HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Shanghai Fosun Pharmaceutical (2196.HK) - Performance Pain Points and Henlius’ Privatization Outlook

Ping An Healthcare and Technology (1833 HK) - About The Special Dividend and the Outlook

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

Shanghai Henlius Biotech (2696.HK) Privatization Update- Looks Like "An Agreement" Has Been Reached?

CPMC Holdings (906.HK) Update - It's Time to Prepare for Different Scenarios

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