China’s Fosun plans to raise $3.2 billion selling local bonds

Bloomberg

Fosun Group is planning to raise as much as $3.2 billion selling local bonds as the
Chinese insurance-to-pharmaceutical conglomerate refinances debt and increases its investments inside the country, according to people familiar with the matter.
Fosun unit Shanghai Fosun Hi Technology Group Co. intends to offer 6 billion yuan of medium-term notes after completing registration in 2017, the people said.
It also plans to apply by February for authorisation to issue 15 billion yuan of short-term commercial paper, the people said. The timing of the planned sales is yet to be determined, they said, asking not to be identified because the details are private.
Fosun is among private-sector giants in China that
have faced greater regulatory scrutiny in 2017 after authorities cracked down on financing for outbound investments. In response, the company has focused more on local deals.
The company was among backers for a 1 billion yuan funding round for bike-sharing startup Hellobike. Meanwhile, Fosun has explored selling its stake in Hollywood production house Studio 8 Inc., people familiar with the matter said this week. A representative for Fosun couldn’t immediately comment.
Fosun Hi Technology issued 9.2 billion yuan of notes this year, according to data compiled by Bloomberg.