(Shanghai, China, June 15, 2015) Fosun International Limited (“Fosun”, SEHK stock code: 00656) and Thomas Cook Group plc (“Thomas Cook”) held a signing ceremony at the Happy & Fashionable Lifestyle Global Forum in Shanghai. Fosun and Thomas Cook have entered into an agreement to establish a joint venture (the “Joint Venture” or “JV”) to develop domestic, inbound and outbound tourism activities for Chinese travelers under Thomas Cook brands.

 

Guo Guangchang, Chairman of Fosun, Qian Jiannong, Vice President of Fosun and President of Tourism & Commercial Group, together with Craig Stoehr, Chief Corporate Officer and General Counsel of Thomas Cook signed the Joint Venture agreement at the event. The share capital of the Joint Venture will be 51% owned by Fosun and 49% by Thomas Cook.

 

This joint venture is another significant implementation of Fosun’s strategy in the healthcare and happy & fashionable lifestyle industry. Fosun will help Thomas Cook, a company with rich brand tradition and leading position in the European tourism market, to enter and develop its business in the fast-growing Chinese tourism market. Thomas Cook will bring unique travel experiences for Chinese travelers.

 

Qian Jiannong, Vice President of Fosun and President of Tourism & Commercial Group said, “We are delighted to work with Thomas Cook, the world’s best known name in travel, to develop a leading travel business serving the growing number of Chinese travelers. Today, there is a lack of innovation and differentiation in the travel product offerings for Chinese tourists in China and abroad, thus presenting an excellent opportunity for our new Joint Venture to gain a competitive advantage.”

 

Peter Fankhauser, Chief Executive Officer of Thomas Cook said, “Today marks a significant milestone in our strategic partnership with Fosun. We are excited at the prospects of entering the largest and fastest-growing tourism market in the world with such an experienced partner. Our heritage, know-how and expertise in international travel together with Fosun’s in-depth market experiences and operational resources give us a solid platform to precisely capitalize on China’s increasing demand for leisure travel.”

 

The JV office will be based in the China (Shanghai) Pilot Free Trade Zone. The business will be in operation in this autumn, subject to obtaining all relevant regulatory approvals and licenses. The JV board will comprise four members, with Fosun and Thomas Cook appointing two members each.

 

Fosun has been persisting in implementing its investment model of “Combining China’s Growth Momentum with Global Resources”. Fosun’s sights are set on the consumption demands of China’s rapidly growing middle class and their continuously upgrading lifestyles. Fosun will step up its efforts in related investments on healthcare and happy & fashionable lifestyle industries, focusing on consumption upgrade and enhancement on its global industrial integration capability, with an ambition to build a world-class healthcare and happy & fashionable lifestyle platform. Meanwhile, Fosun will further proactively plan its ecosystem for the healthcare and happy & fashionable lifestyle industry to enjoy collaborative sharing and integration for related resources.