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Issue No.55 December 31, 2016

(Continued on Page 5)

How to Achieve “Deepening, Flourishing” in 2017?

The Fosun Group Global Annual Conference will be held in January 2017. The group’s board of directors has decided the theme of the 2017 Fosun Group Global Annual Conference would be “Deepening, Flourishing – Creating a Happiness Ecosystem for Success”.

Strategic Cooperation between Intuitive Surgical & Fosun Pharma

(on Page 5)

(on Page 2)

(on Page 3)

O n D e c e m b e r 8 , G u o Guangchang, Chairman of Fosun Group sent a letter to all Fosun classmates, in which he mentioned about the Group’s several recent acquisitions, including India’s largest generic pharmaceutical manufacturer Gland Pharma, Germany’s fully-licensed private bank H&A, and Portugal’s second largest commercial bank BCP. He also mentioned the sale of Ironshore

business on very favorable terms. Guo Guangchang emphasized that in the past, people were interested in what Fosun had bought, but its recent sales demonstrated Fosun not only knew to buy. Fosun also exited some positions and increased its flexibility of fund utilization.

Guo Guangchang said Fosun had realized a reasonable return wi th in a shor t inves tment horizon, thereby enhancing the

Group’s financial strength on one hand, and enabling Fosun to accumulate experience in the entire value chain of global investment - “ investment , financing, management, and exit”. The sales also triggered a rating upgrade from Moody’s I n v e s t o r s S e r v i c e , w h i c h r e f l e c t e d F o s u n ’s s t r o n g competitive position to achieve long-term success.

Moody's Upgraded Outlook on Fosun International's Rating to “Positive”

Letter to Fosun Classmates –

“Be an Intelligent Investor”

When Art Meets Architecture, Excellence Displays Everywhere

Special Exhibition 20 of Fosun Foundation

(Continued on Page 2)

FOSUN TIMES 2016.12.3102 News

Fosun Tourism and Culture Group Announced Official Spin-offEstablishing a Global Leading Leisure Travel Group

Fosun Group Signs Strategic Cooperation Framework Agreement with China General Nuclear Power Group

Fosun’s New Initiative to Build Business Layout in JapanAn Equity Investment Platform

December 22,2016, Fosun Group has announced the establishment of an equity investment platform in Japan. It will serve as an integrated

financial platform for Fosun's investment projects and asset management operations in Japan's financial market. This is another move by

Fosun to build up its business layout in Japan following its acquisition of IDERA Capital Management Ltd. ("IDERA"), a Japanese asset management platform, in 2014.

The newly established equity investment platform is formed through a partnership between Fosun Group and two renowned experts in the Japanese financial investment s e c t o r , M r . D a i s u k e KAWANO and Mr. Tetsuya NAGAO. The establishment of the equity investment platform in Japan will help Fosun to exp lo re more investment opportunities in japan financial market. It will help Fosun to push forward with its strategies for equity investment and asset allocation in the country and

thus can enhance Fosun’s global investment capability. It will also accelerate the development of Fosun’s global asset management. The equity investment platform in Japan will mainly focus on investments in the secondary market and private equity investment projects.

Mr. Daisuke KAWANO has over 15 years of equity investment and advisory experience in Japan. He was one of the founding members of a private equity firm and has been a Partner of the Strategic Investment Team (“Team”) in Tokyo for the past 9 years. During his time as Partner, the Team has invested in 7 deals in Japan which resulted in 7 successful exits.

(Continued on Page 3)

On December 15, Fosun Group and China General Nuclear Power Group Co., Ltd. (CGN) held a signing ceremony at CGN Building in Shenzhen re la t ing to a s t r a t eg i c coope ra t ion f r a m e w o r k a g r e e m e n t . Pursuant to the agreement, both parties will ride on their respective strengthens to establish a comprehensive strategic business relation t h r o u g h v a r i o u s m e a n s i n c l u d i n g s t r a t e g i c coopera t ion & a l l iance , business collaboration and joint investment, in order t o j o i n t l y p r o m o t e t h e upstream and downstream industries in nuclear power, finance, nuclear technology application, and strategic cooperation in emerging

industries.China has been constantly

stepping up its efforts in relation to energy savings and emissions reductions, and has , by way o f the Pa r i s Agreemen t , made a so l emn p ledge to t he international community that by approximately 2030, its carbon dioxide (CO2) emissions will have reached the peak and that such a peak would be attained as soon as possible. By that time, the country’s CO2 emissions per unit of GDP will be reduced by 60-65% compared to 2005, and that non-fossil energy sources would account for around 20% of its primary energy consumption. In order to achieve such objectives,

Letter to Fosun Classmates

“Be an Intelligent Investor”M y f e l l o w F o s u n

c l a s sma tes , I t ru s t t ha t e v e r y o n e i s a w a r e o f t h e G r o u p ’ s s e v e r a l r e c e n t a c q u i s i t i o n s , including India’s largest gene r i c pha rmaceu t i ca l m a n u f a c t u r e r G l a n d Pharma, Germany’s fully-l i c e n s e d p r i v a t e b a n k H & A , a n d P o r t u g a l ’ s second largest commercial bank BCP.

W e a l s o s o l d t h e I r o n s h o r e b u s i n e s s o n very favorable terms. In the pas t , everyone may have been more interested in what we were buying. T o d a y , w e h a v e l e t everyone know Fosun does more than just acquire.

I n F o s u n ’s 2 4 y e a r s , our greatest competit ive edge has been our ability

t o l e a r n , e v o l v e a n d grow. Fosun is constantly learning from the world’s g r e a t e s t c o m p a n i e s , a s w e l l a s f r o m o u r o w n exper iences . We looked t o G E a n d H u t c h i s o n Whampoa as examples of good business operations. And we looked to Warren B u f f e t t f o r h i s v a l u e -invest ing discipl ine and a b i l i t y t o s e c u r e l o n g -t e r m , l o w - c o s t c a p i t a l fo r inves tmen t s . As we continue to learn, Fosun will grow and mature as a world-class investment g r o u p w i t h a s t r o n g foothold in China.

T o a c h i e v e t h i s , F o s u n h a s b e e n “ c o m b i n i n g C h i n a ’ s growth momentum wi th g l o b a l r e s o u r c e s ” a n d

On November 29, 2016, Qian Jiannong, the Global Partner and Vice President of Fosun Group, said in an interview in Beidahu, China that Fosun Tourism and Culture Group has officially spun off.

Officially registered and incorporated in September 2016, Fosun Tourism and Culture Group is currently under reorganization. Aligning with Fosun Group’s strategy of “Combining China's Growth Momentum wi th Global Resources”, and focusing on the leisure holiday demand of middle-class families, Fosun Tourism and Culture Group has integrated the whole industry chain and global resources. This will help position itself as a “global leading leisure travel group taking roots in China” underpinned by the twin drivers of “industry operation + strategic investment”.

(Continued on Page 7) (Continued on Page 4)

On December 15th, Moody's Investors Service has changed the outlook from stable to positive on Fosun International Limited's Ba3 corporate family rating. At the same time, Moody's has affirmed Fosun's Ba3 corporate family rating, as well as the Ba3 rating on the senior unsecured bonds issued by Sparkle Assets Limited and guaranteed by Fosun.

According to the analysis by market professionals, the upgrade in Fosun’s rating outlook demonstrated that Moody's also recognized Fosun’s initiatives on lowering leverage and increasing liquidity, as well as optimizing its debt structure by increasing the proportion of long-term debt and minimizing debt costs.

The change in the rating outlook to positive follows Fosun's recent announcement to exit from some major projects, including the sales of the insurance firm – Ironshore.

Over the past years, Fosun attached high importance to the improvement in debt profile and ratings. Fosun has set up a special taskforce devoted to enhance debt structure, reduce debt cost and facilitate all-around communications with rating agencies to keep raising the group’s ratings.

Moody's Upgraded Outlook on Fosun International's Rating to

“Positive”

h a s u n d e r p i n n e d o u r i n v e s t m e n t o p e r a t i o n s b y t h e t w i n d r i v e r s o f “Insurance + Investment”. We do t h i s because we mus t be t t e r unde r s t and and focus on the needs of families for a happy life. That’s why our investment h a s b e e n f o c u s e d o n “ w e a l t h , h e a l t h a n d happiness” businesses – and why we have created added value through post-investment management.

As a global investment group, maintaining financial strength and l iquidity is ve ry impor tan t . Warren B u f f e t t o n c e s a i d t h e timing of value-investing is important; sometimes you buy, and other times you sell . Fosun’s investment c a p a b i l i t i e s h a v e w o n market recognition, but we must be aware that selling is one of the core capabilities Fosun must cont inue to strengthen. Therefore, last year, we encouraged our core enterprises to actively tap the capital markets. For instance, we announced the spin-off of Fosun Tourism and Culture Group.

Undoubtedly, apart from IPOs, we have many other ways to improve liquidity. D u r i n g t h e p r o c e s s o f Ironshore’s IPO, Liberty Mutual expressed strong i n t e r e s t i n a b u y o u t . U l t ima te ly, we dec ided to sell to Liberty Mutual, a pa r tne r wi th a s t rong in f luence in t he g loba l insurance industry – and par t icu lar ly in the U.S . market.

About BFC

032016.12.31 FOSUN TIMESSpecial

T h e l a u n c h o f 2 0 i n Shanghai also marks the f i r s t o p e n i n g o f F o s u n Foundation to the public. As an important platform of Fosun Group , Fosun Foundation will put on a lot of excellent events such as art exhibitions, fashion shows, cultural performances and summits in the future.

Fosun Group was founded in Shanghai in 1992, while S h a n g h A RT s t a r t e d i n 1996 f rom the co r r ido r o f T h e P o r t m a n R i t z -Carlton, Shanghai. Over the past 20 years, Fosun and ShanghART went through and witnessed the vigorous growth of the society and economy in Shanghai and the evolution of Chinese modern art together.

The 20 exhibition will take modern art from the gallery to a wider arena of public life and build public culture and art in a brand new art platform with joint e f f o r t s , e c h o i n g F o s u n

Foundat ion’s consis tent ded ica t ion to becoming a d i v e r s e i n t e r n a t i o n a l culture center that integrates tradition and modernity. The exhibition subtly embedded all these art classics in the multi-functional art space of Fosun Foundation, achieving a high level of connection and echoing of works and space.

The exhibited art pieces a p p e a r e x c e p t i o n a l l y g o r g e o u s i n F o s u n Foundation. In the spacious display room on the first f l o o r , a l a rg e p i e c e o f installation art by Zhang D i n g i n t e r a c t i n g w i t h t h e p u b l i c s p a c e i n a n efficient manner. Artists’ r e p r e s e n t a t i v e w o r k s upon different media and multimedia experimental creations are collectively displayed in the second floor’s display room, which possesses nearly 600 square meters. As for the display room on the third floor, it is

purely used to accommodate Yang Fudong’s large eight-screen imaging device which attracts many visitors to linger and appreciate.

The “Dancing House” h o s t e d o v e r 7 0 a r t i s t s , col lec tors , cura tors and directors of art institutions t o w i t n e s s t h e o p e n i n g c e r e m o n y o f F o s u n Foundation.

When the night fell and neon lit, guests inlaid the light posts which stood for the light of art to the signing board of Fosun Foundation and then lit the post one at a time. Along with the p l ay ing o f f ou r c l a s s i c tracks including Morningby Grieg, Spring by Vivaldi, Royal Fireworks by Handel and Air On the G String by Bach, the curtain of Fosun F o u n d a t i o n g r a c e f u l l y circulated, offering guests a v i s u a l f e a s t w i t h i t s unpredictable dance.

M s . Wa n g J i n y u a n , the chairperson of Fosun

F o u n d a t i o n p r o p o s e d a t o a s t i n t h e o p e n i n g ceremony and expressed that it was an honor to co-host the special exhibition 20 with ShanghART, “The completed Fosun Foundation is not just a venue. It shall become an iconic fashion l an d m ar k , a s o u r ce f o r innovation and inspiration. As Fosun Foundat ion is officially opened, we would like to take this opportunity to present a diverse culture center combing tradition and modernity to Shanghai and to the world. Fosun Foundation will always keep its faith in the commitment to promoting construction of public culture.”

F r o m n o w o n , F o s u n Foundation will conduct four fixed performance of curtain rotation each day for the public. Being “the pearl on the crown”, Fosun F o u n d a t i o n s h i n e s a n d sparkles in the finance zone of the Bund!

When Art Meets Architecture, Excellence Displays Everywhere

Special Exhibition 20 of Fosun FoundationFosun Group Signs

Strategic Cooperation Framework Agreement with China General Nuclear Power Group

C h i n a ’ s nuc lear power ins ta l led capacity is calculated that must reach 120-150 million kW by 2030 as an effective support, which would be equivalent to around 5% of the total primary energy consumption by that time. As uranium fuel represents the strategic safeguard for the normal operations of nuclear power stations, the growth in China’s nuclear power installed capacity has offered significant room for growth to uranium resources industry.

In the future, the cooperation between Hainan Mining and CGN Mining Company Limited (CGNMC) is in line with the huge development opportunities presented by nuclear power in China. As the uranium resources b u s i n e s s d e v e l o p m e n t platform of CGN Group, CGNMC has in t roduced F o s u n a s i t s s t r a t e g i c shareholder, which is expected to improve its shareholder structure and optimize its corporate governance. This will be conducive to the growth and refinement of its uranium resources platform, contributing to its development into China’s single largest manufacturer, and one of the world’s largest manufacturers of natural uranium.

(From Page 2)

On Dec. 20th, 2016, Fosun Foundation launched a group exhibition named 20 featuring Chinese works of modern art. The exhibition selected 20 crucial artists in Chinese contemporary art history, including Ding Yi, Zhang Ding, Yu Youhan, Zhou Tiehai, Yang Fudong, Xu Zhen, Zhang Enli and Zeng Fanzhi; and displayed 20 representative works, reflecting the development of Chinese modern art over the past 20 years. The exhibition will last until Feb. 20th, 2017.

As a fully integrated use real estate complex located in the heart of the Bund Financial Belt,BFC is the representative masterpiece of Fosun Property’s “Hive City” project. BFC covers approximately 420,000 square meters, bringing together finance, commerce, tourism, culture, arts and other areas, and includes four major business components: Office Buildings, Shopping Center, Fosun Founda t i on , and Wanda Reign On The Bund. BFC commands a panoramic view of the Huangpu River, standing 180 meters tall and spanning 418 meters along the Bund with the best views amongst all the buildings in the area. BFC breaks into new heights amongst skyscrapers on the Bund.

C o v e r i n g a n a r e a o f 4,000 square meters, Fosun Founda t ion was jo in t ly designed by Foster + Partners and Heatherwick Studio of the

U.K. The design inspiration came from the traditional Chinese theater stage, and t h e w o r l d ’s i n n o v a t i v e three- layer independent

and mobile “tassel” curtain system demonstrates the distinctively dynamic beauty of the building. In the future, Fosun Foundation will present

a variety of excit ing art exhibitions, fashion shows, c u l t u r a l p e r f o r m a n c e s , summit forums and other events.

About Fosun Foundation:

FOSUN TIMES 2016.12.3104 Insights

Fosun should be entrepreneur-oriented in creating a happy ecosystem.

We aim to be a “world-class investment group”, creating a happiness ecosystem that cater to the needs of “health, happiness and wealth” from global customers; meanwhile, it is expected that we could make further progress in market capitalization, profitability and financial indicators, maintaining our profit growth rate at 20% or above.

Fosun’s “entrepreneurs” should possess these qualities.In order to achieve these goals, we rely on our employees,

partners and entrepreneurs. Our organization should be “entrepreneur-oriented” in terms of attitude, capability and collaboration.

①Fosun employees should become “problem-solvers”.

②Everyone should go down to the front line.

③Fosun has always been paying attention to “integrity” culture.

④“Hurry up”: We often stress “hurry up” in the DingTalk group and WeChat group of Fosun Link, reminding us to be quick. When we face a problem, we should hurry up to solve the problem. In our annual review, what we appreciate is not how much a team or an individual has achieved, but how many problems the team or individual has solved. Merely fussing around but solving no problem is valueless.

⑤Our organization including our portfolio companies needs to establish a mechanism of “selecting, recruiting, cultivating and retaining” entrepreneurs.

One of the differentiated competitive strategies that Fosun, as an investment group, adopts is to develop the One Fosun platform to coordinate our diversified functions via high technology.

One of the great significances brought by Fosun’s existence lies in its adherence to “value investment”, which means both discovering value and continuously creating value for our invested companies. To complete our mission is to deliver products and services that bring happiness to customers around the world and to make our vision in happy ecosphere and ecosystem possible.

Wang Qunbin:

Fosun Should be Entrepreneur-Oriented

This article provides some of Fosun Executive Director and President Wang Qunbin’s thoughts that he shared at Fosun Group’s morning meeting on every Monday.

Letter to Fosun Classmates

“Be an Intelligent Investor”

This transaction has been beneficial to all parties. Liberty Mutual acquires a profitable insurer in a new market while Ironshore will strengthen Liberty Mutual’s specialty business segment. Also, Ironshore will maintain its competitive position from a rating perspective and be positioned for long-term success.

More importantly, Fosun realizes a reasonable return on its investment. Th is wi l l s t reng then our f inanc ia l strength on one hand, and enable Fosun to accumulate experience throughout t h e e n t i r e v a l u e c h a i n o f g l o b a l investment – “investment, financing, management, and exit”. The transaction also demonstra tes Fosun 's ongoing commitment and focus on maximizing value for its shareholders.

M y f e l l o w c l a s s m a t e s , I t r u s t everyone is well aware that Fosun must continue to grow at its core. Fosun has been expanding our business presence in all dimensions, and continuing to focus on “wisely creating” happiness for our customers. This essence of what we do will never change for any one project.

We must a l so cont inue to inves t g lobal ly. In the fu ture , Fosun wi l l deepen the capability to profoundly help major projects in different regions and industries. Geographically, we must pay attention to opportunities in Europe and the U.S. And we also need to look closely at emerging markets – BRICS and others. In addition, we must foster our “Glocal” (Global + Local) s t ra tegy to local ize our opera t ions when building up our business presence worldwide.

In terms of industry, we must focus on “wealth, health, and happiness”. At the same time, we should also pay attention to C2M, Big Data, AI and robot ics . These can enhance social efficiency. This is especially true as Fosun has already built up its strength in operating diverse businesses. We are participating in the restructuring of d i fferent industr ies , and hoping to be a t the foref ront of the la tes t developments. This is a s ignificant

advantage we have built.Investment is just the beginning,

t h o u g h . Va l u e i s d e r i v e d t h r o u g h m a n a g e m e n t . C o m p a r e d t o h o w th ings have been , nowadays , more and more global enterprises hope to work with Fosun. Why is that? I am sure that it is not because Fosun has become bigger or more influential . Rather, i t i s because of the effor ts a n d h a r d w o r k o f y o u g u y s – o u r fellow classmates over the past few years. You have provided our invested enterprises with competit ive value-a d d e d s e r v i c e s a n d h a v e b r o u g h t a b r o a d e r a n d m o r e i n t e r n a t i o n a l p e r s p e c t i v e t o F o s u n . P e o p l e a r e paying at tent ion to how Fosun can help their business. It is my hope that Fosun i s becoming an ecosys t em, and in this ecosystem, we can deepen o u r i n d u s t r i a l s t r e n g t h s , e n h a n c e ou r g loba l capab i l i t i e s , sha re ou r talent reserves, and generate positive e n e r g y t o s u p p o r t t h e c o n s t a n t development and growth for a l l of you. Ultimately, we can bring a happy life to our customers. Meanwhile, I am emphasizing on this ecosystem, Fosun will make sure to support every invested enterprise in their upstream and downstream value chains. While we a re c rea t ing bus iness synergy, we wil l fos ter inward and outward growth.

In establishing Fosun’s happiness ecosystem, we must also emphasize the cloud strategy and strengthen our middle and back offices. We face uncertainty and poss ib le changes eve ry day – more than we have before. As a global organization, if Fosun were to still rely on conventional management, we would as extinct as the dinosaurs. That is why One Fosun’s Big Data, cloud strategy, and the middle and back offices, based on this new technology, are the most important tasks for Fosun over the next few years. We want to integrate our strength, refine our products, and serve our customers.

Las t ly, I wan t to share th i s . We believe all creative forces are scarce resources, including capital, land, air,

and especially our people. T h i s i s t h e e n e rg y a n d positive force behind the survival of our society, and i t is something we must cherish. As an organization, Fosun is integrating these scarce forces and energies more effectively to promote the progress of society and to provide more happiness for every family. This is o u r b e l i e f a n d F o s u n ’s investment philosophy.

Keep moving forward! Thank you!

Guo GuangchangDecember 9, 2016

(From Page 2)

052016.12.31 FOSUN TIMESCorporate News

IDERA Joins Hands with MITSUI in REIT’s Successful ListingAnother Solid Step for Fosun Property’s “Financialization”

On the morning of 10 December 2016, Fosun Pharma & Intuitive Surgical, Inc. Strategic Cooperation Press Conference and Artificial Intelligence-assisted Precision Medicine Summit was held at Shanghai Ruijin Hotel. Witnessed by Huang Hong, Secretary of Party Committee of Shanghai Municipal Commission of Health and Family Planning, Xulai, Deputy Director General of Shanghai Food and Drug Administration, Zhao Zilin, Chairman of China Association of Medical Equipment, Wang Longxing, Chairman of Shanghai Pharmaceutical Association and Guo Guangchang, Chairman of Fosun Group and Non-executive Director of Fosun Pharma, Chen Qiyu, Chairman of Fosun Pharma and Dr. Gary Guthart, President and Chief Executive Officer of Intuitive Surgical, Inc. (hereinafter referred to as “Intuitive Surgical”) announced on site the official commencement of their strategic cooperation in China. The two parties will jointly invest US100 million to establish a joint venture in Shanghai, which will mainly engage in research, production and sale of innovative robotic-assisted catheter-based technology for early-stage diagnosis and treatment of lung cancer. This will be a new product line separate from the da Vinci® Surgical System products developed by Intuitive Surgical.

“Chindex Medical Limited, a holding subsidiary of Fosun Pharma, is a distribution partner for Intuitive Surgical’s da Vinci Surgical Systems in China. Our collaboration with Fosun Pharma started in 2011, and we are proud to be expanding our relationship to explore new and innovative healthcare solutions together,” said Dr. Gary Guthart, President and CEO of Intuitive Surgical. “It is the first time we are establishing a R&D and production center in China. We are looking forward to making this important long-term commitment to China.”

The joint venture will be engaging in the development of medical tools for diagnosis and treatment of lung cancer, both domestically and internationally, in a more convenient, efficient and comfortable way with its motto of “domestic

manufacture, joint R&D and global sales”. Initial product developments will be applicable to the early diagnosis of lung cancer, and whereas R&D work at a later stage will be focused on early and effective treatment of lung cancer.

Currently, lung cancer in China has a mortality rate that is ranked first among all kinds of cancer. Lung cancer is also recognized as the top killer among all cancers globally, with one of five fatal cancer cases being lung cancer.

Chen Qiyu, Chairman of Fosun Pharma, mentioned that “Lung cancer is one of the most common cancers in the world, particularly in China, so the early diagnosis and treatment are extremely important. Intuitive Surgical is a great company driven by cutting-edge technology. We hope that the costs on diagnosis and treatment of Chinese patients suffering from lung cancer would be reduced through the localization of R&D, manufacture and sales by establishing the joint venture company with Intuitive Surgical. We expect that the cooperation will allow doctors to be equipped with innovative medical tools for precise diagnosis in order to upgrade the standard of medical treatment. We’re confident that the innovative products developed by the new joint venture will be marked to China rapidly, and then further benefit patients across the globe. ”

On December 16 , the r e a l e s t a t e i n v e s t m e n t trust (REIT) toward whose establishment contributions have been made by IDERA Capital Management Ltd. ( “ IDERA”) , a Japanese real estate investment and m a n a g e m e n t p l a t f o r m u n d e r F o s u n P r o p e r t y, a n d M i t s u i & C o . , L t d ( “ M I T S U I ” ) , f o r m a l l y listed on the Tokyo Stock Exchange. This represents a s o l i d s t e p t a k e n b y F o s u n P r o p e r t y o n i t s p a t h o f t r a n s f o r m a t i v e development characterized b y “ F i n a n c i a l i z a t i o n , G l o b a l i z a t i o n , a n d I n d u s t r i a l i z a t i o n ” , emphasizing its role and status as a “Global Leading Real Estate Investor and Asset Manager”.

T h e R E I T j o i n t l y e s t a b l i s h e d b y I D E R A and MITSUI is officially k n o w n a s M I R A I Corporat ion ("MIRAI") , whose a s se t ope ra t ions a n d m a n a g e m e n t a r e taken charge of by Mitsui Bussan & Idera Partners C o . , L t d , a c o m p a n y e s t a b l i s h e d b y t h e t w o parties at a contribution ratio of 1:1. With an initial i n v e s t m e n t o f J P Y 1 0 0 billion, “MIRAI” maintains an inves tment por t fo l io comprising mainly of real estate projects within Japan including premium office b u i l d i n g s , c o m m e r c i a l a m e n i t i e s , h o t e l s a n d residential buildings.

O b s e r v e r s o f t h e J a p a n e s e r e a l e s t a t e i n d u s t r y n o t e t h a t t h e

current Japanese real estate market has already neared i ts peak in the recovery c y c l e , w h i c h i s a l s o attributed to the positive effects from the upcoming Tokyo Olympic Games in 2020 tha t have boos ted the attention of external investors on the Japanese market. It is believed that the J -REIT marke t wi l l further grow and develop a s t h e O l y m p i c G a m e s come closer.

Strategic Cooperation between Intuitive Surgical & Fosun Pharma

(Continued on Page 7)

(Continued on Page 6)

(From Page 1)

How to Achieve “Deepening, Flourishing” in 2017?

The conference will include key discussion sessions on deepening of financialization; refining the product strength of “Health, Happiness and Wealth” businesses; Fosun’s big data and cloud computing strategies, post-investment management and value-added services, etc. Meanwhile, the preparatory work of the Global Conference is in full swing.

As part of the group’s tradition for many years, the Fosun Group Global Annual Conference has become a channel for Fosun’s portfolio companies, investment and financing teams and managers of va r ious depa r tmen t s

a t i t s h e a d q u a r t e r s t o exchange ideas and achieve a consensus. The conference will play a crucial role in allowing Fosun’s team to reach a consensus and foster a sense of cohesiveness.

In 2016, the Group’s board of directors made “Thriving” the main idea of its business management. Fosun raised the operational efficiency of its businesses and enhanced its globalization capability by re f in ing the product strength, meeting the needs for happiness in fami ly life and developing further the businesses of “Health, Happiness and Wealth”. It also did so by adopting C2M (Customer-to-Manufactory),

an innovat ive , in ternet -enabled bus iness model for e-commerce. Looking ahead to 2017, we endeavor to broaden the scope of our businesses, to increase the depth of our immense capability to develop such businesses and to aspire to higher achievements will gain momentum. This is aimed at helping everyone live a better life, making every family happy and thus promoting the progress of society in all dimensions. This is what we call “Creating a Happiness Ecosystem for Success”, w h i c h i s o n e o f t h e highlights of the discussion a t t h i s G l o b a l A n n u a l Conference.

FOSUN TIMES 2016.12.3106 CSR/Corporate News

(From Page 5)

F o r e v e r y C h r i s t m a s season, Rockefeller Center in Midtown Manhattan of New York City would host an annual Christmas tree lighting ceremony in the holiday. This tradition has been honored for over 80 years since its inception in 1933 and become a major e v e n t t o l o o k f o r w a r d to for New Yorkers and people around the world.

Echoing the ceremony, there is a special Christmas t r e e n a m e d “ K r a z y Kris tmas” at 28 Liberty in Lower Manhattan. The e n t i r e t r e e i s m a d e o f strong “Krazy Glue” with var ious Chr i s tmas g i f t s on it. It was lit during the l igh t ing ce remony he ld at the 28 Liberty on Dec. 13th. Later, all the gifts on the tree would be donated to Big Brothers Big Sisters of New York City, a charity group in New York, aiming for shared joy and warmth with children from poor families.

Sing For Hope, another p u b l i c b e n e f i t g r o u p , recently invited pianists, singers and string bands to perform in an excellent mus ic luncheon he ld in the lobby of 28 Liberty. C a m i l l e Z a m o r a , c o -founder of Sing For Hope said affect ionately, “we sincerely thank Fosun for everything it has done for us. It provided our artists a place to show their talents and made i t poss ib le to hold th is p iano fes t iva l at such a beautiful place. T h a n k s t o y o u r g o o d deeds, tens of thousands o f p u p i l s i n N e w Yo r k have the oppor tuni ty to appreciate the beauty of music and art”.

28 Liberty has always been dedicated to supporting t h e L o w e r M a n h a t t a n community, in an effort to build a live community for local residents, enrich its cultural life and promote the integration of people there.

“Glue Christmas Tree” and the Music Luncheon

Celebrates Christmas at 28 Liberty

Club Med Beidahu Ski Resort Grand Opening Makes China’s Happiest City Happier

28 Nov 2016, Beidahu, China – Club Med, the pioneer of the Premium All-Inclusive holiday concept hosted a grand opening ceremony to their second China ski resort just in time for guests to the current ski season. Mr. Qian Jian Nong, Vice President of Fosun Group and President of Fosun Tourism & Commercial Group, Henri Giscard D'Estaing, President of Club Med, and Gino Andreet ta , CEO of Club Med Grea ter China a t tended t h e e v e n t w i t h w o r l d w i d e g u e s t s sharing the “Premium All-inclusive” experience together at the ceremony.

Located in Changchun, "China 's happiest city”, Jilin, China, the resort is only an hour and a half drive away

from the airport. The ski resort will provide Club Med’s signature French style “premium all-inclusive” holiday concept. In the winter, the resort will offer activities for expert and novice sk i e r s , and in the summer i t w i l l offer act ivi t ies for visi tors to hike the mountains, get close to nature, and explore the natural beauty of the mountains, especially the feature of beautiful hard rime.

Local culture combined with the French ar t of l iving shine through t h e d e s i g n o f t h e n e w C l u b M e d Beidahu Resort with the inspiration taken f rom the natural beauty and c inema tograph ic cu l tu re s o f bo th France and China.

Strategic Cooperation between Intuitive Surgical & Fosun Pharma

Mr. Guo Guangchang said, “Since the very beginning of Fosun Group’s establishment, pharmaceutical and healthcare have been one of our key segments. After developing for more than 20 years, Fosun healthcare sector is now a leader in China’s pharmaceutical and healthcare industry. Healthcare is a crucial cog for Fosun’s strategy of focusing on demand for wealth, health and happiness from middle-class families. Since precision medicine is the future direction of healthcare industry, we hope that we can integrate the cutting-edge R&D capabili t ies of Intuitive Surgical with the extensive resources disposable of Fosun Pharma to create precision medical closed loop, so as to improve health quality and health indicators of the increasing number of patients who suffer from lung cancer at home and abroad.”

On the day, Dr. Gao Changq ing f rom the Genera l Hospital of the People 's Liberat ion Army and Dr. Bai Chunxue, Chairman of Chinese Alliance Against Lung Cancer (CAALC) and Chairman of Shanghai Respiratory Research Institute also attended the forum and delivered speeches for the guests on cutting-edge topics such as the future of robotic-assisted surgery and how to prevent and cure lung cancer in the age of internet of things.

Meanwhile, a charitable robotic-assisted pancreatic tumor r e s e c t i o n p e r f o r m e d with a da Vinci System conducted by Professor Peng Chenghong from R u i j i n H o s p i t a l w a s simulcast at the forum. A s w i t n e s s e d b y t h e g u e s t s , P r o f e s s o r Peng has successfully performed the surgery on the pat ient . Later, Mr. Guo Guangchang and Dr. Gary Guthart a c c o m p a n i e d b y D r . S h e n B a i y o n g , V i c e P r e s i d e n t o f Ruijin Hospital, offered their congratulations to Professor Peng on his success in operation at Ruijin Hospital.

072016.12.31 FOSUN TIMESInterview

Q: What messages does St. John wants to tell to the Chinese modern women?

Mr. Bruce: I think what we would like them to know is that we are a modern fashion brand. What they see from others they will see from us, but in a unique ST. JOHN way. We are very excited that they will get a chance to see our spring 2017 collection and new causal lifestyle Sport Collection. We think the newly launched Sport Collection really fits Chinese women’s lifestyles, as they begin to be more active and dress more casually in their life.

Q: What do you think of Asian market? Are there any rooms to expand in other Asian countries other than the existing ones?

Mr. Bruce: China is our biggest opportunity. Taking back our license from our former franchises is giving us the platform to really start to build and grow the business. China can certainly be the most or second largest business that we should have in the world. In Hong Kong, we have grown from one store to three in the last two years and we are looking forward to adding 4th and 5th stores in the coming year. In Korea, we expect to add two additional stores by the end of this year. We have a wholesales partner in Japan that helped us open stores in Tokyo and Osaka, and we are looking for further store locations with the partner.

Q: Can you tell me more what you see in the trend in luxury buying patterns among Chinese?

Mr. Bruce: What we see in the Chinese clients is people who are internationally and globally thinking about fashion today. They are not regional thinkers. They are thinking about and looking at what people wear in Paris, London, New York and Tokyo. Thus we view them as sophisticated clients that are very interested in fashion and interested in kind of global fashion.

Q: Fosun has invested in so many consumer goods and ST. JOHN is one of them. How will you leverage this great opportunity in the Fosun Family to explore more for the development in the future?

Mr. Bruce: Fosun helped us to recruit our initial staff and supply us with technical, legal, financial and investment resources here in China. I think the investment of Fosun really gave us the confidence to take over the brand in China and do it ourselves. We are looking forward to do more of “Fosun Connections”. Their consumer customer lists are massive, which we can take those customer lists and begin to target those people. It gives us a great chance to have a client base. Fosun has the ability to connect us to celebrities, to people with the Studio 8, that we may be able to start to dress people, and get the product up front to the big screen, and get people talk about the brand.

November 2016, ST. JOHN has launched the brand new line of casual wear in Hong Kong.ST. JOHN Sport, a chic collection of modern silhouettes that combines sport-inspired and luxe-travelling fabrics made to mix and match for effortless ease and wear.

ST. JOHN Reveals its 2017 Spring and Sport Collection

Mr. Tetsuya NAGAO has a strong track record in public and private equity investments in Japan for over 12 years. His investment strategy based on dense domestic network and business understanding which were acquired from his management consultant career has consistently outperformed the return in the market.

Mr. Gong Ping, Global Partner and Vice President of Fosun Group said, “China’s and Japan’s economies complement each other to a high degree. As two closely correlated economies, many brilliant Japanese b rands have a l so become Ch inese househo lds ’ favouri tes. Japan has a strong influence on Asia because it is a well-developed economy and has a mature operating system in its capital market. We are delighted to announce that the equity investment platform in Japan is off icial ly launched. This is an important move by Fosun to push forward with i t s g loba l iza t ion s t ra tegy. Our Japanese equ i ty investment platform is led by a team of outstanding and knowledgeable professionals. With our excellent management and investment team and the multi-indus t ry research capabi l i ty, we wi l l adhere to Fosun’s philosophy of value investing and explore more investment opportunities in the Japanese capital market. At the same time, leveraging Fosun’s dynamic resources and professionalism in all of its business segments , we can ass is t Japanese enterpr ises in providing more high-quality and convenient products and services for households across the world.’’

Fosun’s New Initiative to Build Business Layout in Japan –

An Equity Investment Platform

(From Page 2)

(From Page 5)

Interview with Mr. Bruce Fetter, Global

CEO of ST. JOHN

IDERA Joins Hands with MITSUI in REIT’s Successful ListingAnother Solid Step for Fosun Property’s “Financialization”

by Stephanie Fung

ST. JOHN CEO at its Lee Garden Boutique, Causeway Bay, Hong Kong

Stephanie Fung is from the Public Affairs & Corporate Communications Department of Fosun Group, based in Hong Kong. She is responsible for corporate communications activities in Hong Kong and overseas, including events, corporate branding and media relations etc. She has been appointed as an anchor for several major corporate events, host ing “l ive” dialogues with Fosun’s top management team members.

The IDERA side expressed its view that through the cooperat ion wi th MITSUI, one of the best -performing Japanese conglomerates , and by leveraging the extensive exper ience and distinguished results gathered by IDERA over the years as a leading asset manager, maximum synergy can be unleashed in respect to the REIT project with the combination of the strengths of both parties. This is expected to further boost shareholder interests by way of investment and asset operations conducted in an even broader asset segment.

In addition to the successful listing of REIT, Fosun Property and its affiliated platform company have successfully utilized numerous leading, innovative financial means such as ABS and PPP to proactively diversify financing and exit channels, staying abreast of capital markets at all times. As the most prominent element differentiating i t from conventional real estate developers, “Financialization” represents the most crucial component of the capital operations of Fosun Property as a real estate investor and manager. This entails the involvement in real estate investment from the perspective of capital operations, and the comprehensive combination of capital markets with funds both within and beyond the system. Emphasis is therefore placed on capital and from the standpoint of a capital investor and asset manager in respect of financialization. This is likewise coupled with external financing capabilities and fund management ability, with the use of financialization tools that allow for diversified, multi-channel financing and exit. In recent years, Fosun Property has gradually pursued its transformative upgrade for becoming a “World-Class Real Estate Investor and Investment Manager”, by actively tapping into its “Hive City + Global Landscape” strategies and in line with the market trends of financializaton, globalization and industrialization.

FOSUN TIMES 2016.12.3108 Media

Fosun International Receives The Title of “2016 Best Investment Value Award for Listed Companies”

Fosun Group Ranks

“Top 50 Chinese Companies Going Global” & “Top 10 Overseas M&As by Chinese Companies”

Liang Xinjun Talks with AsianInvestor,

Discusses Fosun’s Global Insurance Strategy

Fosun International has received the “2016 Best Investment Value Award for Listed Companies” in the category of listed companies with market value of more than HK$30 billion. The award has been presented by the Bes t Inves tment Value Award for L is ted Companies (BIVA).

The award demonstrates that numerous f inancia l serv ice ins t i tu t ions and p a r t i c i p a n t s i n c a p i t a l m a r k e t s g i v e F o s u n International recognition for its perseverance to enhance c o r p o r a t e g o v e r n a n c e , information disclosure and market value management.

M o r e o v e r , B I VA’ s j u d g i n g p a n e l h o n o r e d F o s u n G r o u p ’s P u b l i c A f f a i r s a n d C o r p o r a t e C o m m u n i c a t i o n s

Department with the "Best Corporate Communications Team" award in recognition o f t r a n s p a r e n c y i n disclosure of information to and communication with stock commentators and investment columnists in Hong Kong as well as the domestic and foreign media over the pas t year. The group also adopts open and innovative communication channe ls to p romulga te F o s u n ’ s i n v e s t m e n t philosophy and business development strategy. This enabled Fosun to establish excel len t corpora te and brand images standing for globalization.

About Best Investment Value Award for L is ted Companies (BIVA Award)

The BIVA Award was co-founded by a number

o f f i n a n c i a l s e r v i c e organizations operated in Hong Kong, S ingapore , Beijing and Shanghai. Its judging panel comprised t h e r e p r e s e n t a t i v e s o f t h e s e o r g a n i z a t i o n s , s t o c k c o m m e n t a t o r s ,

f i n a n c i a l c o l u m n i s t s a n d r e p r e s e n t a t i v e s o f financial media. The BIVA Award ce lebra tes l i s ted companies’ endeavors and achievements in enhancing c o r p o r a t e g o v e r n a n c e , disclosure of information

and communication which are aimed at increasing the companies’ market value. The review panel selected the winners by such criteria as the l is ted companies’ b u s i n e s s p e r f o r m a n c e , dividend yield, discount to asset value, potential f o r b u s i n e s s g r o w t h a n d t h e s t a b i l i t y o f business model, etc. The B I VA Aw a r d i s a i m e d a t e n c o u r a g i n g l i s t e d companies to further their e ffo r t s in marke t va lue management , enhancing t h e i r m a r k e t v a l u e a n d achieving greater success in the capital markets.

The award presentation c e r e m o n y o f “ B e s t Investment Value Award for Listed Companies” took place in Hong Kong on 12 December 2016.

On December 2, Fosun G r o u p r a n k s “ To p 5 0 C h i n e s e C o m p a n i e s Going Global” and “Top 1 0 O v e r s e a s M & A s b y Chinese Companies” by China’s 3rd Globalization Conference. Fosun Group Global Partner and Vice President Qian Jiannong a t t ended the fo rum and a c c e p t e d t h e a w a r d o n behalf of Fosun.

Qian Jiannong: M&A is the Fastes t Way for Chinese Enterprises to Become a Multinational Corporation

“In recent years, many

C h i n e s e e n t e r p r i s e s have come to the po in t when they must become m u l t i n a t i o n a l s , ” Q i a n J i annong sa id , “One o f the fastest ways to do so i s th rough mergers and acquisitions. From a global e c o n o m i c p e r s p e c t i v e , current global structural problems have made the g l o b a l e c o n o m y w e a k , and Chinese enterpr ises and funds could help the g l o b a l e c o n o m y o u t o f i t . That is why China is considered as a powerful force for global economic recovery. Secondly, from

t h e p e r s p e c t i v e o f t h e Chinese economy itself, the Chinese economy is in a period of kinetic economic transformation: There is a great imbalance between supply and demand, and Chinese economies must go overseas to alleviate the imbalance. “Going out” can upgrade technology, talent, brand, and more, easing the contradiction between s u p p l y a n d d e m a n d i n C h i n a ’s e c o n o m y. T h i s form of globalization is a win-win situation for both C h i n a a n d t h e We s t e r n countries.”

The November issue of AsianInvestor magazine, the leading publication in international asset management, published an exclusive two-page interview with Liang Xinjun, the Vice Chairman and CEO of Fosun Group. The article provided an in-depth analysis of Fosun’s global insurance business layout & strategy, discussed the role of insurance in the Group, and explained how Fosun continues to enhance its "insurance-oriented integrated financial capability".