Giant non-state conglomerate Fosun denied media reports that major local lenders were asked by regulators to review their financial health for related exposure.
Fosun International denied media reports saying that the China Banking and Insurance Regulatory Commission (CBIRC) had told the country's largest lenders to review their related financial exposure, according to a statement, calling the claims «sheer nonsense».
Fosun said it had sought confirmation from regulators through multiple channels and that many banks had not received such notice from the CBIRC.
Fosun’s statement was a response to a «Bloomberg» article, citing unnamed sources, that said multiple regulators, including China’s banking watchdog and the local commission that oversees state investment in Beijing, had called for the financial check to closely examine related exposure.
Asset Sales in Focus
According to Fosun, the «complex external environment» has led to increased public attention towards the recent sale of assets in companies like Tsingtao Brewery and Fosun Tourism, causing a «one-sided interpretation» of its business moves, said chief financial officer Gong Ping.
Fosun is one of the largest non-state conglomerates in China and was previously amongst the nation's most active buyers with renowned assets including resorts operator Club Med and fashion brand Lanvin.
