Wed 09/14/2022 01:52 AM
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Fosun International has said in a statement to investors that in response to queries the company sent to China Banking and Insurance Regulatory Commission (CBIRC) and Shanghai CBIRC, the regulators confirmed that they had not requested that commercial banks investigate their financial exposure to Fosun. The company added that offshore media reporting claiming the contrary is “false”, according to two sources familiar with the matter.

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The company added that it has kept close contact with the regulatory departments and conducted its operations in compliance with legal requirements, adding that the operations of its different business sectors are in normal order, the same sources said.

The company, in response to a circulating notice showing that the Beijing State-owned Assets Supervision and Administration Commission has requested state-owned enterprises (SOE) under its supervision examine their exposure and collaborations with Fosun - including equity investments, loans, project contracts, guarantees and business collaborations - told investors that this request is normal Beijing SASAC practice, according to the sources.

The company noted that the regulator makes such requests to gather information about enterprises which are experiencing significant market attention and Beijing SASAC has also made similar information requests involving other companies, said the same two sources.

Below is Fosun International’s capital structure:


 





































































































































































































































































































































































































































































































































































































































































































































































Fosun International Ltd. - Pro Forma as of 04/06/2022


12/31/2021

EBITDA Multiple

(CNY in Millions)

Amount

US$ Amt.

Maturity

Rate

Book


Bank and Other Loans

128,474.2

20,168.6



Total Bank and Other Loans

128,474.2

20,168.6

3.1x

22 Fosun Pharma MTN 001 1

500.0

78.5

Mar-09-2026

3.500%

21 Fosun Pharma 01

1,600.0

251.2

Feb-02-2025

3.980%

18 Fosun Pharma 03 2

-

-

Nov-30-2023

3.400%

18 Fosun Pharma 01

745.0

117.0

Aug-13-2023

3.500%

18 Fosun Pharma 02

240.0

37.7

Nov-30-2022

3.830%

21 Fosun Pharma SCP003

1,200.0

188.4

Apr-16-2022

2.600%

17 Fosun Pharma 01 3

-

-

Mar-14-2022

3.480%

21 Forte 01

500.0

78.5

Apr-06-2024

4.950%

20 Forte F2

800.0

125.6

Nov-06-2023

5.100%

20 Forte 02

3,000.0

471.0

Jul-17-2023

4.570%

20 Forte F1

1,160.0

182.1

Mar-20-2023

7.500%

20 Forte 01

30.0

4.7

Feb-14-2023

5.600%

19 Forte F2 3

-

-

Mar-22-2022

4.800%

19 Forte F1 3

-

-

Jan-25-2022

5.000%

22 Yuyuan 01 4

550.0

86.3

Mar-20-2025

4.950%

20 Yuyuan 01

1,900.0

298.3

Feb-20-2025

3.600%

19 Yuyuan 01

600.0

94.2

Nov-27-2024

4.950%

21 Yuyuan Mall MTN004

500.0

78.5

Oct-15-2024

4.700%

21 Yuyuan Mall MTN002

1,300.0

204.1

Apr-13-2024

4.120%

21 Yuyuan Mall MTN001

1,000.0

157.0

Jan-20-2024

4.000%

18 Yuyuan 01

525.4

82.5

Nov-26-2023

4.650%

21 Yuyuan Mall MTN 003

700.0

109.9

Sep-09-2023

4.200%

20 Yuyuan 03

1,300.0

204.1

Aug-27-2023

3.800%

20 Yuyuan Mall MTN001

1,000.0

157.0

Jul-24-2023

3.940%

21 Yuyuan 01

500.0

78.5

Jul-23-2023

4.100%

19 Yuyuan Mall MTN001

1,000.0

157.0

Jul-18-2022

4.530%

22 Yuyuan Mall SCP 002 5

1,600.0

251.2

Jun-22-2022

3.600%

21 Yuyuan Mall SCP 004 6

800.0

125.6

Apr-20-2022

3.400%

22 Yuyuan Mall SCP 001

1,600.0

251.2

Apr-12-2022

3.350%

21 Yuyuan Mall SCP003 3

-

-

Jan-13-2022

3.280%

18 Fosun 01

200.6

31.5

Jan-12-2023

5.100%

18 Fosun 02

150.0

23.5

Mar-12-2023

5.000%

18 Fosun 05

1,948.5

305.9

Nov-22-2022

4.600%

18 Fosun High Technology MTN004

1,000.0

157.0

Sep-07-2023

6.590%

19 Fosun High Technology MTN001

2,000.0

314.0

Feb-22-2024

5.150%

19 Fosun High Technology MTN002

1,000.0

157.0

Aug-08-2024

4.680%

19 Fosun High Technology MTN003

1,000.0

157.0

Sep-05-2022

4.600%

19 Fosun High Technology MTN004

1,000.0

157.0

Oct-25-2022

4.790%

20 Fosun 01

1,700.0

266.9

Apr-21-2024

3.280%

20 Fosun 02

300.0

47.1

Apr-21-2025

4.500%

20 Fosun 03

1,900.0

298.3

Aug-07-2025

4.480%

20 Fosun 04

1,600.0

251.2

Nov-02-2025

4.800%

20 Fosun High Technology MTN001

1,000.0

157.0

Jan-15-2025

4.580%

20 Fosun High Technology MTN002

1,000.0

157.0

Feb-25-2025

4.100%

20 Fosun High Technology MTN003

1,000.0

157.0

Sep-22-2025

4.800%

20 Fosun High Technology MTN004

1,000.0

157.0

Nov-26-2024

5.000%

21 Fosun 02

1,000.0

157.0

Feb-25-2025

5.290%

21 Fosun 05

1,500.0

235.5

Jun-01-2023

5.500%

21 Fosun 06

500.0

78.5

Jun-01-2023

6.200%

21 Fosun 07

2,000.0

314.0

Sep-16-2023

5.590%

21 Fosun S1 3

-

-

Feb-25-2022

4.900%

21 Fosun S3

1,000.0

157.0

Apr-29-2022

5.800%

21 Fosun High Technology MTN001

1,000.0

157.0

Jan-27-2023

5.400%

21 Fosun High Technology SCP004 3

-

-

Jan-28-2022

4.980%

21 Fosun High Technology SCP005

1,000.0

157.0

May-22-2022

4.950%

22 Fosun 01 7

1,600.0

251.2

Jan-18-2024

6.200%

22 Fosun EB 8

2,000.0

314.0

Mar-29-2025

1.000%

22 Fosun High Technology SCP 001 9

1,000.0

157.0

Jul-22-2022

4.700%

22 Fosun High Technology SCP 002 10

2,500.0

392.5

Aug-16-2022

4.770%

22 Fosun High Technology SCP 003 11

800.0

125.6

Sep-19-2022

5.080%

G21 Fosun High Technology 01

200.0

31.4

Jul-27-2024

4.300%

G22 Fosun High Technology 01 12

150.0

23.5

Mar-15-2025

3.000%

Total Onshore bonds

58,699.5

9,215.0

4.4x

INR 1000M Subordinated Notes Due 2026 13

84.0

13.2

May-20-2026

15.000%

INR 1000M Subordinated Notes Due 2026 13

84.0

13.2

May-20-2026

15.000%

EUR 500 Million 4.25% Subordinated Notes Due 2023

3,470.0

544.7

Sep-04-2031

4.250%

EUR 704 Million 3.30% Senior Notes Due 2022 14

2,666.3

418.6

Oct-09-2022

3.300%

EUR 400 Million 4.35% Senior Notes Due 2023

2,429.0

381.3

May-06-2023

4.350%

EUR 500 Million 3.95% Senior Notes Due 2026

3,470.0

544.7

Oct-02-2026

3.950%

$500 Million 5% Senior Notes Due 2026

3,185.0

500.0

May-18-2026

5.000%

$500 Million 5.05% Senior Notes Due 2027

3,185.0

500.0

Jan-27-2027

5.050%

$700 Million 5.95% Senior Notes Due 2025

4,459.0

700.0

Oct-19-2025

5.950%

$600 Million 6.85% Senior Notes Due 2024

3,822.0

600.0

Jul-02-2024

6.850%

$380 Million 5.5% Senior Notes Due 2023 15

2,420.6

380.0

Aug-17-2023

5.500%

$700 Million 6.75% Senior Notes Due 2023

4,459.0

700.0

Jul-02-2023

6.750%

$450 Million 6.75% Senior Notes Due 2023

2,866.5

450.0

Jan-29-2023

5.950%

$902 Million 5.25% Senior Notes Due 2022 3

-

-

Mar-23-2022

5.250%

Total Offshore Bonds

36,600.4

5,745.7

5.3x

Total Debt

223,774.1

35,129.4

5.3x

Less: Cash and Equivalents

(82,932.7)

(13,019.3)

Net Debt

140,841.4

22,110.1

3.3x

Plus: Market Capitalization

58,636.0

9,205.0

Enterprise Value

199,477.4

31,315.1

4.7x

Operating Metrics

US$ Amt.

LTM Reported EBITDA

42,107.6

6,610.3


Liquidity

Plus: Cash and Equivalents

82,932.7

13,019.3

Total Liquidity

82,932.7

13,019.3

Credit Metrics

Gross Leverage

5.3x

Net Leverage

3.3x


Notes:
Sources: Reorg, company filing, Cbonds, HKEX, Wind; 2021 EBITDA from company filing; USDRMB exchange rate: 6.37; JPYRMB exchange rate assumed to be: 0.051; EURRMB exchange rate assumed to be: 6.94; INRRMB exchange rate assumed to be: 0.084
1. Issued on March 7, 2022
2. Repaid on February 16, 2022
3. repaid upon maturity
4. Issued on March 17, 2022
5. Issued on February 18, 2022
6. Issued on January 12, 2022
7. Issued on January 17, 2022
8. Issued on March 25, 2022; exchangeable bond
9. Issued on January 20, 2022
10. Issued on February 15, 2022
11. Issued on March 21, 2022
12. Issued on March 15, 2022
13. Issued by Ahuja Hive
14. Issued by Xingtao Assets Limited
15. Issued by Wealth Driven Limited
Pro Forma: For Pro forma, the proceeds from the new bonds were added to cash as the exact use of proceeds for each of the bond raised remains unclear; The repayment for matured debts were subtracted from cash as the exact source of funding used to repay the debt remains unclear
US$ Translation: CNY/USD rate used for USD conversion is 6.37.



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