Business Model of Fosun International Ltd V60.docx
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Business Model of Fosun International Ltd V60.docx
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BusinessModelofFosunInternationalLtdV60
BusinessModelofFosunInternationalLtd.
BusinessEnglish11-2ChenPeng
SupervisorWuTiantian
Abstract
FosunInternationalLimited,whichranked37thand229thinthelistoftop500privateenterprisesandtop500enterprisesrespectivelyinChinain2014,hasbeenregardedasalegendbymanypeopleinthecircleintheChinesebusinessatmosphere.Itstartedoutactingasamarketingconsultingoutfitwhichaimedtoprovideverdictsorsuggestionsforotherbusinessestocarryouttheiroperatingactivitiesinanappropriateway.Butlateron,itsteppedintorealestate,pharmaceuticals,retailing,mining,finance,steeling,mediaindustriesandothersectors.Nowitmainlyfocuseson4areas,whoseupsurgingpathandbusinessmodels,quitesimilartoWarrenBuffet’company,BerkshireHathawayInc.isworthlearning,especiallyforthoseChina’sprivateenterpriseswhichareflounderingbutpossessgreatambition.
Keywords:
Fosun,BusinessModel,Investment
Acknowledgements
ManythankstomysupervisorMrs.Wuwhogotoutofherwaytogivemevaluablesuggestions.Withouthergeneroushelp,thisessaywon’tbefinished.ThanksalsotomyteacherMr.Liu,whosebookguidedmetodrawchartsandhealsoshowedmelotsofmarvelouscharts.
Contents
Abstracti
Acknowledgementsii
ChapterOneFosun:
ALegendinChineseBusinessAtmosphere1
1.1TheHistoryofFosun1
1.1.1AnUnfledgedBird(1992~1993)1
1.1.2TheTransformationofGuangxin(1994~1998)2
1.1.3DiversifiedDevelopmentofFosun(1999~2006)2
1.1.4AWould-beWorld-classInvestmentGroup(2007~now)3
1.2TheCurrentSiuationofFosun4
ChapterTwoTheAnalysisofFosun'sBusinessModel5
2.1TwinDriversDevelopmentModel5
2.2InvestmentModelofFosun5
2.2.1PE+IndustrialOperations5
2.2.2CashIstheKey:
CapitalInvestmentMothod8
2.2.3Counter-cyclicalInvestmentModel9
2.2.4ProcessofProjectAssessmentforInvestinginFosunGroup10
2.3KeyFactorsbehindFosun’sBusinessModel11
2.4AdvantagesandThreatsofFosun’sBusinessModel13
2.4.1FourCategoriesofAdvantages13
2.4.2TwoDisadvantages14
ChapterThreeWhatCanOtherPrivateEnterprisesLearnfromFosun15
3.1AdaptationtotheGovernment’sPolicy15
3.2UsingthePettyCapitaltoControlLargeAsset15
3.3BenefitingotherPeopleaswellasOneself16
References17
ChapterOneFosun:
ALegendinChineseBusinessAtmosphere
1.1TheHistoryofFosun
ThehistoryofFosuncanbeseparatedinto4phases.EachofthemhasbeenmarkedbysomecharacteristiceventsorconventionsthatFosunhasencounteredonitswaytobecomeacosmopolitaninvestmentconglomerate.
1.1.1AnUnfledgedBird(1992~1993)
In1992,ayoungmanfromFudanUniversitynamedGuoGuangchangwhotookwithhimselfwith4000dollarswasinanextremelylongqueuetowaitforthevisatobesignedbytheAmericanambassadorsinShanghai.Aswasprobablytruetomanypeople,hewaseagerlyplanningtostudyintheU.Sinordertogetabettereducationtherewhichwasconsideredtobeatrendatthattime.Suddenly,anewideapoppedupinhismind,therefore,hemadeuphismindtogiveupstudyingabroad.Then,the4000dollarswasconvertedintoRMB380,000.TogetherwithsomefinancialhelpfromMr.Guo’sfriends,heandhisacademicbrotherLiangXinjun,erectedaconsultingfirmnamedGuangxinTechnologicConsultingFirminNovember1992,whosemajorbusinessliedinmarketresearchbecausebothofthemhadnomoney,noexperienceandnobusinessbackground.Startingabusinesswasnotsoeasyforthem.Atthebeginningofthebusiness,bothofthefoundershadnochoicebuttomakepainstakingefforttorideabiketocarryoutinvestigationsinthemarketandpersuadesomepotentialclientstochoosetheirservice.Althoughtheyworkedquitehard,theycouldonlygot200yuanofsalarypermonth.
Atthattime,therewerelessthan10consultingfirmsalloverChinaandtherewereonly4oftheminShanghai.Therefore,somecompanieslikeApolloGroupCO.,Ltd,LuckyFilmCO.,Ltd,andTCBYbecametheirclientsbecauseoftheirintelligenceandhardworking.Oneoftheirclients,Ganso,wasquitesatisfiedwithitsserviceanditgaveGuangxinTechnologicConsultingFirmagoodreputationinthisindustrywhichinturnhelpedtogainthemarketshare.OnJune1993,thefounderswereverypleasedtofindthattherewere1millionyuaninthefirm’saccount.
1.1.2TheTransformationofGuangxin(1994~1998)
Withthe1millionfund,theleaderofGuangxin,Mr.Guo,determinedtochangethebusinessscopeoftheirfirm,althoughithadbecomeoneofthemostprominentfirmsintheconsultingindustry.JustaswhatGuohadsaidlaterinoneofhisspeeches:
”Thedepressionofbusinessshallbepredictedbythetimeithasbeenbooming.”HerealizedthattheboomingofconsultingindustrywasboundtoreduceGuangxin’smarketshareinthefiercecompetition.Thus,withtheparticipationofanother3gradatesfromFudanUniversity,FanWei,WangQunbingandTanJian,Mr.GuoledhisteamtotransformGuangxinintoapropertydeveloperin1994.Besides,thenameofthiscompanywaschangedintoShanghaiFosunIndustrialCo.Ltd.
NearlyallthepropertydevelopersinShanghaiwerewaitingfortheircustomerstoaskforthedetailsoftheirproductsin1994.AssoonasGuoobservedthisphenomenon,hedecidedtochangethismodel.Therefore,hedividedthestaffinto5teamsandeachteamsentdistinctivebrochuresthatwereintendedtointroducetheircommercialhousestotheirpotentialclients.Fosun’sproductsweresoldverywellinthiswayandFosunhadearnedabout10millionyuanbytheendofthatyear.
Fosuninvestedintheareaofbioengineeringin1995.Aprojectthathadbeendealingwithfor3yearswasdevelopedintoproductsPCRdiognoticreagentundertheleadershipofFanWeiandWangQunbing..Bytheendof1995,therevenueofthisproducthadbeen100millionyuanandavaluablesalessystemaroundChinawasestablishedaswell.Atthesametime,thefocusofbusinesswasconvertedfromsalesmarketingtothedevelopmentofrealestateandthusthefirstprojectwasFosunGarden.In1998,Forte(Group)Co.,Ltdwhichspecializedindevelopingpropertywassetup.InAugust1998,FosunIndustrialCo.LtdwaslistedatShanghaiStockExchangeanditsnamewaschangedintoShanghaiFosunPharmaceutical(group)Co.,LtdinDecember,2002.Sofar,propertyandpharmaceuticalhavebecometwoofthemajorbusinessesinFosun.
1.1.3DiversifiedDevelopmentofFosun(1999~2006)
TheIPOofFosunPharmaceuticalhadhelpedFosunfinance350millionyuanwhichrenderedtheleadersofFosunconsidercapitaloperation.AtypicalinstancewastheacquisitionofsharesofYuyuanTouristMartonNovember11,2001madebyanewsubsidiarycalledFosunIndustrialInvestmentCo.,Ltd.Thenewsubsidiarytookup13.25%ofthegeneralcapitalandhadbecomeoneofthelargestshareholders.Afterthat,similareventsoccurredoverandoveragain.30%ofshareofBeijingJianlongGroupwasboughtbyFosunin2002.SteelingindustryhasbeenplayingtheroleofcashcowforFosunsincethenandithadbuiltasolidfoundationforFosun’Mergerandacquisition.TebonSecuritiesCo.,LtdwasestablishedbyFosunin2003andFosuninvestedinZhaojinMiningCo.,Ltdin2004.Fosun’sbusinessscopehadrangedfromproperty,pharmaceutical,retailing,steeling,miningtofinancethroughmergerandacquisitionbytheendof2006.
1.1.4AWould-beWorld-classInvestmentGroup(2007~now)
FosunGroupwaslistedasawholeintheMainBoardofHongKongStockExchangein2007whichbecamethethirdlargestIPOthatyearwiththetotalmarketvalueof64.6billionHKdollars.FosunsteppedintoinsuranceindustryinthesameyearbyinvestinginYong’anP&CInsurance.Aswasprobablyknowntomanypeople,thefinancialcrisisburstoutin2008whenthestockpricesofmanyfirmsplummetedinevitably.SodidFocusMediaNetworkLimitedwhichwasresultedintheinvestmentfromFosunGroupbytheoccupation26.14%ofthetotalshares.PeoplewerestunnedbytheFosun’spromptbuyingasthepriceofthestocktripledaftertwoyears.
CooperatedwithCarlyleGroupinanallroundwayin2010,Mr.GuoreachedanagreementwithDavidRobenstein,co-founderofCarlyleGroup,tocarryoutprivateequityinChinawith100milliondollars.Theyear2010alsomarkedtheinternationalizationofFosunGroupbecause7.1%sharesofClubMedwereboughtbyFosun.Then,therewasacquisitionofFolliFolliein2011,PeakReinsurancein2012,St.Johnin2013andCaixaSegurosin2014.Sofar,FosunGrouphasbecomeaworld-classinvestmentgroupafternearly23years’hardworkwhosebusinessscopehasrangedfromproperty,pharmaceuticals,insurance,steeling,mining,finance,assetmanagementandmedia.
1.2TheCurrentSiuationofFosun
FosunGroupisnowalarge-scalecomprehensiveinvestmentcorporationwhichmainlyfocusesonthegrowthmomentumofChinawiththeoperatingactivitiessuchasindustrialoperations,investment,insuranceandassetmanagement.Ithasmorethan100subsidiariesorjointlyrunningbusinessesresultingfromhundredsofmergersandacquisitions.AndthestructureofFosunattheendof2014canbeseenasfollows:
Figure1TheStructureofFosunGroupby2015
accordingtotherevenuesofthelatestnineyearsthatFosunhasearned,wecouldjudgeitsunparalledspeedofdevelopment:
Figure2TheLatestNineYears’RevenueandNetProfitofFosunGroup
MillionYuan
TheaimofFosunistobecomeaworld-leadinginvestmentgroupthatwillconcentrateonChina’sgrowthmomentum,manageassetworthtrillionsofdollars,combinethegrowthmomentumofChinawithresourcesaroundtheglobe,investintheindustr
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