Fosun International (0656.HK), the Chinese conglomerate, has declared its ongoing support for its Portuguese investments. These include Millennium bcp (BCP.LS), Portugal’s largest listed bank, and Fidelidade, the country’s biggest insurer. Fosun’s affirmation comes amid earlier reports suggesting the group might reduce its Portuguese holdings to bolster its balance sheet.
Over the past decade, Fosun has significantly invested in Portugal, establishing strong positions in the banking, insurance, and healthcare sectors. Two years prior, Fosun trimmed its stake in Millennium bcp by 5.6%, reducing its ownership to approximately 20%. The group has also explored options for Fidelidade, in which it holds an 85% stake, including a potential initial public offering (IPO). Fidelidade had previously planned an IPO for its healthcare unit, Luz Saude, but postponed the offering in 2024 due to market volatility.
In a statement released on Monday, Fosun reiterated its “long-term commitment” to the Portuguese market. The company pledged to actively support “the strategic development and growth of its portfolio of companies in Portugal.” Fosun booked a 23.4 billion yuan ($3.39 billion) loss in 2025, significantly more than the previous year, due to impairments related to real estate projects and goodwill in non-core assets. The group is now “streamlining operations… and focusing on core businesses.”
Fosun International is a global company focused on health, happiness, and wealth, providing products and services to families worldwide. Millennium bcp is Portugal’s largest listed bank, offering a wide range of financial services to individuals and businesses. Fosun highlighted that Fidelidade, described as a “core subsidiary,” saw its net profit increase by 15.8% to 201 million euros last year. Millennium bcp’s net profit also rose, increasing 12% to a record high of 1.02 billion euros.
