Fosun at near 10-yr low on report China tells banks to check exposure

Fosun Tourism

14/09/2022 03:45

** Shares of Chinese conglomerate Fosun International
 0656.HK  fall as much as 5.7% to HK$4.62, their lowest since
December 2012
    ** Stock marks the biggest daily pct drop since Sept. 6 and
is on course for a second session of declines; it is also the
biggest pct loser in Hang Seng Composite Index on conglomerates
 .HSCIC 
    ** Chinese regulators have told the country's biggest banks
and state-owned firms to start a round of checks on their
financial exposure to Fosun International, Bloomberg News
reported on Tuesday citing people familiar with the matter
 urn:newsml:reuters.com:*:nL4N30K1KB
    ** The regulator's request does not mean it wants lenders to
change their financing toward Fosun, including outstanding
loans, the report said
    ** Fosun later said Chinese regulator has not asked banks to
report exposure and says such reports were "sheer nonsense"
 urn:newsml:reuters.com:*:nK7N2Z602F
    ** Fosun International bought back 4 mln shares for HK$19.71
mln ($2.51 mln) on Sept. 13  urn:newsml:reuters.com:*:nFWN30K0VC
    ** Stock of Fosun's Hong Kong-listed units Fosun Tourism
 1992.HK  drops 3.2% and Shanghai Fosun Pharmaceutical  2196.HK 
falls 2.8%
    ** The Hang Seng Commerce & Industry Index  .HSNC  drops
2.5% and Hang Seng Composite Index tracking conglomerates
 .HSCIC  falls 1.8%
    ** The Hang Seng Composite Index  .HSCI  declines 2% and the
benchmark Hang Seng Index  .HSI  down 2.2%
    ** As of last close, the stock had dropped 41.7% this year
($1 = 7.8492 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))