Finance
China's Fosun to Keep Supporting Its Companies in Portugal
Published by Global Banking & Finance Review®
Posted on March 30, 2026
2 min readLast updated: March 30, 2026
Add as preferred source on Google
Quick Summary
Fosun International reaffirms its long‑term commitment to supporting key Portuguese holdings—including Millennium bcp and Fidelidade—despite a sharp 2025 loss driven by impairments. Its core assets delivered strong profits, bolstering confidence in its Portugal strategy.
Fosun Reaffirms Commitment to Banking and Insurance Investments in Portugal
Fosun's Ongoing Investments and Strategic Developments in Portugal
Portfolio Overview: Banking and Insurance Holdings
LISBON, March 30 (Reuters) - Fosun International 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, 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.
Recent Changes in Stakes and IPO Considerations
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.
Fosun’s Long-Term Commitment and Financial Performance
Statements on Strategic Direction
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."
Financial Results and Core Business Focus
Losses and Streamlining Operations
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."
Profit Growth in Key Subsidiaries
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)
(Reporting by Sergio Goncalves; Editing Andrea Ricci )
Key Takeaways
- •Fosun posted a substantial 2025 net loss—estimated between RMB 21.5 billion and RMB 23.5 billion—mainly from non‑cash impairments in real estate and non‑core goodwill (forbes.com).
- •Despite the loss, Fosun emphasized its “long‑term commitment” to its Portuguese portfolio, including backing Millennium bcp and Fidelidade, which both achieved double‑digit net profit growth in 2025 (investing.com).
- •Fidelidade, considered a core unit, secured an 'A' credit rating from S&P and posted robust earnings (€173.5 million net income, 12.6% revenue growth in 2024), underscoring its financial stability and strategic value in Portugal (en.fosun.com).
References
Frequently Asked Questions about China's Fosun to keep supporting its companies in Portugal
1Which companies does Fosun own in Portugal?
Fosun owns stakes in Millennium bcp, Portugal's largest listed bank, and Fidelidade, the country's biggest insurer.
2What are Fosun's future plans for its Portuguese investments?
Fosun has stated it will maintain its long-term commitment to Portugal and support the development of its portfolio companies.
3Did Fosun reduce its stake in Millennium bcp?
Yes, Fosun cut its stake in Millennium bcp by 5.6% two years ago and now holds around 20%.
4Was there any change regarding the IPO of Luz Saude?
Fidelidade planned to IPO Luz Saude, its healthcare unit, but shelved the offering in 2024 due to market volatility.
5How did Fosun's Portuguese companies perform financially last year?
Fidelidade's net profit rose by 15.8% to 201 million euros, and Millennium bcp's net profit increased by 12% to 1.02 billion euros.