Fintech PR
Fosun International: Focused Development, Steady Advancement, Total Revenue for the First Half of 2023 Up 10.9% YoY to RMB97.06 Billion
HONG KONG, Sep. 1, 2023 /PRNewswire/ — Fosun International Limited (HKEX stock code: 00656, “Fosun International”), together with its subsidiaries (“Fosun” or the “Group”), today announced the interim results for the six months ended 30 June 2023 (the “Reporting Period”).
In the first half of 2023, the international political and economic environment remained evolving and complex, while China’s economy has recovered modestly. In the face of the complex macro environment, Fosun has stepped up its efforts to focus on household consumption as the top-priority sector, concentrating on the development of core businesses where it boasts clear competitive advantages, the overall business of the Group maintained steady growth. During the Reporting Period, the Group achieved a total revenue of RMB97.06 billion, representing a year-on-year increase of 10.9%. The four core subsidiaries of Yuyuan, Fosun Pharma, Fosun Insurance Portugal, and Fosun Tourism Group (FTG) continued to improve their products and services, yielded a total revenue of RMB70.76 billion, up 12.4% compared to the same period of last year.
The key indicator reflecting the Company’s operational capabilities – industrial operation profit reached RMB3.37 billion, representing a year-on-year increase of 5.5%, if excluding the profit of disposed (including transactions yet to be completed) enterprises, representing a significant year-on-year increase of 66%. During the Reporting Period, the Group’s profit attributable to owners of the parent during the Reporting Period was RMB1.36 billion.
With the recovery of domestic consumption and the relaxation of travel restrictions worldwide, Fosun’s core industries have seized the opportunity of economic recovery. Among them, Yuyuan’s revenue grew 21.86% year-on-year to RMB27.44 billion. FTG saw a 38.7% surge year-on-year in its revenue to RMB8.90 billion and turned profits.
In addition, subsidiaries in various segments have been accelerating their deployment in frontier fields to foster growth with high-quality resources. In the first half of the year, the new drug applications for several innovative products (indications) of Fosun Pharma entered the stage of pre-market approval acceptance; the construction of the Grand Yuyuan is on accelerating pace; Club Med launched a new urban resort product line, Club Med Urban Oasis, and Nanjing Resort and Taicang Alps Resort are expected to open soon; Hainan Mining’s 20,000-ton lithium hydroxide project is expected to be completed and put into operation in the first half of 2024.
Meanwhile, Fosun continued to optimize its capital and asset structure, and actively explored financing channels, maintaining sufficient liquidity. As of the end of the Reporting Period, cash and bank balances and term deposits were abundant, reaching RMB114.68 billion. The Group has accelerated the disposal of non-strategy and non-core assets, cash inflow from divestment amounted to more than RMB20.0 billion at the consolidated level. Under the consolidated statements of the Group, total debts amounted to RMB220.92billion, compared to the corresponding period in 2022 the amount was RMB261.12 billion. Total debts to total capital ratio was 51.8%, the average cost of debt was 5.32%; the adjusted NAV was HK$20.1 per share.
Through proactive liquidity management, Fosun has navigated through the “maturity wall”. During the Reporting Period, it redeemed onshore bonds of RMB6.73 billion as well as USD offshore debt of over USD2.7 billion. As of the end of the Reporting Period, the Group had no material offshore bonds due in one year. The improved credit profile has also been affirmed by the international market. On 30 May 2023, international rating agency S&P Global Ratings issued a report, lifting the Group’s rating outlook to “stable”.
During the first half of 2023, Innovation and global operational capabilities have been further enhanced. During the Reporting Period, the Group invested a total of approximately RMB4.2 billion in improving its technology innovation capabilities. With the continuous harvest of R&D investment, the revenue and profit of innovative products have been growing steadily. In the first half of 2023, core commercial products such as HANSIZHUANG and HANQUYOU have led to a jump in total revenue, leading the continuous growth of sales revenue and helping Shanghai Henlius turn profitable for the first time in half a year. The globalization journey of Fosun started in 2007 when Fosun International was listed in Hong Kong. After 16 years, Fosun has established business presence in more than 35 countries and regions, and has more than 100,000 employees worldwide. In the first half of 2023, overseas business became the driving force for the Group’s development, overseas revenue amounted to RMB44.09 billion, accounting for 45.4% of total revenue.
Guo Guangchang, Chairman of Fosun International, said, “In the first half of 2023, Fosun, which has won out over the ‘perfect storm’, has set sail for a new journey by firmly implementing the core business-focused strategy to continuously deepen the development of its industries. Centering around the needs of global families in Health, Happiness, Wealth, and with the implementation of the business streamlining and core business-focused strategy, our businesses have been developing steadily. We believe that as the economy continues to recover, Fosun, which is committed to innovation-driven development and global operations, will embark on a new phase of high-quality development. We will provide more good products and services to create happier lives for families worldwide.”
View original content:https://www.prnewswire.co.uk/news-releases/fosun-international-focused-development-steady-advancement-total-revenue-for-the-first-half-of-2023-up-10-9-yoy-to-rmb97-06-billion-301915550.html
Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/stay-cyber-safe-this-holiday-season-heimdals-checklist-for-business-security-302337465.html
Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
Photo: https://mma.prnewswire.com/media/2586123/Tickmill.jpg
Logo: https://mma.prnewswire.com/media/2586129/Tickmill_Logo.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/according-to-tickmill-survey-3-in-10-britons-in-economic-difficulty-purchasing-power-down-41-since-2004-302337354.html
-
Fintech5 days agoFintech Pulse: Your Daily Industry Brief (Synapse, Shenzhen Institute, Visa, AutomatIQ, MeridianLink)
-
Fintech4 days agoFintech Pulse: Your Daily Industry Brief (Revolut, Bestow, Advyzon, Tyme Group, Nubank)
-
Fintech2 days agoFintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
-
Fintech4 days agoAsian Financial Forum returns as region’s first major international financial assembly in 2025
-
Fintech5 days agoNASDAQ-Listed LYTUS Appoints Visionary Leader Sai Guna Ranjan Puranam as COO (Lytus Healthcare) and Group CTO (Lytus Technologies) to Revolutionize Healthcare and Technology
-
Fintech5 days agoDhaka Court Dismisses Allegations Against Nagad Founder Tanvir A Mishuk
-
Fintech PR3 days agoGan & Lee Pharmaceuticals Announces U.S. FDA Clearance of the IND application for the innovative Bi-weekly GLP-1RA GZR18 Injection, Bofanglutide, with chronic weight management Indication (A Phase 2 head-to-head with Tirzepatide clinical trial)
-
Fintech PR5 days agoFrost & Sullivan Recognizes AllianceOne and Central Florida Expressway Authority with 2024 Customer Value Leadership Award