enterprises", on the morning of September 14, the CEO of Fosun International and CFO Gong Ping said that the information of the above reports was not true, "it is purely virtual. "In addition, Gong average responded to the core concern of market concern for market concerns such as debt, reduction, Moody's downgrade, and Fosun Group's current overall investment strategic changes.

Author: Huang Yifan

Figure: Tuwa Creative

Guide

One || Gong Ping said, "The so -called more than 600 billion Fosun's debt is a statement of a concept of stealing. Especially because the nature of the insurance business is underwriting and the liability ratio is high, the merging statement caliber leads to higher total debt."

问题 || In addition to debt issues, recently, the stock assets of Fosun Group densely reduced their holdings of their listed companies are also another core focus of the market. The market concerns, whether reducing holdings means that Fosun Group is shrinking its own physical quantity.

Due to the recent frequent reduction of holdings and selling shares and its assets, Fosun Group's debt situation has worried the outside world.

The two market news yesterday, namely Bloomberg's report and the rumors of the Beijing State -owned Assets Supervision and Administration Commission's request for municipal management enterprises to sort out cooperation with Fosun, have exacerbated the market's concerns about Fosun Group's financial situation. As of the close of the morning of September 14, Fosun Group included a number of A -share companies and corresponding bonds in a number of poor performance and market confidence.

In response to Bloomberg's report "Chinese regulatory authorities required banks and some state -owned enterprises to find out with Fuming -in -Junda enterprises", on the morning of September 14, President of Fosun International Executive President Gong Ping told reporters that the information of the above reports is not true, and the information is not true. "It is purely virtual." Gong Ping said that Fosun has verified from regulatory agencies through multiple channels. The China Banking Regulatory Commission has not required commercial banks to find Fosun's financial opening. Related notice.

In addition, Gong average responded to the core concern of liabilities, reduction, Moody's downgrade, and Fosun Group's current overall investment strategic changes in the market.

650 billion debt hanging?

Calling the fog, which is caused by a series of incidents such as reducing holdings and Moody's downgrade. The market is concerned about Fosun Group. The core of the group is the group's financial situation.

According to the official website of Fosun Group, Fosun was founded in 1992 and cultivated four major business segments: health, happiness, wealth, and intelligent manufacturing. From the perspective of various sectors, there are many equity levels of "Fosun". Fosun Hi -Tech subordinate Fosun Pharmaceuticals, Yuyuan Garden, Hainan Mining, Nanyang Co., Ltd. and Nanyang Group, Nanyang Union and other non -listed companies are used as Each sector operate entity.

However, Fosun Group's main body of Hong Kong stocks "Fosun International" basically includes the current Fosun's assets. Therefore, the financial statements disclosed by Fosun International have become the basic materials for market analysis of Fosun Group's financial status.

According to the data of Fosun International's half -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 were 275.76 billion yuan, with a total of 6511.6 billion yuan. The asset -liability ratio is 76.6%.

Based on this, some analysts believe that Fosun Group is undergoing more than 600 billion debt and pressure brought by the above -mentioned pressure.

In this regard, Gong Ping told reporters, "The total debt reflected in the report on the main report of Fosun's listing is the debt of all the groups (Yuyuan, Fosun Pharmaceutical, Portuguese Insurance, etc.). The legal person's debt cannot be borne by the group. "

He said, "So the so -called more than 600 billion Fosun's debt is a statement of a concept of stealing. Especially because the nature of insurance business is underwriting and the liability ratio is high, the caliber of the merger statement leads to higher total debt."

According to the Fosun International Semi -annual Daily, its rich landscape includes many domestic and foreign insurance companies such as Fosun Portuguese insurance, Dingrui Reinsurance and other domestic and foreign insurance companies, as well as investment capital management companies, as well as the Fosun United Health Insurance in Health Figures. Essence

It is worth noting that from the perspective of the current leverage ratio and debt costs of Fosun International, in fact, from the perspective of the company's situation in the past six years, the data of the two performed smoothly.

According to the materials obtained during the disclosure of the Fosun Group's semi -annual report, the total of the company's cash, bank balance and regular deposits currently have a total of 117.65 billion yuan. According to the leveraged ratio obtained from the interest calculation debt/total capital, in the first half of 2021 and 2022, the company's leverage ratio was 53.6%, 50.7%, 52.4%, 53.7%, 53.5%, 54.3%, 53.8%, 53.8%. , 56.8%. In addition, the average debt cost of the above time period was 5.0%, 4.5%, 4.7%, 5.0%, 5.1%, 4.8%, 4.6%, and 4.5%.

Fosun International 2022 Half -Annual Reporter's materials obtained by reporters

Not one -way contraction

In addition to debt issues, the recent densely reduced holdings of the Fosun Group's stock assets of its listed companies is also another core focus of the market. The market concerns, whether reducing holdings means that Fosun Group is shrinking its own physical quantity.

Gong Ping told reporters that Fosun has recently reduced its holdings to further improve rating, consolidate liquidity security pads, and enhance the ability to span the economic cycle. This is also a normal continuation of the financial strategy in recent years.

In June of this year, Moody's International, one of the three international rating agencies, included the BA3 family rating of Fosun International into a list of ups and downs. On August 23, Moody's rating reduced family rating from BA3 to B1, and the high -end unsecured debt rating of Fortunesstar (BVI) Limited bonds was reduced from BA3 to B1. Gong Ping said, "Moody's scoring card according to its standard financial and credit indicators, in the quantitative dimension, the scoring of Fosun International is BA2, but because its analysts are very pessimistic about China's macroeconomic and capital market environment, so From a qualitative perspective of subjective judgment, Fosun International's rating to B1. "

Gong Ping added that "dynamic combing and optimizing the asset portfolio is the persistent work of Fosun, not just to cope with the current market environment. The attention of attention has led to one -sided interpretation of individual asset disposal behaviors, and ignores the major principles of the group's asset optimization, that is, long -term dynamic optimization. "

"In fact, in addition to the solution of the competition in the same industry, some external investment made by Fosun has made the company get better. It is normal for the environment and the company's own firm operation to recover some cash. "Some market analysts observed that" Fosun is currently not blindly reduced its contraction. In terms of industrial, including the Fuyou Road Project of Yuyuan, the resort plan for the next year, and the Fosun Pharmaceuticals won the exclusive commercialization of Azf's exclusive commercialization Cooperation is a series of industries being promoted. "

As for the control of the sale of the gold emblem wine, a person close to the Yuyuan shares said that after having a gift, because the two assets were also incense -type liquor, when the two businesses were developed, due to the competition between the industry, the company was There are quite a lot of good elbow when dealing. In terms of finance, Yuyuan's shares sold some of the equity of the gold emblem wine, counting the remaining 127 million shares, and the Fosun's account was more than 3 billion yuan.

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