PR96881

HONG KONG, July 6, 2022 /PRNewswire=KYODO JBN/ --

Fosun International Limited (HKEX stock code: 00656, "Fosun International")

said S&P Global Rating has published a report on 23 June, stating that Fosun

has adequate resources to meet its upcoming debt maturities over the next six

to 12 months.

According to Fosun International's 2021 annual report, Fosun International has

a sound and healthy financial position. As of the end of 2021, the total debt

to total capital ratio dropped to 53.8%; the average cost of debt was at a

historically low of 4.6%; cash, bank balances and term deposits reached

RMB96.78 billion. In terms of cash and debt management, Fosun has always

adhered to the principle of proactive management of maturing debts and

continuous optimization of debt structure, and has built financing capabilities

with diversified financing channels and wide recognition from the market. The

Group and its subsidiaries have established partnerships with more than 100

Chinese and foreign banks around the world and have signed strategic

cooperation agreements with many international banks and multiple Chinese

banks. Facing the volatility of the public market, Fosun made full use of its

diversified financing channels to maintain stable liquidity.

S&P Global Rating said the current market sentiment toward high-yield

privately-owned enterprise (POE) issuers in both onshore and offshore markets

is weak. Fosun's tender offer on 22 June to repurchase all offshore notes due

this year (totaling about US$800 million) reflects its efforts to ease recent

market skepticism. S&P Global Rating believes that Fosun can use secured debts,

bank borrowings, etc. to settle the maturities. S&P Global Rating believes

Fosun can well manage its maturities and expects Fosun's offshore and onshore

bank facilities will increase this year, and the company's banking

relationships are unlikely to be hit in the near future. In addition, S&P

Global Rating believes Fosun's considerable asset scale with a global presence,

its diversified investment portfolio and ability to strike a balance between

investments and divestments, could offer Fosun's flexibility to replenish cash.

On 8 June 2022, S&P Global Rating published a report, maintaining Fosun

International outlook as "Stable"; and affirmed "BB" on Fosun International's

long term issuer credit rating and its guaranteed senior unsecured debt. In

view of the recent volatile market environment, S&P Global Rating maintained

"BB Stable" credit rating to Fosun, demonstrating its affirmation on Fosun's

efforts in debt management and endogenous growth strategy.

Fosun has been steadfastly fulfilling its mission of "creating happier lives

for families worldwide", strengthening its presence in four business segments:

Health, Happiness, Wealth and Intelligent Manufacturing. It is also one of the

few companies in China which has global operation and investment capabilities

and has built up a solid technology and innovation capabilities. In the face of

the volatile epidemic situation and many external uncertainties, Fosun

maintained a stable leverage ratio, high risk tolerance with its multi-currency

debts and stable debt maturity, maintaining a healthy financial position.

In the future, Fosun will protect itself against market risk with a diversified

business portfolio, a global asset presence, and the "Profound Industry

Operations + Industrial Investment" strategy, and will continue to adhere to

strict financial and capital management systems, further consolidate the

Company's capital foundation, and grasp opportunities amid global market

fluctuations and changes, thereby making solid yet bold progress for its growth

and development.

About Fosun

Founded in 1992, Fosun is a global innovation-driven consumer group dedicated

to providing high-quality products and services for families around the world

in Health, Happiness, Wealth, and Intelligent Manufacturing segments. In 2007,

Fosun International Limited was listed on the main board of the Hong Kong Stock

Exchange (stock code: 00656.HK). In 2021, Fosun International's total revenue

was RMB161.3 billion and total assets amounted to RMB806.4 billion. Fosun

International ranks No.589 on the 2022 Forbes Global 2000 List, with a MSCI ESG

rating of AA.

Source: Fosun