While many Chinese companies have slowed or unwound overseas acquisitions, Fosun International, the investment group led by jet-setting dealmaker Guo Guangchang, has continued to buy up foreign asset and said it planned to spend $3.2bn on technology over the next three years.
The Shanghai-based company, which controls assets ranging from Portugal’s largest listed bank Millennium BCP to French resort operator Club Med, doubled the number of overseas acquisitions it announced in 2017 compared with the year before.
The company said on Wednesday that net profit rose 28 per cent in 2017 to Rmb13.2bn while net gearing decreased to about 50 per cent, down from more than 60 per cent a year earlier.
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