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FOSUN INTERNATIONAL LIMITED

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Delayed Hong Kong Stock Exchange  -  03:08 2022-11-25 am EST
5.620 HKD   -0.53%
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Canada's Quebec provides $200 million aid to hard-hit Cirque du Soleil

05/26/2020 | 04:22pm EST
FILE PHOTO: Artists perform during Cirque du Soleil's Crystal show in Riga

Cirque du Soleil, its spotlight dimmed by the coronavirus pandemic, will receive $200 million in aid from Canada's Quebec province, an official said on Tuesday, as part of broader efforts to revive and keep the hard-hit international entertainment group based in Montreal.

Quebec Economy Minister Pierre Fitzgibbon said the province has an agreement in principle that would give it the option to buy a majority stake in Cirque if shareholders TPG and Chinese conglomerate Fosun International Ltd decide to pull out.

The heavily indebted Cirque was exploring bankruptcy protection in March and laid off almost all of its staff after social distancing due to the coronavirus pandemic forced it to cancel shows.

"The arrangement is that when the following shareholders, namely Fosun, the Chinese partner and TPG want to sell, we want the option to buy," Fitzgibbon told reporters in Quebec City.

"Of course at that point we'll figure out if someone else wants to manage it. It's not the intent of the Minister of Economy to manage the Cirque du Soleil, I can assure you of that. At the same time, I want the control on who's going to buy. Because if you don't have that clause, TPG or whoever else could sell to whomever."

On Sunday, Cirque du Soleil founder Guy Laliberte told a French language TV network that he and a group of investors want to buy back into the circus company.

Cirque, which started as a ragtag group of street performers in Canada and grew into a global circus and entertainment colossus, sold a majority stake to the U.S. private equity fund TPG and its Chinese partner in 2015 in a $1.5 billion deal.

(Reporting by Allison Lampert; Editing by Dan Grebler)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FOSUN INTERNATIONAL LIMITED -0.53% 5.62 Delayed Quote.-33.17%
INTERNATIONAL ENTERTAINMENT CORPORATION 0.00% 0.15 Delayed Quote.-50.82%
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Financials
Sales 2022 180 B 25 132 M 25 132 M
Net income 2022 8 673 M 1 209 M 1 209 M
Net Debt 2022 135 B 18 796 M 18 796 M
P/E ratio 2022 4,57x
Yield 2022 4,61%
Capitalization 42 391 M 5 912 M 5 912 M
EV / Sales 2022 0,98x
EV / Sales 2023 0,91x
Nbr of Employees 106 000
Free-Float 26,4%
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Mean consensus BUY
Number of Analysts 7
Last Close Price 5,16 CNY
Average target price 8,20 CNY
Spread / Average Target 59,1%
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Managers and Directors
Qi Yu Chen Co-Chief Executive Officer & Executive Director
Xiao Liang Xu Co-Chief Executive Officer & Executive Director
Ping Gong Chief Financial Officer & Executive Director
Guang Chang Guo Co-Chairman
Qun Bin Wang Co-Chairman
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