Fosun Interview

What makes Fosun's globalization so unique? Hear what its Global Partner says

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Fosun launched its Global Partner Program in early 2016. Of all the 27 global partners for now, there are only two females, one of whom is Ms. Kang Lan. It has been eight years since Ms. Kang joined Fosun in 2010. She has witnessed Fosun head office’s expansion from less than 200 people to more than 1,200 now, and the diversification and internationalization of its portfolio.

 

"We expect a global vision from our employees and meanwhile, we also emphasize hiring local talents overseas", said Ms. Kang. She stressed that talents retention ought to go ahead of global market entrance at 2018 the 10th Global Mulan Forum & China Business Mulan Annual Meeting organized by China Entrepreneur and Mulan Foundation.

 

With a background in HR management, Ms. Kang continues to promote the recruitment of international talents enthusiastically after she is at the helm of Fosun's insurance unit.

 

Talents retention aside, Kang thought, it's also necessary to combine China's growth momentum with global resources in order to open global market. When it looks for potential investment and acquisition abroad, Fosun pays particular attention to how well a company’s products and technology align with the Chinese market. Moreover, a consistent value and corporate culture is also important. "Laws and regulations, regulation requirements and customs vary around the world, but these are not so important. It is the entrepreneurship that helps us reach a consensus on many matters," she said.

 

Excerpts from Mr. Kang's Speech

 

Hello, everyone! I am glad to take this opportunity to share with you something about Fosun's globalization journey as well as our experiences and insights.

 

First of all, let me introduce Fosun Group. It is a global company doing quite well across the world in recent years. Our core strategy focuses on the needs of one billion global families in health, happiness and wealth, and we’ve been working hard to create a C2M happiness ecosystem. Fosun's globalization has several traits. 

 

I.Combining China's Growth Momentum with Global Resources

 

When we look to invest overseas, we’ll see if the company's products or technology are suitable for the Chinese market and consumers.

A typical case is our investment in Club Med. We had considered the possible consumption upgrading across China, and also appreciated its business model featuring family-friendly resort. After the investment, we’ve helped it attract more Chinese tourists and expand Chinese business. Now it has opened five resorts in China and faster growth can be expected.

 

II.Talents First

 

Mr. Guo Guangchang always says, "Our top priority is to find outperformers and put them in the right place". Globalization is fundamental to talent recruitment. Our talent recruitment strategy has two features.  

 

First, we expect a global vision from our staff at home. It doesn't mean you must have overseas background, but you are required to have learning ability and business acumen. In addition, we prefer hiring best talents locally. If we invest in a company outside China, it’s impossible for us to assign a large number of Chinese executives. This is how we do things uniquely.

 

For example, when we invested in the biggest insurer in Portugal that took up 1/3 of its domestic market, we only sent a CFO who was hired after the deal and has done a great job. It has been proved that this approach to management works quite well for both sides.

 

Second, we have also taken into full account the HR factors in our post-investment management. Take corporate governance for instance. We will consider whether a team has entrepreneurship or whether it is on the same page with us in terms of development plan. We will work with the team together on staffing, incentives and succession plan. This approach is effective in a number of our overseas assets, including a Japanese AMC where local employees work for us. Talent localization is quite important.

 

III. Consistency in Value and Corporate Culture

 

Many believe that it’s a different thing to invest or expand overseas. I think we need to focus on the similarity instead of the difference.

 

From our point of view, entrepreneurship is something we highly appreciate and expect to share with our partners. In any country or market where you operate, it’s all about the entrepreneurship, particularly the leadership.

 

Laws and regulations, regulation requirements and customs vary around the world, but these are not so important. It is the entrepreneurship that helps us reach a consensus on many matters. These are some of our takeaways from the process of globalization.