High-Return Transaction Case | Fosun Completes Exit of HAL Private Bank in Germany in 2025

· Eurasian Consulting GmbH recommended and assisted Fosun in acquiring the German century-old bank H&A.

· After nearly ten years of operation, Fosun successfully exited the bank at three times the acquisition price.

· This transaction brought Fosun an internal rate of return of up to 14%.

· Fosun also retained the asset-management business, which managed more than EUR 100 billion.

Eurasian Consulting GmbH recommended the historically renowned German private bank Hauck & Aufhäuser (hereinafter referred to as "H&A") to Fosun International (00656.HK), marking the starting point of this cross-border merger and acquisition.

In 2016, Fosun acquired H&A for EUR 210 million. In 2025, it successfully exited for approximately EUR 672 million. The project achieved a double-digit internal rate of return (IRR), while Fosun retained an asset-management business with more than EUR 100 billion under management.

This is the result of Fosun's global strategy and also demonstrates Eurasian Consulting GmbH's understanding and execution of enterprise value in this transaction.

As the initiator and exclusive buy-side advisor for the H&A acquisition, we are proud to have witnessed this classic case in the capital markets and would like to take this opportunity to share how our professional services helped our client achieve a value transformation.

In 2015, global financial markets were recovering from the financial crisis. European private banks, with their stable cash flow and high-net-worth client base, became popular targets for global investors.

Fosun was then accelerating its globalization strategy of "Chinese dynamism leverages global resources". It had already taken major steps in Portugal’s financial market and was seeking to expand further into Western Europe.

The bank's full banking license, stable financial performance (with net assets of approximately $173,000,000 in 2014), and high-end client base made it an ideal investment target for Fosun.

Before the transaction, Eurasian Consulting GmbH already had a cooperation foundation with Fosun. Upon learning of the potential sale of H&A, Eurasian Consulting GmbH swiftly facilitated direct engagement between Fosun and H&A, seizing the key opportunity.

Fosun's acquisition of H&A Bank as the first direct acquisition of a German bank by a Chinese entity posed numerous challenges—H&A's equity structure was complex, making it extremely difficult to balance the interests of numerous shareholders; its business spanned four countries, requiring separate approvals from four regulatory authorities; additionally, accurately assessing the capabilities and value of this century-old bank was a major test.

With our deep understanding of European M&A, we tailored an acquisition strategy for Fosun. Despite H&A’s complex ownership structure (involving 65 individual investors, 2 funds, and 8 German companies) and strict regulation in multiple countries, we demonstrated our professional capabilities:

Through detailed due diligence and valuation analysis, we developed an offer to acquire at least 80% of H&A at EUR 682.60 per share, with a maximum total price of EUR 210 million as the proposed terms.

This price premium is reasonable and significantly lower than the industry valuation, ensuring maximum buyer value without undervaluing the seller.

Eurasian helped Fosun negotiate with H&A’s dispersed shareholders and, within three days, successfully secured more than 80% of the equity, ultimately ensuring Fosun’s absolute controlling interest of 99.91%.

By retaining the original management's autonomy, we further ensured a smooth transition of the business.

Eurasian coordinated the approval process with the regulators in Germany, Luxembourg, Switzerland and Liechtenstein: four countries’ regulatory authorities were involved. The regulatory hurdles were overcome in just one year (July 2015–September 2016), setting a benchmark for the efficiency of Chinese acquisitions of European financial institutions.

This acquisition brought Fosun a rare EU-wide banking license, significantly enhancing its competitiveness in the global financial services sector and providing a solid foundation for expanding its investment portfolio.

After the acquisition, Fosun, through resource integration and business optimization, significantly increased the asset size and profitability of H&A (which was later reorganized into Hauck & Aufhäuser Lampe Privatbank AG, abbreviated as HAL, following the acquisition of Lampe Bank), with total assets rising from EUR 3.023 billion in 2014 to EUR 11.759 billion in 2023.

In 2024, Fosun chose the recovery in European bank valuations as the window for exiting HAL, at a price of approximately EUR 672 million, selling HAL's banking business to the Dutch financial group ABN AMRO Bank N.V. and achieving an internal rate of return of approximately 14%.

Notably, Fosun retained Hauck & Aufhäuser Fund Services (HAFS) when selling. HAFS was HAL’s asset-management business, with more than EUR 100 billion under management, a high-value “cash cow” for Fosun’s future development.

From an acquisition cost of 210,000,000 euros to an exit price of 672,000,000 euros, the asset value more than tripled, fully demonstrating Fosun's exceptional capabilities in asset selection, long-term operation, and exit decision-making. We sincerely congratulate Fosun on this achievement and are proud of the precise positioning and professional services we provided at the outset.

From introducing H&A to Fosun's radar in 2015, to assisting in its efficient acquisition, and then witnessing its spectacular exit in 2024, we are proud to have been part of this classic case.

Fosun's investment in H&A is not only a successful example of capital operations but also a vivid illustration of our collaboration with clients to create value together.

Since its founding in 2004, Eurasian Consulting GmbH has successfully facilitated several landmark transactions, including Joyson Electronics' acquisition of German Preh, Kingenta's sale of Europe's leading home gardening brand Compo, XCMG's acquisition of German Schwing, and the sale of German DiaSys to Mindray Medical.

In the past two decades, Eurasian Consulting GmbH's landmark cases have all been successful, fully demonstrating our ability in target selection and project execution.

Looking ahead, Eurasian Consulting will continue to follow its core principle of "To create value for customers", helping more companies navigate globalization and write their own success stories.