Fosun International said on Friday it had won the auction to buy assets from Portugal’s largest insurer for 1 billion $1.36 billion another step in the ambitious Chinese company’s efforts to emulate Warren Buffett.
Fosun, a Hong Kong-listed subsidiary of China’s largest private investment company Fosun Group, has long looked at Berkshire Hathaway as a role model.
Although tiny in comparison, it is adopting similar tactics such as focusing on insurance to accumulate long-term capital. Buffett has used premiums generated by Berkshire Hathaway's insurance operations to finance investments.
Fosun is trying to “evolve into Warren Buffett’s model”, its chairman Guo Guangchang said in a...