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Positive Revision – Fosun’s Ratings Affirmed by S&P Global Ratings

With continuous efforts to optimize capital and asset base, Fosun’s short-term liquidity pressure has been greatly eased and its credit rating outlook has been raised by an international rating agency

HONG KONG SAR – Media OutReach – 30 May 2023 – International rating agency S&P Global Ratings issued a report, raising Fosun International Limited’s (HKEX stock code: 00656, “Fosun International”) rating outlook to stable.

S&P Global Ratings pointed out in the report that benefitting from the diversified asset portfolio and management’s commitment and execution to deleverage through asset disposal, Fosun’s asset disposals brought a cash inflow of approximately RMB30.0 billion in 2022. At the same time, sound banking relationships enabled sufficient sources of liquidity amid turbulence in the bond market. The significant asset disposals and stable credit support from banks enabled Fosun’s successful repayment of all concentrated maturing bonds in the past three quarters. As of the end of March 2023, Fosun successfully brought down holding-company debt by about RMB24.0 billion to RMB93.0 billion. In addition, the share of bank loans in the holding company’s debt rose, the proportion of debts due over the next 12 months dropped significantly, and the stability of the debts improved significantly. S&P Global Ratings affirmed its long-term issuer credit rating and guaranteed senior unsecured notes rating on Fosun, raising Fosun’s rating outlook from negative to stable.

Despite uncertainties in the external environment, Fosun’s onshore and offshore financing capabilities have been proven by the markets.

In early May this year, Fosun International’s offshore multi-currency syndicated loan was officially launched, and it has obtained a loan of more than US$450 million in equivalent so far. The offshore syndicated loan was jointly initiated by seven banks including Bank of China, Bank of East Asia, Commerzbank, Hang Seng Bank, HSBC, Natixis Bank, and Standard Chartered Bank as lead bookrunners, and more than 10 banks have joined the syndicate.

In January this year, Fosun’s domestic operating entity, Shanghai Fosun High Technology (Group) Co., Ltd. obtained a syndicated loan of RMB12.0 billion. The syndicate was formed by five major state-owned commercial banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications as joint lead banks, and China Minsheng Bank, the Export-Import Bank of China, and Shanghai Pudong Development Bank as participating banks.

Domestic and foreign banks have successively provided significant credit support to Fosun, which reflects mainstream financial institutions’ recognition of Fosun’s debt management actions such as accelerating the sale of non-core assets and cash inflows. The significant financial support from banks will also help Fosun reduce its dependence on public market financing and support subsequent liquidity management and sustainable business development.

Amid a challenging global financial backdrop, Fosun’s credit indicators assigned by international institutions such as S&P Global Ratings still hold firm thanks to its steadfast implementation of the strategy of “streamlining the organization”. By continuously optimizing the structure of assets and liabilities and increasing the divestment of non-strategic and non-core assets, Fosun’s endogenous momentum to win out market cycles and achieve sustainable development has been further strengthened. For the full year of 2022, the amount by contract value based on consideration set out in the divestment agreements exceeded RMB40.0 billion, bringing a cash inflow of nearly RMB30.0 billion at holding company level.

Fosun’s series of measures of “streamlining the organization” have also accumulated momentum for the recovery of core businesses in the household consumption sector. In the first quarter of this year, Fosun’s businesses in consumer and tourism sectors showed a remarkable upward trend. In the first quarter, Yuyuan achieved an operating revenue of RMB15.244 billion, representing a year-on-year growth of 22.61%; the revenue of Yuyuan Jewelry and Fashion reached RMB11.494 billion, representing a year-on-year increase of 28.55%. Coupled with the overall relaxation of travel restrictions worldwide, Fosun Tourism Group’s (FTG) profit attributable to the parent in the first quarter doubled compared with the same period in 2022, Club Med’s business volume reached RMB5.004 billion, an increase of about 44.2%; during the May Day holiday this year, the total business volume of Club Med resorts in China exceeded the same period in 2022 by about eight folds, and exceeded the same period in 2019 by about 110%.

Hashtag: #Fosun

The issuer is solely responsible for the content of this announcement.

About Fosun

Fosun was founded in 1992. After more than 30 years of development, Fosun has become a global innovation-driven consumer group. Adhering to the mission of creating happier lives for families worldwide, Fosun is committed to creating a global happiness ecosystem fulfilling the needs of one billion families in health, happiness and wealth. In 2007, Fosun International Limited was listed on the main board of the Hong Kong Stock Exchange (stock code: 00656.HK). As of 31 December 2022, Fosun International’s total assets amounted to RMB823.1 billion. Fosun International ranks No.589 on the 2022 Forbes Global 2000 List, with a MSCI ESG rating of AA.

Laos Sets Plans For Influx of Chinese Tourists in 2023

Tourists in Luang Prabang.

Authorities have unveiled several strategies to welcome an increasing number of Chinese tourists to Laos this year.

Volatile Baht Predicted in 2023 Amidst Political and Financial Uncertainties

Photo Credit: The Thaiger

A new financial outlook released on Tuesday said that the Baht has become increasingly volatile, which has also affected foreign investment in Thailand.

PAOB Introduces “Business Revolving Loan” as the Expanded Collaboration with eftPay

Enabling Retail SMEs to Seize Market Recovery Opportunities with Flexible Funding

HONG KONG SAR – Media OutReach – 30 May 2023 – Ping An OneConnect Bank (Hong Kong) Limited (“Ping An OneConnect Bank” or “PAOB”), the first virtual bank in Hong Kong dedicated to SMEs, announced an expanded collaboration with eftPay (Asia) Limited (“eftPay”), Hong Kong’s leading electronic payment service provider. Leverage their competitive advantages, PAOB is launching a new SME loan service – “Business Revolving Loan” for eftPay’s SME customers to navigate through opportunities from economic recovery in a timely manner.

The maximum credit amount of “Business Revolving Loan” is HK$300,000 with a repayment period ranging from one to three months. SMEs can have numerous withdrawals within the approved credit limit in a year, allowing them to allocate their funds anytime and anywhere. As the first virtual bank in Hong Kong to utilise alternative data as the basis for credit assessment, PAOB assists eftPay merchants to submit loan application and conducts credit analysis with commercial data through its unique risk assessment platform, and such streamlines the loan approval process without the need of submitting any application documents[1] and collaterals. This loan service brings SMEs a much more convenient and efficient virtual banking experience.

Since reopening the border and lifting most of the anti-pandemic measures earlier this year, Hong Kong’s retail and tourism sectors are gradually recovering. For the first quarter of 2023, statistics show that the total value of retail sales in Hong Kong increased by 24.1%[2] and the total number of visitors to Hong Kong exceeded four million[3] comparing with the same period last year. The retail sector has been buoyed by the government’s recovery measures, the distribution of consumer vouchers to the public and the promotion of conferences, exhibitions, and tourism.

Mr. Michael Fei, Chief Executive and Executive Director of PAOB, said, “As the first virtual bank in Hong Kong specialising in banking services to SMEs, PAOB has been expanding into different scenarios and virtual banking services in line with our commitment to financial inclusion. From ‘Trade-Connect Loan’ for the trade SMEs since our inaugural launch, the ‘Business Instalment Loan’ for start-ups and other SMEs, to our earlier ‘Business Short-term Loan’ for SMEs in the engineering and construction industry, we have solid understanding of the financing needs and challenges of SMEs across different industries and become their ‘best partner’ to tackle opportunities and challenges together.

With the resumption of cross-border travelling with the international markets and Mainland China, number of business and travel visitors to Hong Kong has multiplied, and with that comes the recovery of retail spending power. We are confident that the local retail sector is reviving again. In view of this, we are deepening our partnership with eftPay by launching ‘Business Revolving Loan’ for retail SMEs. By leveraging our profound experience in SME virtual banking services and competitive edges in fintech and utilising the potentials of eftPay’s commercial data, this new loan service will swiftly and effectively provide cash flow to the retail SMEs which enable them to seize opportunities from the recovering economy.”

Mr. Andrew Lo, Chairman and Chief Executive Officer of eftPay (Asia) Limited, said, “eftPay is committed to providing a full suite of e-payment services to merchants, helping them solve their operational pain points. In recognition of the cash flow issues that is often beset retail businesses, such as stocking and expansion costs, we have partnered with PAOB to provide a convenient and expedited financing solution that helps SMEs alleviate their immediate cash flow challenges. With the border reopened and the resurgence of local economic activities, PAOB’s “Business Revolving Loan” is poised to enable the merchants with flexibility to allocate their capital more effectively, seize market opportunities and expand their businesses.”

PAOB and eftPay are fully committed to supporting the business needs of retail merchants. From now until 30 June 2023 (“Promotion Period”), the handling fee will be waived for eligible SME customers who successfully apply and draw down the “Business Revolving Loan”. For more information, please refer to the PAOB website at www.paob.com.hk or call the PAOB Customer Service Hotline at 3762 9900.

To borrow or not to borrow? Borrow only if you can repay!

Terms & Conditions apply.


[1] Customers are only required to provide their Hong Kong Identity Card for verification and to submit an application form during loan approval. Customers are required to submit required documents and to sign the loan documents before the loan drawdown.
[2] Provisional statistics of retail sales for March 2023 from The Census and Statistics Department.
[3] Preliminary Visitor Figures for March 2023 from Hong Kong Tourism Board.

Hashtag: #eftPay

The issuer is solely responsible for the content of this announcement.

eft Payments (Asia) Limited

Established in 2013, eftPay is one of the leading e-Payment services providers in Hong Kong, providing merchants with comprehensive e-Payment services, including account opening, point of sale system and integration of payment system, transaction processing and payment settlement services. Currently, eftPay serves not less than 22,600 stores in Hong Kong, including well-known local jewelry chains, electrical appliances stores, makeup and beauty stores, clothing stores, food and beverage, theme parks, convenience stores and supermarkets. Website:

Ping An OneConnect Bank (Hong Kong) Limited

Ping An OneConnect Bank (Hong Kong) Limited (“PAOB”), a wholly-owned subsidiary of OneConnect Financial Technology Co., Ltd. (“OneConnect”) (HKEx:6638; NYSE:OCFT) and a member of Ping An Insurance (Group) Company of China Ltd. (“Ping An”) (HKEx:2318; SSE:601318), is committed to establishing a virtual banking ecosystem by optimising customer-centric services through its innovation and sophisticated technology. PAOB was granted a virtual banking licence by the Hong Kong Monetary Authority in May 2019. PAOB is developing diverse business segments including retail banking and SME banking.

Authorities in Thailand Seize More Than a Ton of Crystal Methamphetamine Thought Bound for Australia

Authorities in Thailand Seize More Than a Ton of Crystal Methamphetamine Thought Bound for Australia
Police officers stand behind seized crystal methamphetamine during a news conference in Bangkok, Thailand, Monday, 29 May. ( Photo : AP )

BANGKOK (AP) — Law enforcement officials in Thailand said Monday they seized more than a ton of crystal methamphetamine in a southern province last week that they believed was bound for Australia.

Laos Welcomes Over 1 Million Tourists in Four Months

Tourists in Luang Prabang. (Photo : Nouthaphone Simmavong).

Compared to last year, the country has reported an impressive number of over 1 million international tourists to have visited Laos between January to April.

Authorities Green Light Lao Dance Sport Federation

The Ministry of Education and Sports in Laos has officially recognized the newly-established Lao Dance Sport Federation to promote competitive dancing in Laos.

SwissCham Singapore Announces Ms Julie Raneda As New Chair

At 34th AGM, Ms Raneda commits to growing wider awareness of Swiss businesses in the republic

SINGAPORE – Media OutReach – 30 May 2023 – Swiss Chamber of Commerce and Industry Singapore (SwissCham) Board has elected Ms Julie Raneda as new Chairperson at its 34th Annual General Meeting.

Ms Julie Raneda, SwissCham Chairperson

Ms Julie Raneda, SwissCham Chairperson

The appointment takes immediate effect. She takes over from Mr Georg von Wattenwyl, who successfully served four years in his role as Chairman.

Ms Raneda, Partner and Managing Director of Schellenberg Wittmer’s Singapore office, is a lawyer by training and has a degree in international relations. Julie has been deeply connected with the Chamber for a long time, and was recently the Co-Chair of SwissCham International Relations Subcommittee.

Upon her appointment, she welcomed her new role and thanked the Board “for entrusting (her) with the important role to lead the Chamber and represent the Swiss business community in Singapore.”

Emphasizing longstanding Swiss-Singaporean relations, she said: “Switzerland has an excellent reputation in Singapore, thanks in particular to the Swiss business community in the republic that has been around for a long time and represents Switzerland’s values, qualities, and innovation so well.”

She added that “SwissCham is at the tip of the iceberg of this community, a platform to showcase Switzerland’s excellence.” She aims to continue “the commitment to grow wider awareness about Swiss companies and their perspective in Singapore, and make SwissCham even more relevant for its members with fruitful collaborations and appropriate networking opportunities.”

SwissCham Singapore is one of the pillars of the Swiss community in Singapore and brings together the representatives of Swiss companies, encouraging networking and exchange of information and championing the establishment of Swiss values and quality through business. SwissCham Singapore is focused on advocating Swiss business in Singapore and bridging bilateral commercial interests.

Hashtag: #SwissCham

The issuer is solely responsible for the content of this announcement.