Fintech PR

Fosun International: Total Revenue for 2023 Reached RMB198.2 billion, Industrial Operation Profit Increased by 20% YoY

Published

8 months ago

April 2, 2024

HONG KONG and SHANGHAI, April 2, 2024 /PRNewswire/ — Fosun International Limited (HKEX stock code: 00656, “Fosun International”), together with its subsidiaries (“Fosun” or the “Group”), today announced its annual results for the year ended 31 December 2023 (the “Reporting Period”).

During the Reporting Period, the Group achieved a total revenue of RMB198.2 billion, representing a year-on-year increase of 8.6%. Industrial operation profit reached RMB4.9 billion, representing a year-on-year increase of 20%. The profit attributable to owners of the parent was RMB1.38 billion. Total revenue of the four core subsidiaries, namely Yuyuan, Fosun Pharma, Fosun Insurance Portugal and Fosun Tourism Group (FTG), was RMB142.69 billion, representing a year-on-year increase of 8%, contributing 72% of the revenue.

As at the end of the Reporting Period, the consolidated interest-bearing debt decreased by RMB15 billion, interest-bearing debt at the group level decreased by RMB9.2 billion compared with the end of 2022, the total debt-to-asset ratio at the consolidated statements of the Group stood at 50.4%, representing a decrease of 2.9 percentage points from 31 December 2022.

Guo Guangchang, Chairman of Fosun International, stated, “After more than a decade of efforts, Fosun has gradually completed its global expansion and industrial business presence, anchoring itself in the household consumption sector, Fosun’s industry operations strategy has also evolved from ‘prospecting’ and ‘exploration’ across various industries and locations worldwide to ‘deep mining’ (which means focusing on the development of our core industries) and ‘developing good mines’ (which means tapping into industries with high value-added development and growth potential). We will continue to focus on core businesses, leveraging our unique strengths to enhance our capabilities and strengthen our foundation, and actively invest and expand in advantageous sectors, taking stable profit growth as the core objective.”

“Deep mining” to deepen global operations

In 2023, Fosun’s overseas revenue reached RMB89.2 billion, representing a year-on-year growth of 6% and accounting for 45% of the total revenue. HANQUYOU (trastuzumab injection), independently developed and produced by Shanghai Henlius, has been approved for marketing in more than 40 countries and regions worldwide. Shanghai Henlius’ first innovative drug HANSIZHUANG (serplulimab injection) was approved for marketing in Indonesia, becoming the first domestically-produced anti-PD-1 monoclonal antibody successfully approved for marketing in a Southeast Asian country.

Club Med had sales and marketing operations in more than 40 countries and regions across six continents, and operated 68 resorts (including 10 resorts in China). The Yuyuan Garden Lantern Festival successfully made its overseas debut in Paris, France, attracting nearly 200,000 local visitors.

Technology innovation to drive new growth

During the Reporting Period, the Group’s total investment in technology innovation amounted to RMB7.4 billion, representing a year-on-year increase of 14%.

HANSIZHUANG (serplulimab injection), the world’s first anti-PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer (SCLC) developed independently has been approved for four indications; the second-generation artesunate for injection (Argesun®) was prequalified by the World Health Organization (WHO-PQ), becoming the first injectable artesunate presented with a single solvent system approved by WHO-PQ. Since its launch more than two years ago, China’s first CAR-T cell therapy product, Yi Kai Da (ejilunsai injection), developed by Fosun Kite, has been used to treat more than 600 patients with relapsed or refractory large B-cell lymphoma (r/r DLBCL). Intuitive Fosun’s domestic Da Vinci Xi Surgical System was successfully approved by the National Medical Products Administration (NMPA), realizing “made in China, joint research & development, global sales”.

Enhance asset-light operational capabilities

Fosun Pharma, together with seven investors including Shenzhen FoF planned to jointly establish a RMB5.0 billion biopharmaceutical fund, with the entire raised funds to be invested in fields of biopharmaceuticals, cells, and genes. Shanghai Rehabilitation Equity Investment Fund Management Co., Ltd., a subsidiary of Fosun Pharma, won the bid through the public selection process in Shenzhen to exclusively manage the biopharmaceutical fund.

FTG has leveraged its operational strengths. During the Reporting Period, the revenue structure was optimized, and 93% of the revenue came from its resort operations.

Business for Good, ESG efforts continues to enhance

As of the end of the Reporting Period, Fosun maintained an MSCI ESG rating of AA and was the only conglomerate in Greater China with such rating. Its HSI ESG rating was upgraded to AA- and it was selected as a constituent stock of the Hang Seng Corporate Sustainability Index for the first time. It also consistently improved its FTSE Russell ESG rating and was selected as a constituent stock of the FTSE4Good Index Series. In addition, Fosun was included in S&P Global’s Sustainability Yearbook 2024 and recognized as an Industry Mover.

View original content:https://www.prnewswire.co.uk/news-releases/fosun-international-total-revenue-for-2023-reached-rmb198-2-billion-industrial-operation-profit-increased-by-20-yoy-302105158.html

Fintech

Fintech Pulse: A Daily Dive into Industry Innovations and Developments

Published

45 minutes ago

November 26, 2024

Peter Tolan

fintech-pulse:-a-daily-dive-into-industry-innovations-and-developments

The financial technology sector continues to evolve at a rapid pace, offering innovations that disrupt traditional paradigms. Today’s briefing underscores fintech’s diverse growth avenues: from substantial venture capital plays and strategic partnerships to groundbreaking implementations in lending. Here’s a closer look at recent developments shaping the landscape.

Synapse’s Comeback and Andreessen Horowitz’s Strategic Bet

Source: Axios
Synapse, a financial infrastructure company previously embattled by controversy, is staging a remarkable comeback, backed by none other than venture capital heavyweight Andreessen Horowitz (a16z). With this new infusion of funds, Synapse aims to consolidate its position as a premier platform for building financial services tools.

This resurgence demonstrates the resilience of the fintech ecosystem, where innovation often prevails over turbulence. Synapse’s renewed vigor also signals that top-tier investors remain bullish on infrastructural solutions pivotal to the future of digital finance. Andreessen Horowitz’s participation not only validates Synapse’s model but also underscores the VC giant’s enduring interest in fintech infrastructure, even amid global economic uncertainties.

Analysis:
This partnership exemplifies the dynamism within fintech, highlighting the interplay of innovation, capital, and resilience. It also raises questions about the broader implications of giving second chances to firms with turbulent histories. While Synapse’s evolution could inspire others, it also places a spotlight on governance and accountability in high-growth sectors.

Israel’s Fintech Scene Gets a Boost with Investment in Finova Capital

Source: Calcalistech
Israeli fintech startup Finova Capital has raised an impressive $20 million in a funding round led by prominent institutional investors. This marks a significant milestone for the company as it seeks to expand its suite of financial solutions aimed at underserved markets.

Israel’s fintech ecosystem has long been recognized as a hub of innovation, and this latest investment only reinforces its global standing. Finova Capital’s focus on empowering smaller businesses and fostering financial inclusivity aligns with emerging trends where tech-driven solutions bridge critical gaps in financial services.

Analysis:
With this funding, Finova is poised to enhance its technological offerings while contributing to economic inclusion. However, the broader fintech industry will watch closely to see how the company leverages this capital amid increasing competition from regional and global players.

India’s Yubi Plans a Fundraising Push

Source: Bloomberg
Yubi, a prominent Indian fintech platform backed by Insight Partners, is reportedly preparing for a new fundraising round. Having already established itself as a leader in credit infrastructure, Yubi aims to bolster its offerings and expand its market footprint.

India’s fintech landscape is witnessing explosive growth, with platforms like Yubi playing a critical role in the credit ecosystem. Yubi’s planned fundraising reflects the broader appetite for scaling solutions that streamline credit access, particularly in emerging markets where traditional lending models often fall short.

Analysis:
This development highlights two key trends: the increasing reliance on credit platforms in high-growth economies and the strategic role of international investors like Insight Partners in driving fintech innovation. Yubi’s expansion plans could set a precedent for other regional fintech players seeking to scale amid global economic headwinds.

Provenir and Hastings Financial Services Win Global Recognition

Source: Business Wire
In a testament to the transformative power of digital lending solutions, Provenir and Hastings Financial Services have been jointly recognized for the Best Digital Lending Implementation at the IBSi Global Fintech Innovation Awards. This accolade underscores the success of their collaboration in modernizing the lending process through cutting-edge technology.

Provenir’s advanced decision-making platform and Hastings Financial Services’ lending expertise have delivered a solution that significantly enhances user experience, operational efficiency, and risk management. Such innovations highlight the increasing role of partnerships in advancing fintech’s digital transformation.

Analysis:
This recognition not only validates the efficacy of digital lending but also emphasizes the importance of partnerships in driving innovation. It signals to the industry that collaboration can be a powerful tool for staying ahead in a rapidly evolving marketplace.

Microf and Quantum Financial Technologies Forge New Alliances

Source: PR Newswire
Microf, a financial solutions provider, has announced a strategic partnership with Quantum Financial Technologies. This collaboration aims to expand lending solutions for contractors, providing streamlined access to capital for businesses in need of flexible financing options.

This partnership is a timely response to the growing demand for specialized financial products in niche markets. By leveraging Quantum’s technology, Microf can now offer more tailored solutions, particularly to contractors navigating complex financial requirements.

Analysis:
This development reflects a growing trend: the diversification of fintech offerings to serve specific market segments. As competition in mainstream fintech intensifies, targeting underserved niches could become a defining strategy for success.

Key Takeaways for the Fintech Ecosystem

Resilience in Fintech Funding: Despite economic uncertainties, venture capital continues to fuel innovative fintech players like Synapse and Finova Capital.
Regional Growth Stories: From Israel to India, fintech ecosystems are thriving, attracting global attention and investment.
Collaboration as a Catalyst: The success of partnerships like Provenir-Hastings and Microf-Quantum underscores the importance of strategic alliances.
The Power of Recognition: Awards like the IBSi Fintech Innovation Awards validate industry achievements, inspiring others to push the envelope.
Focus on Inclusion: Whether through credit platforms or lending solutions, fintech is playing a pivotal role in fostering financial inclusivity worldwide.

Looking Ahead: Challenges and Opportunities

The fintech sector’s journey is far from linear. Regulatory complexities, technological disruptions, and market volatility remain persistent challenges. However, as seen in today’s developments, the opportunities far outweigh the risks. By prioritizing innovation, collaboration, and inclusivity, fintech players can navigate the complexities of the global financial landscape.

This moment in fintech history is pivotal. It’s a time for bold decisions, strategic partnerships, and a commitment to bridging financial divides. As industry players rise to the occasion, the road ahead promises a future where technology and finance intertwine to empower individuals and businesses alike.

The post Fintech Pulse: A Daily Dive into Industry Innovations and Developments appeared first on News, Events, Advertising Options.

Fintech PR

BIZCLIK MEDIA LAUNCHES DECEMBER EDITION OF FINTECH MAGAZINE

Published

2 hours ago

November 26, 2024

CISION (PR Newswire)

The December edition of FinTech Magazine includes interviews with leading experts and executives from Alipay+, Marqeta & Flyfish

LONDON, Nov. 26, 2024 /PRNewswire/ — BizClik, the UK’s fastest-growing publishing company, has released the latest edition of FinTech Magazine.This publication is highly regarded by voices within the Financial Sector for its in-depth reports and interviews with prominent figures in the industry.

FinTech Magazine

This month’s edition features an exclusive lead interview with Flyfish C-Suite, Savvas Pashias, Shay Merary and Michael Zetser on how they have developed a platform for SMEs to access banking services, as traditional infrastructure struggles to meet increasing cross-border needs.

“The UniFi platform is inherently scalable, designed to growin line with a company’s expansion and service requirements” – Michael Zetser, CEO, Flyfish

The edition also contains extensive interviews with key thought leaders from Marqeta, Sidekick, PayU and more. Plus the Top 10: Decacorns

You can visit FinTech Magazine for daily news and analysis of the ever-changing financial industry.

About BizClik

BizClik is one of the fastest-growing digital media companies in the UK, host to a growing portfolio of industry-leading global brands and communities.

BizClik’s expanding portfolio includes Technology, AI, FinTech, InsurTech, Supply Chain, Procurement, Energy, Mining, Manufacturing, Healthcare, Mobile, Data Centre, Cyber, and Sustainability.

For more information, please visit our website.

View original content:https://www.prnewswire.co.uk/news-releases/bizclik-media-launches-december-edition-of-fintech-magazine-302316768.html

Fintech PR

Hakluyt announces new partnership with Orchestras for All

Published

4 hours ago

November 26, 2024

CISION (PR Newswire)

LONDON, Nov. 26, 2024 /PRNewswire/ — Hakluyt, the global strategic advisory firm for businesses and investors, has today announced a new social impact partnership with Orchestras for All (OFA), on the eve of the charity’s Big Give Campaign launch.

Orchestras for All is a UK-based charity that works with 11-19 year-olds to widen access to music, with a particular focus on those who face challenges such as disability, deprivation or caring responsibilities.

Drawing on its connectivity and in-house expertise, Hakluyt will advise the charity on issues as it seeks to fulfil its mission to ensure that all children, regardless of background or circumstance, are able to share in the benefits of group music-making.

Hakluyt, which has been providing in-kind support to the charity since 2022, has now formalised a partnership with Orchestras for All that will see it provide advice and guidance across a range of strategic challenges in order to help the charity widen its impact and reach more young people.

Kayo Yoshida, who co-leads Hakluyt’s work with Orchestras for All, said: “Orchestras for All does invaluable work sharing the benefits of music with children who have often been shut out of creative opportunities. I am personally delighted to be working with them, and look forward to our partnership flourishing over the coming years.”

Alexandra Davison, who also co-leads Hakluyt’s work with the charity, commented: “The opportunities that Orchestras for All offers can be life-changing for young people. The myriad benefits of musical education to children’s development and educational attainment are well known, and Orchestras for All is an organisation with a proven track record of widening access to music for the children who need it most.”

Nick Thorne, Executive Director of Orchestras for All, added: “We are delighted to have formalised our partnership with Hakluyt, and are incredibly grateful for the support they provide. This relationship is one of our most significant corporate partnerships to date, offering both financial support and advisory services.

“The funding Hakluyt have provided will not only help OFA continue providing its life-changing musical programmes, but also enable our participation in the Big Give Christmas Challenge 2024. Through this campaign, OFA aims to raise vital funds to ensure that more young people can access inclusive and transformative music-making opportunities.”

Notes to Editors

Hakluyt is a strategic advisory firm that works with corporate leaders and investors around the world on their most important commercial issues. For more information on the firm, please visit www.hakluytandco.com

Orchestras for All (OFA) is an Arts Council National Portfolio Organisation that breaks down barriers to give all young people the life-changing experience of making music together, regardless of the daily challenges they might be facing. Its inclusive, non-auditioned National Orchestra for All (NOFA) brings together 100 young musicians from across the UK who would otherwise be unable to access musical opportunities – whether due to physical disability, a mental health condition, economic deprivation, or rural isolation.

View original content:https://www.prnewswire.co.uk/news-releases/hakluyt-announces-new-partnership-with-orchestras-for-all-302316677.html