HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Event-Driven

<ul>
<li>Without the buyback, it’s difficult to obtain reasonable market pricing by simply transferring the equity of Fosun Tourism or the equity of core assets, which is detrimental to Fosun Group.  </li>
<li>To maximize returns, a wiser approach is to privatize Fosun Tourism first, then at a higher valuation level to spin off, sell, relist, attract strategic investment to “rationalize” the valuation.</li>
<li>Heavy assets of Taicang/Lijiang projects would be sold. For core assets Club Med/Atlantis, the future plans could be different. It's necessary to take a look at the Share Alternative Option.</li>
</ul>


Without the buyback, it’s difficult to obtain reasonable market pricing by simply transferring the equity of Fosun Tourism or the equity of core assets, which is detrimental to Fosun Group.  
To maximize returns, a wiser approach is to privatize Fosun Tourism first, then at a higher valuation level to spin off, sell, relist, attract strategic investment to “rationalize” the valuation.
Heavy assets of Taicang/Lijiang projects would be sold. For core assets Club Med/Atlantis, the future plans could be different. It's necessary to take a look at the Share Alternative Option.


Fosun Tourism (1992.HK) - The Logic Behind the Share Buyback and the Outlook

<ul>
<li>Fosun Tourism has emerged from its difficulties and started an upward trend.If it remains listed, it’s only a matter of time before its share price returns to the IPO price.</li>
<li>Temasek was once in talks to buy a minority stake in Club Med from Fosun International for €500 million, based on which reasonable valuation for Fosun Tourism is RMB12.6 billion.</li>
<li>Fosun has continued its style- When performance recovery hasn’t been reflected in stock price, it’s the right time to privatize valuable assets at cheap price. A share alternative is expected.</li>
</ul>


Fosun Tourism has emerged from its difficulties and started an upward trend.If it remains listed, it’s only a matter of time before its share price returns to the IPO price.
Temasek was once in talks to buy a minority stake in Club Med from Fosun International for €500 million, based on which reasonable valuation for Fosun Tourism is RMB12.6 billion.
Fosun has continued its style- When performance recovery hasn’t been reflected in stock price, it’s the right time to privatize valuable assets at cheap price. A share alternative is expected.


Fosun Tourism (1992.HK) Privatization - The Cancellation Price Is Not Good Enough

China

Fosun Tourism Group is a world-leading family leisure and vacation group that provides tourism and leisure solutions across Europe, the Middle East, Africa, the Americas, and the Asia Pacific. The company operates resorts such as Club Med and Atlantis Sanya, and offers various tourism and leisure services. Fosun Tourism Group was founded in 2009 and is based in Central, Hong Kong.

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Fosun Tourism (6T8 GR)

Fosun Tourism (1992.HK) Privatization - The Cancellation Price Is Not Good Enough

Fosun Tourism is on the rise after overcoming difficulties, with potential for share price to return to IPO level. Even if the Offer Price is...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Fosun Tourism (1992.HK) - The Logic Behind the Share Buyback and the Outlook

​To maximize returns, privatize Fosun Tourism first help obtain higher valuation.Heavy assets would be sold, while future plans for Club Med...

Xinyao (Criss) Wang

Fosun Tourism (1992.HK) Privatization - The Cancellation Price Is Not Good Enough

​Fosun Tourism is on the rise after overcoming difficulties, with potential for share price to return to IPO level. Even if the Offer Price is...

Xinyao (Criss) Wang

To maximize returns, privatize Fosun Tourism first help obtain higher valuation.Heavy assets would be sold, while future plans for Club Med...

Fosun Tourism is on the rise after overcoming difficulties, with potential for share price to return to IPO level. Even if the Offer Price is...