February 26 article: Is Fuxing Department entering the automotive industry? This might not be a big issue. The real question is how much the Fosun Galaxy wants to and can invest in the automotive sector. Recently, Liang Xinjun, Vice Chairman of Fosun Group, revealed to reporters that Fosun has ambitions to become a bus and auto parts company, with a planned investment of one billion yuan. The company has also made its mark in entertainment, winning awards like the National Idol Singers Contest and the China Cyber Pop Singer Contest Golden Jubilee Award. In recent years, the Fosun Galaxy has built a strong reputation in the domestic capital market. It now holds shares in over 100 companies across various sectors, including biopharmaceuticals, real estate, information technology, commerce, finance, steel, and automobiles. Its diverse investments suggest a wide-ranging appetite for growth. Behind the scene, Guo Guangchang, the founder of Fosun, ranked ninth on the 2003 Forbes China Rich List with personal assets exceeding three billion yuan. But the question remains: does Fosun, which has traditionally focused on capital operations, want to truly root itself in the automotive industry, or is it just riding the current wave of speculation around the auto sector? Will this be a strategic move or just a temporary venture? During an interview in March, Liang Xinjun confidently stated that Fosun plans to increase cooperation in passenger cars, with the Jinlong passenger car segment expected to grow significantly. He also mentioned that a new bus project would launch in March, though details were not disclosed due to concerns about market reaction. However, he confirmed that it was a joint venture with foreign investors. Fosun has been gradually expanding into the automotive sector. In April 2003, it signed a cooperation agreement with Jiangxi Coal Group to develop Anyuan buses. Later that year, it acquired a 25% stake in Xiamen Jinlong. Fosun's plan is to have Anyuan Bus achieve sales of two billion yuan within two to three years, with a total investment of one billion yuan. Liang Xinjun explained Fosun’s strategy as “reverse thinking.” He believes that in China’s auto industry, agricultural vehicles, construction vehicles, and passenger cars are more competitive due to lower costs. He sees potential in these segments and aims to build a leading position through smart investment. In addition to passenger cars, Fosun is exploring opportunities in auto parts. Reports suggest that Fosun may inject capital into Nanjing Automobile, possibly producing a car model. While Liang Xinjun denied direct involvement in car manufacturing, he emphasized that Fosun is actively seeking partnerships in auto parts, both domestically and internationally. The company is also considering overseas acquisitions in the auto parts industry, with a planned investment of one billion yuan. Liang Xinjun believes that mastering core technologies and components will be crucial in the evolving auto industry. Despite the potential, challenges remain. The Chinese auto parts industry is still at a low level, with many small players lacking R&D capabilities. International giants like Visteon and Delphi have already established strong footholds in the market. While Fosun denies entering the car industry directly, some analysts believe the company may eventually target vehicle manufacturing. Given the strict regulations and high costs of entering the car sector, private investors often start with buses or parts first. Fosun, known for its focus on capital returns, hopes to exit through public listings. However, the automotive industry is typically long-term and capital-intensive, which may not align with Fosun’s fast-paced investment style. According to a report from New Fortune magazine, Fosun’s financial risks have been increasing, and the cost of large-scale investments could lead to significant exposure. As Fosun expands into the automotive sector, the balance between growth and risk management will be critical.

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