Back in 1Q25, Fosun International (656 HK) took ClubMed operator Fosun Tourism private at ~US$1.2bn via a Scheme: Fosun Tourism (1992 HK)’s Scheme Buyback Vote On The 4th March.
Fosun is now proposing to relist the unit. Word is that Fosun is seeking to raise US$500mn, with a possible listed valuation upward of US$3bn.
With sliding earnings, falling margins, that kind of pricing is optimistic.
The Trade:
At 0.38x P/B, Fosun is not expensive.
Spinning off the ClubMed unit won’t narrow the discount to book.
I might be looking elsewhere.