Modern Express, 2/02/09
Fosun International (0656.HK) has announced the purchase of over 29.74 mln American Depository Shares from Focus Media (Nasdaq: FMCN) at a total price of approximately USD 250 mln (approx. HKD 1.95 bln). The purchase brings Fosun International's stake in Focus Media to 22.96% and, through merger agreements, also gives the company a 10.5% share in Sina (Nasdaq: SINA), making Fosun International the largest shareholder of both companies.
Guo Guangchang, chairman of Fosun International, previously stated that purchases made by the company are conventional investments, and that he has no plans to join the board of directors at Sina.