Fosun confirms listing plans for US insurer
Print Edition
FOSUN Group, China’s biggest private conglomerate, will list US property and casualty insurer Ironshore Inc “as soon as possible” this year, Guo Guangchang, the company’s billionaire co-founder and chairman, said yesterday.
Guo said the size of the offering will be decided by the market, “the bigger the better.”
Fosun International Ltd said last week that it would spin off Ironshore, which it spent US$2.3 billion over two years to acquire, through a separate listing on the New York Stock Exchange or Nasdaq market.
Guo also said Fosun will focus on its tourism business this year. There is no timetable for this part to list yet. He also said Fosun’s interest in investing in the UK and Europe has increased in the wake of Britain’s referendum on exiting the European Union.
The 49-year-old business leader has driven Fosun’s debt-funded global acquisition push, spending more than US$30 billion in two decades.
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