As the sun shone down on Christmas Day 2017, and with the year ticking toward a close amid a festive atmosphere, our CEO Wang Qunbin shared some thoughts on Fosun’s future development in Fosun 30 Minutes.
The following is Mr. Wang’s insightful perspective:
How time flies. Today is Christmas Day and we are entering the final week of 2017. First, on behalf of our Chairman Guo Guangchang and Fosun’s management team, I would like to extend my gratitude to Fosun team members all over the world! Thank you all for your contributions to the advancement of Fosun’s C2M strategy and to our remarkable corporate performance in 2017.
When considering Fosun’s development in 2018, I would highlight several important items.
1.Fosun should seize the C2M strategic opportunity before us and embrace the coming paradigm shift
Recently, I studied two interesting documents: a report on the evolution of business in the next decade, and a compelling business case study by Masayoshi Son. Masayoshi Son’s investment case study revealed a striking area of strength: his biggest interest is to embrace the opportunities created by a paradigm shift in global industry, which was covered in detail in the piece I read on the evolution of business. The concept of a paradigm shift, proposed by famous American scientist and philosopher Thomas Kuhn as early as 1962, might be new to many team members. It relates to industrial development and the evolution of business systems. For example, how will business models shift in the future? Where it will change occur first? What will the impact be? These are critical questions for all of us.
Looking forward at the next 10 to 20 years, we have a clear perspective on the changes that will be important for Fosun. The first major industry paradigm shift is C2M (Customer to Maker). Fosun has anticipated this shift and we should stick to the powerful, existing C2M strategy, particularly in the areas of health, happiness and wealth. Second, we should continue to build on industry through value investment that is led by technological innovation.
2.Stick to technology leadership
How can we ensure that our leadership in technology will continue? At the C-end, we must cultivate a global vision regarding members and subscribers with a goal to reach 1 billion members in the future. In practice, the process may take some time, but we will move as rapidly as we can toward our goal.
When considering “2” (link technology), we note that the current global focus is on the development of big data, cloud computing, AI and other similar technologies. We believe we must continue to prioritize the massive opportunities created by AI and IoT. Beginning with corporate AI, we hope that all Fosun business lines, sectors and teams will more efficiently implement investment, acquisition and incubation. Our middle and back office should also take full advantage of AI, IoT, the cloud and other technologies, completing the transition to new technology and improving efficiency. Fosun welcomes and proactively embraces technologies from Silicon Valley and from around the world. We plan to apply the most advanced technologies in various areas of our business, a case in point being our cooperation with Ding Talk. We have not only promoted Ding Talk’s development but also increased the efficiency of the entire organization. In 2018, we will refine our efforts in this area, swiftly executing our strategy in a more systematic manner.
3.Continue to evolve Fosun’s globalization strategy
Fosun’s globalization strategy always focuses on “combining China’s growth momentum with global resources”. We will continue to employ this strategy as we focus on being “Glocal.” In fact, we will improve our ability for “combining Glocal growth momentum with Fosun’s resources,” focusing on key regions around the world, such as the US, Japan, Europe, Southeast Asia, India, etc. For example, Fosun’s Club Med has successfully promoted the development of Tomamu resorts in Japan, providing new products and services for household customers.
As we accumulate more and more global assets, Fosun’s own resources can be integrated with the growth momentum in more regions around the world. In addition, we must also think about making such resource information available to our teams in a more efficient manner. As Mr. Guo said, once our team leader goes to a region, for example Japan, we should immediately inform him of what company resources are available for business development in Japan, thus making our organization more intelligent and efficient.
4.Focus on promotion of big projects, unicorns and BD (business development)
We have made significant investments in the C-end, M-end and in link technologies; our foothold here is strong. In the meantime, however, our teams must continue to seek major opportunities, such as the Tsingtao Beer project announced last week. We should also look for projects that have the potential to grow into unicorns, and identify more flexible BD opportunities to expand markets for our products and services. Then we can combine all three – big projects, unicorns and BD – with our innovation capabilities and C2M capabilities, enabling them to empower each other, all while maintaining the sustainable development of our organization in profitability and cash flow.
5.Keep building the ONE Fosun system
ONE Fosun can help link the organization internally while increasing efficiency. In addition, by integrating information flow and better combining the resources, ONE Fosun will empower Fosun’s portfolio companies, empower the Fosun ecosystem and empower our partners.
6.People are the most important
Fosun’s most important asset is its people. We will keep strengthening the team, finding and cultivating talent and entrepreneurial teams. The HR personnel on various teams will continue to expand their headhunting capabilities, and the company will support this effort to enable us to find more talent in synch with Fosun’s vision and strategy. Meanwhile, our colleagues working at headquarters in BFC will stand as role models and as a driving force for the company. We will represent the Fosun system in every respect and remain on the cutting edge of global business, including the construction of scenario-based intelligent system for at the headquarter. We must use new technology to improve our efficiency, and to promote entrepreneurship. We will continue to support those team members working overtime for the Group.
Finally, everybody should work together to position our C2M strategy to lead China and the world, and to make our shared dream come true! I wish you a healthy, happy and wealthy new year! Thank you!
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