The company reported that its consolidated assets grew by 19.5 percent to 486.78 billion yuan ($70.55 billion) in the last financial year. It has snapped up acquisitions including holiday company Club Med and entertainment group Cirque du Soleil in recent years.
Last month, the company’s pharmaceutical arm, Fosun Pharmaceutical, was reportedly in talks over a potential deal involving German drugmaker Stada.
The changes appear to be in line with the company’s overall strategy, which has seen it shift away from the steel and mining industries. While Guo said it was not a compulsory step for Fosun to sell off assets in the sector, he mentioned that the company would not increase its investments in the area.
When asked about Warren Buffett’s 35 percent debt to equity ratio, Guo said that a comparison between Fosun and Buffett’s Berkshire Hathaway would be “meaningless.” Fosun’s current debt-to-equity ratio stands at around 50 percent, Guo said, adding that such a figure was reasonable.
“Don’t compare Fosun with Buffett because our scale of operation and revenue and profit margins differ greatly. To compare us with Buffett 30 years ago is perhaps fairer,” Guo said.
ー Dorin Lim contributed to this report.
($1 = 6.9 Chinese yuan)
