Fosun International (0656.HK) said on Monday it will keep supporting the development of its portfolio of companies in Portugal, which includes the country's largest listed bank, Millennium bcp (BCP.LS), and its biggest insurer, Fidelidade.
The Chinese conglomerate has invested heavily in Portugal over the past decade, cementing its positions in the banking, insurance, and healthcare sectors, but reports and analysts have flagged it could be forced to reduce its exposure in the country to strengthen its balance sheet.
Fosun cut its stake in Millennium bcp by 5.6% two years ago to around 20% and has been exploring options for Fidelidade, where it holds an 85% stake, including a potential initial public offering.
Fidelidade had planned an IPO for its fully owned healthcare unit Luz Saude, but shelved the offering in 2024 amid market volatility.
In a statement, Fosun said on Monday it will keep its "long-term commitment" to the Portuguese market, actively supporting "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, five times more than its loss a year earlier, due to significant impairments related to real estate projects and goodwill in non-core assets, adding it is "streamlining operations ... and focusing on core businesses."
Fosun highlighted that Fidelidade, "a core subsidiary", saw its net profit rise 15.8% to 201 million euros last year. Millennium bcp's net profit rose 12% to a record high of 1.02 billion euros.
($1 = 6.9119 Chinese yuan renminbi)
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