Fosun’s Strategy of “Streamlining the Organization” Begins to Bear Fruit and Offshore Syndicated Loan are Launched

May 13, 2023 | Business

According to people familiar with the matter, Fosun International’s offshore multi-currency syndicated loan was officially launched in early May, and it has obtained a loan of more than US$450 million in equivalent so far. The offshore syndicated loan was jointly initiated by seven banks including Bank of China, Bank of East Asia, Commerzbank, Hang Seng Bank, HSBC, Natixis Bank, and Standard Chartered Bank as lead bookrunners. Since the formation of the syndicate, more than 10 banks have joined and banks may join through the “greenshoe option” in the next three months.

In January this year, Fosun’s domestic entity obtained a syndicated loan of RMB12 billion. At that time, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications acted as joint lead banks, and China Minsheng Bank, the Export-Import Bank of China, and Shanghai Pudong Development Bank acted as participating banks to form a syndicate to provide Fosun High Technology, the domestic operating entity of Fosun International a RMB loan.

Market analysts believe that although Fosun has been involved in Nanjing Iron & Steel transaction disputes and other incidents some time ago, domestic and foreign banks have successively provided large amounts of credit support to Fosun, which reflects that mainstream financial institutions’ recognition of Fosun’s commitments to accelerate the sale of non-core assets and cash inflows for debt management. The significant financial support from banks will help Fosun reduce its dependence on public market financing, and the optimized debt structure will support subsequent liquidity management and sustainable business development.

Last year, negative opinions about Fosun’s rating downgrade put pressure on Fosun, which also brought a lot of speculation to the market at that time. Market sentiment was dampened significantly, and onshore and offshore bond prices also plummeted. However, at the same time, Fosun redeemed EUR380 million bond in October last year and US$450 million bond in January this year, and recently redeemed EUR350 million Euro bond, totaling US$1.25 billion in offshore bonds. Meanwhile, in the first quarter of 2023, Fosun High Technology successfully redeemed RMB5.93 billion bond in the domestic open market. The market’s previous doubts about its liquidity are invalid, and the company’s efforts are notable. It is worth looking forward to Fosun’s next step to further enhance the recognition of the market and banks.

At the subsidiaries business level, in 2022, Fosun experienced profit shocks due to overseas interest rate hikes, geopolitical conflicts, and the frequent occurrence of the epidemic. Since the liberalization of epidemic prevention measures in 2023, its focused strategy on core businesses in the household consumption sector has been accelerated and yielded results. In the first quarter of this year, the business of all segments showed a strong upward trend. In the Happiness segment, Yuyuan achieved an operating revenue of RMB15.244 billion, representing a year-on-year growth of 22.61%. The recovery trend of the core consumer business was obvious. The revenue of Yuyuan Jewelry and Fashion reached RMB11.494 billion, representing a year-on-year increase of 28.55%. Benefiting from the overall relaxation of travel restrictions worldwide and the effective implementation of the company’s strategy, Fosun Tourism Group’s (FTG) profit attributable to the parent in the first quarter doubled compared with the same period in 2022, Club Med’s business volume reached RMB5.004 billion, an increase of about 44.2%; during the May Day holiday this year, the total business volume of Club Med resorts in China exceeded the same period in 2022 by about eight folds, and exceeded the same period in 2019 by about 110%. In the Health segment, Fosun Pharma achieved an operating revenue of RMB10.871 billion in the first quarter, representing a year-on-year increase of 4.68%; net profit attributable to shareholders of the listed company after deducting extraordinary gain and loss was RMB919 million, representing a period-on-period increase of 14.78%; the revenue contribution of new and sub-new products further increased.

Previously, Goldman Sachs, Daiwa Capital Markets, Guotai Junan Securities, Soochow Securities and other domestic and foreign securities firms and investment banks successively published research reports, expressing optimism about Fosun’s series of measures to reduce debt, optimize asset structure, and steadfastly focus on its core businesses. They believed that Fosun is well-positioned to achieve better performance in the future and assigned Fosun International a “Buy” or “Overweight” rating.


Topic: Press release summary

Sectors: Daily Finance

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8th DX Leaders Strategy Forum Philippines to tackle “Future-proofing digital-first enterprises in interconnected disruptions”

May 6, 2023 | Business

The 8th DX Leaders Strategy Forum Philippines is set to take place on June 14, 2023, at Dusit Thani Manila. The theme of the event, “Future-proofing digital-first enterprises in interconnected disruptions”, aims to explore how enterprises are re-calibrating their digital transformation strategy to respond to the changing network landscape.

The event will host over 30 speakers and 120+ digital transformation leaders and attendees inside round-table conversations and interactive debates, with exclusive networking sessions, one-to-one meetings, polling conversations, and panel discussions. Joining this year’s roster of speakers and facilitators are Department of Finance Secretary Benjamin Diokno, Aboitiz Group Chief Information Officer Charmaine Valmonte, and PLDT Group FVP, Chief Information Security Officer Angel Redoble.

Topics to be discussed at the event include Big Data and Analytics, Cloud and Cloud Infrastructure, Cybersecurity architecture, AI and Machine Learning, DevOps, ITSM and ITOM, Containers and Cloud Native, Banking and Financial Service Institutions, The Public Sector, Manufacturing, and Retail and Commerce, among others.

“We are excited to bring together the top enterprise leaders and experts in Asia and the Philippines to discuss the challenges and opportunities of digital transformation,” said Geri Purisima, EDX GM. “Like its previous editions, we want to continue providing an excellent platform for attendees to exchange strategies and innovations, share insights, and network closely with their peers. We look forward to facilitating meaningful conversations that will shape the future of digital-first enterprises.”

As the business landscape continues navigating with a jagged pace rocked by the pandemic and global conflict, enterprises must re-calibrate their digital transformation strategies to ensure they remain future-proofed against disruptions. The DX Leaders Strategy Forum series seeks to provide a platform to address leading digital transformation objectives, including data-driven performance, security risks, data protection, regulatory compliance, and automation, among other aspects.

About EDX

EDX is a corporate events firm that specializes in organizing industry-focused events for C-level executives. EDX platforms provide attendees with data-driven and actionable insights into industry trends, best practices, complemented by high-potential networking opportunities. With a strong track record of delivering high-quality events, EDX has become a trusted partner for businesses looking to engage with their target audience.

For more information about the event, please visit the event website at: https://dxphilippines2023.edxevents.com/.

Media Contact
Name: Geri Purisima
Email: geri.p@edxevents.com


Topic: Press release summary

LEVC Announces New Strategy to Become Zero Carbon Mobility Technology Company

Dec 24, 2022 | Business

– Growing beyond high-end taxi manufacturing, LEVC will become a leading mobility technology company
– Building on its unrivalled heritage, the new strategy will see LEVC deliver smart, green, safe and accessible mobility solutions to a wider audience than ever before
– New senior management team and LEVC 2023 target announced
– Media images: https://bit.ly/LEVC_NewStrategy
– For more information on LEVC, visit www.levc.com

Ansty – WEBWIRE –

LEVC (London Electric Vehicle Company) today begins a momentous new chapter, setting its brand direction for the coming decade and beyond, with a new strategy to become a leading zero-carbon mobility technology company.

Building on unrivalled heritage in purpose-built vehicles LEVC has manufactured the iconic London taxi for more than 70 years the companys new strategy will see it grow beyond manufacturing the worlds most advanced taxi, the TX. LEVC is today announcing its commitment to deliver smart, green, safe, and accessible mobility solutions to more people than ever before.

Underlining this commitment, LEVC UK today reveals its new senior management team, who will implement the new strategy. The new appointments will maximise the engineering, marketing and production expertise that exists at the firms state-of-the-art home in Ansty, UK, backed by the global resources of parent company Geely Holding Group.

Alex Nan continues in his role of Global CEO, and he will now also take on the role of UK CEO for LEVC. He is responsible for overseeing overall business strategy, technology, product planning and coordination with the Geely Holding Group. Chris Allen, who has been appointed as Managing Director of LEVC, after previously holding the role of Legal Director and Company Secretary, will be responsible for procurement, manufacturing, technology and quality, government affairs, as well as mobility services. Jenny Jin has also been appointed as Executive Director, looking after sales, marketing and aftersales. Moe Wang, the general manager of LEVC Overseas will also take responsibility as the Director of Overseas Sales for LEVC UK.

ALex Nan, CEO of LEVC, commented: LEVC now enters the next exciting stage with our new brand strategy, which will see us become a leading zero carbon mobility technology company.

Since the launch of the TX in 2018, LEVC has experienced rapid growth, with 9,000 global sales to date, those vehicles travelling more than 500 million miles and preventing 152,000 tonnes of CO2 from being emitted into the atmosphere.

In London, LEVCs TX accounts for 82% of the taxi market, and there are now more TXs on the streets than diesel TX4s. LEVC looks forward to continuing to help the capital to accelerate the transition to a clean, green EV black cab fleet.

Going forward, our state-of-the-art manufacturing plant at Ansty, Coventry, will continue to be the home of the famous, iconic TX taxi the London black cab and new generation models. We will build on LEVCs unrivalled heritage and grow beyond high-end taxi manufacturing, delivering smart, green, safe and accessible mobility to more customers than ever before. Watch this space in 2023, as we are targeting a 20% year-on-year sales increase, and more details on LEVCs strategy will be revealed in Q1.

EDX Launches New Strategy Forum for Customer Experience

Sep 26, 2022 | Business

As a final event for 2022, EDX will launch the pilot CX Leaders Strategy Forum Philippines on 17 November 2022 at the Diamond Hotel Philippines. In this event, at least 120 Filipino companies will attend the one-day event to collaborate, discuss, strategise and find the right customer experience solution.
Each delegate will have the opportunity to participate in three roundtable discussions, two plenary sessions, one fireside chat, one panel discussion and five networking sessions. The roundtables, or EDXchange sessions as EDX calls them, will be attended by 18 delegates and moderated by industry and technology experts.

Technology companies offering solutions for customer data management, customer engagement, digital commerce, workflow and collaboration, content management, omnichannel and optimisation are welcome to sponsor the event. Interested parties can apply by email to jpears@edxevents.com or jim@edxevents.com.

The strategy forum is a by-invitation only although interested CX Leaders may request an invitation via Request Invitation — CX Leaders Strategy Forum Philippines (edxevents.com): https://cxleaders.edxevents.com/request-invitation/.






Topic: Press release summary

E-commerce Strategy: Why Nearly All Businesses Should Have One Says the CEO of Market America

Aug 23, 2022 | Business

The Founder, Chairman & CEO of Market America Worldwide | SHOP.COM, JR Ridinger, has some strong words about e-commerce strategy and why nearly all businesses should have one. He believes that if a company’s leadership is not thinking about how to incorporate e-commerce into their business model, they are behind the times. “E-commerce is no longer an up-and-coming trend — it’s here to stay,” says Ridinger. “And if companies want to stay relevant and competitive, how to sell online needs to be part of their strategy.”

Ridinger is not alone in this belief. Many experts agree that e-commerce is quickly becoming the new norm for businesses of all sizes across all industries. In fact, research shows that global e-commerce sales are expected to reach $4.5 trillion by 2023. So, what exactly is an e-commerce strategy? And why do nearly all businesses need one? An e-commerce strategy is simply a plan for how a business will sell products or services online.

The key is to have a well-thought-out plan that considers any unique business goals and objectives. Without a clear e-commerce strategy, it’s all too easy to get lost in the sea of online options and miss out on important opportunities to grow your business. There are many advantages to selling online, including reaching a wider audience, increasing sales and improving customer service. Perhaps most importantly, an e-commerce strategy can help a company stay ahead of the competition. “If you’re not selling online, you’re missing out on a huge opportunity,” says Ridinger. “E-commerce is the future of business, and those who don’t embrace it will be left behind.”

Anyone ready to take a business to the next level must consider that it is time to develop a comprehensive e-commerce strategy. Market America can help. As a leading digital marketing company, it has the experience and expertise to help build a successful online store or marketplace. Market America will work with individuals to understand their unique needs and goals and create a custom plan to help them reach their target audience. Market America can also provide the tools and resources needed to get started, including a custom website, shopping cart and payment gateway.

E-commerce marketing does the following:

  • Drives traffic to an e-commerce website
  • Puts the company in front of its target audience
  • Makes it easy for people looking for the kind of products a company sells to discover its website
  • Converts website visitors into new customers
  • Reengages people who’ve visited a website before to encourage them to buy again
  • Enhances the post-purchase experience to increase customer satisfaction and drive loyalty
  • Reactivates current customers with well-timed, relevant offers and information, so they enjoy shopping from a specific vendor
  • Stimulates more regular and bigger orders

Without e-commerce marketing, a company wouldn’t make any sales. Launching an e-commerce site is not enough — people need to discover it before they spend money. More than this, a company or entrepreneur needs to constantly remind them of its brand so that they come back again and again, generating revenue.