Fosun International reported a 26% jump in its annual 2021 profits to RMB 10.1bn ($1.6bn). Its revenues rose 18% to RMB 161.29bn ($25.4bn). The Chinese multinational conglomerate’s results improved across all its divisions, led by its ‘Happiness’ unit which saw an 18% jump in revenues to RMB 66.9bn ($10.5bn). The Happiness unit targets middle-to-high-end family customers and focuses on retail, tourism, fashion, catering, culture, entertainment etc. Under its ‘Health’ division, it added that Shanghai Fosun Pharmaceutical Group, its subsidiary has stepped up efforts to produce cheaper generic versions of Covid19 medications developed by American pharmaceutical giants Pfizer and Merck. Fosun Pharma is among the five Chinese drug firms licensed to make generic versions of the Pfizer and Merck Covid-19 medications. It ended 2021 with RMB 96.3bn ($15bn) in cash and bank balances.
Fosun’s dollar bonds were largely stable with its 5.05% 2027s at 85 cents on the dollar, yielding 8.94%