Fosun Int'l (00656) raises stake in Folli Follie to 16.37%

    Fosun International (00656) said it noted the report issued by Quintessential Capital Management which questioned the financial statements of Folli Follie Group, a company listed on the Athens Stock Exchange with stock code FFGRP, the enquiries by Hellenic Capital Market Commission (HCMC) on the financial report and certain statements in the report and the clarification announcements issued by Folli Follie. 
  The Fosun Group and a fund managed by the Group currently hold a total of 16.37% equity interest in Folli Follie. 
  Fosun noted that certain statements in the report are mere conjectures. After considering Folli Follie's publicly disclosed information, its audit reports, its more than 20 years track record as a publicly listed company and Fosun's trust in its major shareholder and management, Fosun increased its shareholding interest during the period from 8 to 11 May 2018, thereafter, the equity interest in Folli Follie held by the Group and the fund increased from 13.89% to 16.37%.
  Recently, Fosun also noted continued market and media enquiries regarding the incident and that responses in relation to the HCMC enquires have not been released. In order to protect the interests of the minority shareholders of Folli Follie, including the Group, Fosun has delivered an enquiry letter to Folli Follie through its designated non-executive director of Folli Follie requesting the relevant parties for explanations and prompt clarifications.