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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Fosun Tourism Group    1992   KYG365731069

FOSUN TOURISM GROUP

(1992)
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Fosun Tourism to buy Thomas Cook, related hotel brands for $14.3 million

11/01/2019 | 11:05am EST
People walk past a closed Thomas Cook travel agents store near Manchester, Britain

(Reuters) - China's Fosun Tourism Group said on Friday it would acquire the Thomas Cook and related hotel brands for 11 million pounds ($14.25 million), in a bid to expand its presence in the tourism business.

The assets include trademarks, domain names, software applications and licences of the British travel firm and related hotel brands, Hong Kong-listed Fosun said, adding that it did not plan to buy overseas assets or businesses related to Thomas Cook for the time being.

Fosun Tourism Chairman Qian Jiannong said the acquisition would enable the group to expand its tourism business "building on the extensive brand awareness of Thomas Cook and the robust growth momentum of Chinese outbound tourism".

Thomas Cook, the world's oldest travel firm, collapsed in late September succumbing to heavy debt, built up by a series of ill-fated deals, that hobbled its response to nimble online rivals.

Fosun Tourism, which was the largest shareholder of the former LSE-listed Thomas Cook, had offered to contribute 450 million pounds in August in return for a majority stake in Thomas Cook's tour operator business and 25% of its airline.

This plan, however, fell through after Thomas Cook failed to secure further funds demanded by its lenders.

($1 = 0.7720 pounds)

(Reporting by Shreya Mariam Job in Bengaluru; Editing by Bernard Orr and Subhranshu Sahu)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 4.78% 18.85 Delayed Quote.242.73%
FOSUN TOURISM GROUP 9.50% 8.53 End-of-day quote.-23.70%
JUST GROUP PLC -3.57% 58 Delayed Quote.-26.58%
WILL GROUP, INC. 1.02% 990 End-of-day quote.-20.93%
WORLD CO., LTD. 0.53% 1337 End-of-day quote.-50.32%
All news about FOSUN TOURISM GROUP
09/17FOSUN TOURISM : Interim Report 2020
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09/15FOSUN TOURISM : Chinese owners revive Thomas Cook as online-only holiday brand
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09/08FOSUN TOURISM : China's post-COVID-19 travel industry sees green shoots with tou..
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08/28Fosun International Announces 2020 Interim Results Total revenue reaches RMB6..
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08/19FOSUN TOURISM GROUP : half-yearly earnings release
08/05FOSUN TOURISM : Monthly return as at 31 july 2020
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07/31FOSUN TOURISM : Continuing connected transaction sales agency agreement
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05/03FOSUN TOURISM : Travel Startup ZuBlu Secures $1 Million Seed Funding
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04/01Fosun International Announces 2019 Annual Results
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More news
Financials
Sales 2020 9 038 M 1 377 M 1 377 M
Net income 2020 -1 579 M -241 M -241 M
Net Debt 2020 6 556 M 999 M 999 M
P/E ratio 2020 -5,93x
Yield 2020 -
Capitalization 8 939 M 1 359 M 1 362 M
EV / Sales 2020 1,71x
EV / Sales 2021 0,83x
Nbr of Employees 10 138
Free-Float 17,6%
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Mean consensus BUY
Number of Analysts 6
Average target price 9,29 CNY
Last Close Price 7,24 CNY
Spread / Highest target 41,3%
Spread / Average Target 28,4%
Spread / Lowest Target 15,0%
EPS Revisions
Managers
NameTitle
Jian Nong Qian Chairman & Chief Executive Officer
Ming Long Cao Co-President
Qing Guo Co-President
Wen Ping Wang Co-CFO, Executive Director & Vice President
Bing Bin Xu Co-Chief Financial Officer