Fosun’s dollar bonds jumped by over 5% as it agreed to sell its stakes in four companies for a a total of RMB 6.7bn ($975mn). It would sell a 25.7% stake in Tianjin Jianlong Iron & Steel Industrial and 26.7% in Beijing Northern Jianlong Industrial, Jianlong Steel and Janeboat Holdings. Proceeds will be used to boost its general working capital. Fosun has been resorting to several sale of its assets like Cainiao, Gland Pharma, Peak Re etc. The conglomerate has been closely watched by rating agencies due to liquidity issues and the recent rapid decline in the market value of its listed assets and the execution of its asset sale plans.
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