The Asian group, which spans a number of business sectors, has snapped up a number of foreign financial firms in recent years, including those in the wealth management space.

Hong Kong-listed conglomerate Fosun International, which has bought a number of Western private wealth management organisations, yesterday reported a 31 per cent year-on-year jump in revenues for 2019 from a year before, reaching RMB143 billion ($20.2 billion).

Profit attributable to owners of the parent increased by 10 per cent from a year earlier to RMB14.80 billion, a record, Fosun said in a statement.

The group covers a number of segments, including healthcare, tourism and wealth management. In the latter area, the firm has continued to make acquisitions and enter agreements. Last November, Fosun agreed a strategic co-operating pact with Citigroup. Fosun is also rumoured to be considering a bid for Germany’s private bank, Bankhaus Lampe. Last year a report said that Fosun was thinking of buying the firm in a deal that could value it at €200 million ($221.9 million).

In 2018, Fosun concluded its purchase of a 69.14 per cent stake of Guide Investimentos from Brazil's central bank. Fosun paid R$167.9 million ($45 million) for the business, and a further R$120 million which is dependent on how well the firm performs in future. Fosun also bought Hauck & Aufhäuser in 2016. Fosun - founded in 1992 – holds firms across different sectors, including wealth managers and private banks. Its acquisition strategy involves buying Western wealth management businesses. In January this year, for example, Fosun forged a strategic pact with UK-listed Standard Chartered.

In March 2018, Fosun signed a co-operation pact with HSBC as part of its growth plans. In 2015, Fosun launched a financial platform for its investment and asset management business in Russia and neighbouring countries. However, not all of its bids have been successful: in 2015 it pulled out of an attempt to acquire BHF Kleinwort Benson.