Fosun International's Revenues, Profits Rise In H1

Editorial Staff

26 August 2021

Hong Kong-listed , the conglomerate which has bought a number of wealth management businesses in the West, said revenue in the first six months of 2021 rose 11 per cent year-on-year to RMB70.41 billion ($10.87 billion).

The group, which gets involved in a range of sectors, said group revenue growth was hampered by its tourism division, which was hit by the pandemic. When that impact on tourism is stripped out, revenues rose 15 per cent year-on-year.

Profit attributable to the group’s owners surged by 102 per cent, standing at RMB4.06 billion.

The overall revenue of the group's wealth segment was RMB19.65 billion, a year-on-year increase of 1.7 per cent.

In recent years Fosun has bought European wealth management and private banking operations; it agreed to buy Hauck & Aufhäuser, the venerable German private banking and financial firm, for example. Meanwhile, in October 2015, Fosun launched a financial platform for its investment and asset management business in Russia and neighbouring countries. The platform, Fosun Eurasia Capital, was co-founded by Fosun and its local partners in Russia, Tanya Landwehr and Igor Danilenko.