Fosun International has been won by S & P Damori, an industry person: Evaluate Fosun's inaccurate asset -liability ratio

Radar Finance | Editor Li Qian | Deep Sea

On June 15th, Moody's family rating of Fosun International was listed on the list of observation, the reason is that Fosun's liquidity at the holding company is very weak.

"As of the end of March this year, Fosun's cash at the level of the holding company is not enough to pay short -term debt due to the expiration of the next 12 months, and its recurring income (mainly related investment dividends) is not enough to support interest and operating expenses." Mu Di said.

Moody's reduction of Fosun International rating has attracted widespread attention. But another international rating agency S & P gave different rating.

S & P issued a report on June 8th to maintain Fosun International's rating outlook for "stability". At the same time, it confirmed that Fosun International's "BB" long -term issuer credit rating and the company's "BB of BBs with high guarantee unsecured debt "Release rating.

On June 23, S & P issued a report again that Fosun International has sufficient resources to respond to the upcoming debt in the next 6 to 12 months.

Radar Finance noticed that on June 22, Fosun International announced that the total offer to repurchase only two overseas bonds will be existed this year. These two overseas bonds are FOSUNI 5.5% 2023 US dollar bonds, which have the right to redeem in August this year, with an amount of about 380 million US dollars; and the EUR 3.3% 2022 euro bonds expired in October this year, with a value of about 3.84 100 million euros.

S & P believes that Fosun's offer to repurchase all offshore notes (a total of about 800 million US dollars) expired this year this year reflects Fosun's efforts to alleviate recent market doubts.

In addition, JP Morgan Stanley issued a report that the market's tightening of Moody's tightening of Fosun's cash has caused Fosun International's stock price to decline. Can rebound within 60 days and reiterate the "Overweight" rating for Fosun International, with a target price of HK $ 11.4.

Radar Finance noticed that on May 31, Fosun International announced on the Hong Kong Stock Exchange that the subsidiaries agreed to sell about 66.8 million H -shares of Qingdao Beer at HK $ 62 per share. The total amount of the sale was approximately HK $ 4.14 billion (US $ 528 million), and the price was 4.7 % from the closing price of Monday. After the sale is completed, the Founder will no longer hold Tsingtao Beer H shares. Regarding the reason for clearance, the company claims that the "normal return arrangement".

According to the Secretary of Taihe Science and Technology, according to the "Pre -disclosure Announcement on the Disclosure of Shareholders' Holding Plan for more than 5%of the shareholders" disclosed on March 14, 2022, Shanghai Fosun Chuanghong Equity Investment Fund Partnership (Limited Partnership) (Hereinafter referred to as "Fosun Chuanghong") It plans to reduce its holdings by 16.2148 million shares. As of June 15, 2022, 8.1348 million shares have been reduced.

In this regard, the outside world speculates that Fosun's densely reduced holdings may be because of "tight money."

"The company's reduction of listed companies' shares actually withdrawn from the normal rhythm, and the outside world has conducted wrong associations." Some familiar people who are familiar with Fosun told radar Finance that Fosun's action of reducing Qingdao Beer has been ongoing.

Radar Financial inquiry found that since 2020, Fosun Group has repeatedly reduced the H -shares of Tsingtao Beer. in. From November 16th to 17th, 2020, Fosun reduced its holdings of Qingdao Beer H shares of 67.9 million shares, with a reduction of about 5 %, cash out about 4.1 billion Hong Kong dollars, and the shareholding ratio dropped to 12.84 %; From September 8, 2021, Fosun has reduced its holdings of 68.22 million shares in Tsingtao Beer H shares, reducing the shareholding of 5 %, cash out about 4.7 billion Hong Kong dollars, and the shareholding ratio dropped from 12.84 % to 7.84 %; 2021 in 2021 On December 9th, Fosun again reduced 38 million shares of Tsingtao Beer H shares, accounting for about 2.78 % of the total shareholders of Tsingtao Beer, and the shareholding ratio dropped from 7.84 % to 5.06 %.

At present, the outside world is also worried about Fosun's high debt. According to Fosun International, as of the end of 2021, the company's total assets were 806.372 billion, total liabilities were 603.158 billion yuan, and the asset -liability ratio was 74.8 %.

"600 billion debt, in fact, including the debt of many subordinate subsidiaries of Fosun International's merger statements, non -Fosun International's own debt, Fosun International is not liable for liability; The nature of the company's debt is completely different. 74%of the financial leverage is also a merging statement of the asset -liability ratio, not Fosun's own interest liabilities. "In this regard, the aforementioned person told radar Finance that the asset -liability ratio is not suitable for evaluating Fosun. Whether the company and other capital structures are healthy, Fosun International is used to manage its capital structure. At the end of 2021, this indicator was 53.8%, a decrease of 0.5 percentage points compared to 2020, and his performance was stable. The average debt cost is also at a historical low of 4.6%.

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