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FOSUN INTERNATIONAL LIMITED

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Delayed Hong Kong Stock Exchange  -  10:22 2022-10-06 pm EDT
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Fosun International : Shanghai-based Enterprises Fully Promote the Resumption of Work, Production, and Business Operations

06/02/2022 EDT
Fosun's Shanghai-based Enterprises Fully Promote the Resumption of Work, Production, and Business Operations
Release Time:2022-06-02Author:Source: Pageviews:
"Hello, welcome back!"


At 8:00 a.m. on 1 June 2022, the lobby concierge of the Bund Finance Center (BFC) office building greeted every staff who entered the office building cordially, and handed out coffee specially prepared for returning colleagues and tenants.

Mr. Tian, who works on the 5th floor of the north block, took a cup of coffee and said, "On the first day of work resumption, I left home a bit earlier than usual because I wanted to be the first to arrive the office and welcome my colleagues. I have been working online for more than two months. It is great to see each other again!"

Starting from 1 June, Shanghai fully restored the normal order of production and living, and implemented normalized management of epidemic prevention and control. Taking Shanghai's latest 50-measure action plan to speed up economic recovery as a guide, Fosun's Shanghai-based subsidiaries have accelerated the resumption of work, production, and business operations. Businesses and shopping centers including BFC and Yuyuan Tourist Mart have all resumed operations, and production-oriented enterprises in various districts have also resumed work, helping revitalize the city's economy as soon as possible.

Lobby concierge of the BFC office building handed out coffee for returning tenants

Shopping centers and office building resumed operations with vitality, Fosun Family Day is filled with exciting happenings

On the morning of 1 June, the BFC office building opened as scheduled. Employees of Fosun's Shanghai BFC office and tenants of the building holding a proof of a negative COVID-19 nucleic acid test result within 72 hours, and a green health QR code, and wearing a face mask, can enter the building after getting checked by "Digital Sentry" and scanning the venue QR code. Security guards and lobby concierge arrived early to ensure a safe and orderly entry with warm greetings. For the first three days of the first week of work resumption, the building gave out free coffee to the returning employees in the lobby from 8:00 am to 9:30 am every day.

At 10 a.m., the BFC shopping center next to the office building opened as schedule to welcome customers. As the first commercial complex in Huangpu District to resume business operations, nearly 200 stores in the BFC shopping center, including Bund Foodie Company, Kyoto House, and Read & Social @The Bund, have gradually resumed offline operations starting from 23 May. The BFC operation team has prepared back-to-work "welcome gifts" for customers. From 1 June to 7 June, members of the mall may collect a limited gift box filled with various fruits and vegetables.

BFC mall sent warm greetings with fruit and vegetables hampers for customers

In addition to office building and shopping center, the long-awaited BFC outdoor leisure space was opened as well. BFC north plaza will be transformed into an urban park and pet-friendly space for visitors to enjoy an early summer breeze. As white-collar workers gradually resume work, BFC Health Morning Market will soon be opened to serve breakfast such as bread and coffee.

Less than one kilometer away from the BFC, Yuyuan Tourist Mart, one of Shanghai's landmark, has resumed offline operations on 28 May. Starting from 1 June, all stores in Yuyuan Tourist Mart have been reopened and resumed regular business hours from 10:00 a.m. to 10:00 p.m.


With the resumption of business operations in Yuyuan Tourist Mart, a number of well-known and time-honored restaurants, including Nanxiang Steamed Bun Restaurant, Ningbo Dumplings, Tong Han Chun Tang, De Xing Restaurant, Songhelou noodle restaurant, Chunfeng Songyuelou, gradually reopened, offering a "buy online, pick up in-store" option to reunite with customers. Moreover, restaurants also prepared a series of offers and deals to welcome dine-in customers. For example, Nanxiang Steamed Bun Restaurant launched a special Xiaolongbao set for two people. In addition, three art live broadcasts centered around oriental aesthetics are ready to go live.

Yuyuan Tourist Mart fully resumed operations. After making real-name reservation, visitors walked along the Nine-turn Bridge to take photos, watch carps swimming in the lake, and take a tour of the garden

In addition, Fosun's two major shopping centers, Forte Woli City in Pudong and Orstar City Zhenru in Putuo, also reopened on 1 June, with more than 100 merchants resuming business operations and launching various offers and deals to welcome the month of June with the public.

It is worth mentioning that the ongoing 4th 515 Fosun Family Day is filled with exciting happenings. On 1 June, more than 20 brands under Fosun co-organized the "Fosun Stars and Happiness" TikTok live broadcast, and each brand revealed and gave out "Star Wish" gifts during the live broadcast.

Taking the festive activities as an opportunity, the 515 Fosun Family Day continued to collaborate with many places across the country, constantly enriching quality products and services for families, and sending happiness and love through channels such as "Captain Happiness". On the 1 June Children's Day, Fosun Tourism's Atlantis Sanya launched deals such as dining coupons and accommodation coupons, Miniversity and BFC jointly launched an online bilingual cloud party, while Sergio Rossi, a subsidiary of Lanvin Group, unveiled its pop-up store at Deji Plaza in Nanjing and gave out mini gelato to children. During the Dragon Boat Festival, many time-honored restaurants under Yuyuan Food & Beverage have prepared special dishes that combine inheritance and innovation. During the 618 period, many well-known brands under Fosun will also organize activities around the theme of "Bring your love to Fomily" to give back to its family customers.

The rate of production is accelerating as the rate of work resumption rises

Since this wave of epidemic broke out, Wang Zifeng, cell culture engineer of Fosun Kite and his colleagues have been sticking to their posts. On 1 June, 50 R&D and production staff including Wang have been working at the production base for more than two months.

They have been working to make sure the supply of China's first approved CAR-T cell therapy, Yi Kai Da (Aquilence Injection), a "life-saving drug" for lymphoma patients will not be affected due to the epidemic.

In April, Fosun Kite was the first batch of enterprises to enter the "white list" for resumption of work and production in Shanghai, and welcomed more than 80 employees to return to work successively. At present, the company's production capacity has returned to about 70% of the pre-epidemic level. With the gradual recovery of logistics and other departments, production capacity is expected to be further improved.

Staff of the environmental inspection group of Fosun Kite's quality team are testing disinfectant

During the epidemic, Fosun Pharma's subsidiaries, Fosun Kite, Fosun Diagnostics, Henlius and other companies have been insisting on production under closed-loop management to ensure the production and supply of key drugs, anti-epidemic materials, testing reagents, etc.

For more than two months, Fosun Diagnostics' Shanghai base has made every effort to ensure the stable supply of self-developed COVID-19 nucleic acid testing kits and antigen detection reagents and other products. On 10 March, more than 40 employees were stationed in the base to ensure supply. Since mid-April, with the orderly progress of resumption of work and production, more employees have returned to work gradually. At present, there are 491 employees working in the base, with a resumption rate of 90% and an average daily production capacity of more than 5 million antigen detection reagents.

As the epidemic prevention and control gradually normalizes, Shanghai has accelerated the construction of normalized COVID-19 nucleic acid testing points to establish a service circle for nucleic acid testing within a 15-minute walk so as to provide regular nucleic acid testing for returning workers and residents in the community. Fosun Diagnostics capitalizes its professional expertise to participate in nucleic acid testing. In Shibei Hi-tech Park, the nucleic acid testing site managed by the customer center of Fosun Diagnostics Bohao Medical Laboratory has completed more than 13,000 nucleic acid tests in a month, and has provided test results in as fast as 6 hours. At present, there are 6 sampling points in the Shibei Hi-tech Park managed by Bohao to serve more citizens.

Henlius also insisted on production during the epidemic to maintain the production of Han Li Kang (rituximab), Han Qu You (trastuzumab), and Han Si Zhuang (serplulimab) and other key products. Among them, the first batch of commercial shipments of Han Si Zhuang were completed on the fourth working day upon receiving approval, and were delivered to more than 100 cities in nearly 30 provinces to address the drug needs of tumor patients during the epidemic.


Fosun Trade's warehouse in Pudong maintains efficient operation seven days a week, thereby playing an important part in ensuring the stable supply of materials for the resumption of work and production

The first of June marks a fresh start. Fosun's Shanghai-based subsidiaries will adhere to epidemic prevention and control measures and resume production and operations. They will also take the 50-measure action plan and the follow-up measures as guidance to accelerate the resumption of work and production and increase production capacity. Fosun Trade will also continue to facilitate the resumption of work, production, and business operations for enterprises within and outside the Fosun Ecosystem by providing professional one-stop solutions, ranging from anti-epidemic materials such as COVID-19 rapid antigen test kits, face masks, gloves, and hand sanitizers, to workplace emergency materials such as folding beds, sleeping bags, tents, and shower pods, to "Digital Sentry", an anti-epidemic essential in designated areas.

Disclaimer

Fosun International Limited published this content on 02 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 June 2022 11:51:09 UTC.


© Publicnow 2022
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Sales 2022 183 B 25 716 M 25 716 M
Net income 2022 8 911 M 1 253 M 1 253 M
Net Debt 2022 136 B 19 079 M 19 079 M
P/E ratio 2022 4,28x
Yield 2022 4,82%
Capitalization 37 542 M 5 277 M 5 277 M
EV / Sales 2022 0,95x
EV / Sales 2023 0,89x
Nbr of Employees 106 000
Free-Float 27,4%
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Number of Analysts 8
Last Close Price 4,54 CNY
Average target price 8,76 CNY
Spread / Average Target 92,9%
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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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