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Interview with Koo Xiaoxu, President of Fosun financial services group: blockchain technology will be a social infrastructure

Time : 28/11/2021 Author : c5e2wf Click : + -
        When talking about the bitcoin boom, Gu Xiaoxu said that there is a certain reason for the emergence and attention of any new thing, but it must be developed on the basis of norms in order to be long-term and sustainable. On December 16, Gu Xiaoxu, Fosun global partner, vice president of Fosun international and President of Fosun financial services group, during the first Qiantang River forum, gave an exclusive interview to reporters from the daily economic news (hereinafter referred to as NBD). Besides talking about the business situation after Fosun acquired the Portuguese Commercial Bank (hereinafter referred to as BCP), he also talked about the development and changes of the domestic financial market and hot issues such as blockchain and bitcoin. Gu Xiaoxu: I should say soft so good.
        From now on, there are three significant changes. First, BCP's share price has risen by 60% in more than half a year. This is a very significant change, which shows the market's confidence in Chinese enterprises after investing in this bank. Second, profitability has increased significantly. At present, the annual report has not been published for the time being, and we do not know the specific figures. However, judging from the situation of the previous three quarters, the business situation is all under planning. From the past loss to a certain profit, the key is that there has been a big change in the operating situation, and the burden of non-performing assets is in a very rapid process of elimination. Third, according to our communication with the management and all aspects, including the customers' interest in BCP and business cooperation intention, for example, we have colleagues in Europe to help them do business in China, and they are often too busy. The customers are very interested in the Chinese market and all aspects of the situation, and hope to participate.
        From this point of view, investment in BCP has not only helped the development of the bank itself, but also helped European customers to understand the Chinese market. No matter whether China or Portugal has a positive attitude towards such investment. Gu Xiaoxu: first of all, our investment represents our confidence in Portugal, the European economy and the excellent quality of BCP. The difficulties encountered by the company are temporary and more external systematic. In terms of itself, the company has an excellent team, and the Portuguese people are very hardworking, friendly and innovative. From this perspective, Fosun's investment is mainly to rebuild confidence. Second, we fully respect this team. We just give them more encouragement, support and help. The whole team is highly stable. All senior executives continue to serve and have more energy.
        Gu Xiaoxu: first of all, some time ago, we facilitated the cooperation between China UnionPay and BCP. This is the first time that China UnionPay issues cards to local banks in Europe. This will help overseas retail customers to further improve their understanding of China, including that European customers' consumption, tourism and investment in China will be very effective media and starting point in the future. Such exchanges will help European customers understand more about China's payment technology. China takes the lead in this respect. Many technical means unimaginable by Europeans have been realized in China. From the feedback, the European market is also eager for us to bring technology to China. The significance of this cooperation is multifaceted. Second, there are many Chinese enterprises, including many powerful entity enterprises in Zhejiang, who want to go out and develop. However, a big problem is that Chinese banks can better understand these enterprises, but Chinese banks have high financing costs abroad, and the competitiveness of financing services provided to enterprises is limited.
        BCP has a large retail business in these regions, and the financing cost is relatively low. For Chinese enterprises, the cost of obtaining BCP financing is relatively low. At the same time, Fosun, as a major shareholder, can provide BCP with domestic enterprise information and qualification materials more conveniently, facilitating communication between the two sides. NBD: Fosun has invested in the Internet financial industry of e-commerce bank in China and is also involved in the foreign financial industry. Will you consider bringing China's fintech technology abroad in the future?. Gu Xiaoxu: This is a very good topic. In fact, we have already started to help them in technology export. China has been in the forefront of the world in the practice and application of financial technology. Therefore, in the past, we always talked about the introduction of capital or technology, but now we have begun to reverse export. This is what we are proud of.
        For example, many investment enterprises are envious of our business model and technology. We are also helping them to do this work, and we believe it will be fruitful soon. NBD: in contrast to domestic financial institutions, the listing of Yong'an Property Insurance invested by Fosun has experienced certain twists and turns. How to view the current situation of domestic financial investment market?. Gu Xiaoxu: first of all, we feel that there are still great opportunities in the domestic financial market, and we will do our best to support the development of domestic insurance companies; At the same time, the steady strategy remains unchanged. No matter the product design or the application of marketing methods, the principle of legal compliance and steady operation shall be strictly observed. As general manager Guo (Guo Guangchang) said, we want to be a century old shop, and we will not pay special attention to the gains and losses of one thing.
        NBD: in recent years, we have also seen constant changes in Fosun's investment strategy. From most of the financial investment in the past to the industrial investment now, even BCP's investment goes deeper into the management center. Will it put forward higher requirements on Fosun's management?. Gu Xiaoxu: it can't be said that most of them were financial investments in the past. Looking back, the formation of Fosun's three major industries is actually the overall pattern formed by continuous industrial investment. For example, the industrial cluster with Fosun medicine as the core is the result of long-term strategic investment, including Yu Garden shares and financial sector. There are also some financial investments and PE investments. However, from the perspective of the group itself, industrial investment is always the main one.
        Now we may focus more on the three major industries of health, happiness and prosperity. Moreover, BCP's investment is not fully managed, and they only participate in reference and support when they need it. The enterprise's own management mode is constantly evolving and evolving, but from the perspective of Fosun, the fundamental thing has not changed, that is, the concern for people and the trust and support for the team, and the mechanism to encourage everyone. In essence, it comes down in one continuous line, but at the level of methods, it will be constantly updated and iterated. NBD: blockchain technology is very popular at present. Recently, quchain technology and Yadong star under Mr. Guo Guangchang reached a round a financing agreement of tens of millions of yuan. What is the purpose of Yadong star investing in quchain? Will Fosun international intervene in the investment of blockchain technology?.
        Gu Xiaoxu: quchain is an enterprise with blockchain technology as its core competitiveness. It has very strong survival and development ability. The reason why we choose to cooperate with it is mainly in response to Fosun's slogan that technology should lead the industry. Blockchain technology is a new technology that everyone is familiar with, and it is also a profound knowledge. We are constantly learning and have seen some latest application results. For example, through breakthrough cooperation with some representative financial institutions in the industry, it can be predicted that blockchain technology will be a social infrastructure. In such a representative industry in the future, we will find leading enterprises, integrate Fosun's competitiveness, and conduct comprehensive cooperation with them. This is our view on blockchain technology and our original intention to participate in it.
        NBD: how to view the current phenomenon of bitcoin "madness"? On December 15, there were also media reports that Shi Yuzhu, Lei Jun and others invested in the bitcoin trading platform okcoin? Will Fosun invest or plan?. Gu Xiaoxu: we have been paying close attention to the boom of bitcoin. I believe that the national regulation of the industry is for its long-term development. Under the framework of national regulations and guidelines, we will actively learn and understand, and then pay attention to its overall development and some impacts on China's financial industry. I believe that there is a certain reason for the emergence and attention of any new thing, but it must be developed on the basis of norms, so that it can be long-term and sustainable.
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