Fosun in bidding for Forbes Media

Public information shows the family-controlled Forbes Media was founded in 1917 and is currently controlled by the heirs of Bertie Charles Forbes. Apart from publishing the international business magazine and compiling the renowned Forbes rich-list, it also operates a conference business.

In 2006, an investment group, Elevation Partners, whose backers include rock star U2's Bono, bought about half of the company's stake.

"Fosun is stepping into various industries including real estate, retail and insurance. Now, the media business will become a new investment territory of the conglomerate," said Qi Xiaozhai, director of the Shanghai Commercial Economic Research Center.

Fosun International could not be reached for comment by deadline time on Thursday.

Investors are enthusiastic about Fosun's possible deal. Its Hong Kong shares have been rising for five days in a row to their highest point in the past six years.

Analysts said Fosun's recent bullish performance comes not only from the bidding for Forbes.

On Tuesday, Fosun International filed a positive profit alert to the Hong Kong Stock exchange. Guo Guangchang, the chairman, wrote in the statement: "For the year ending 31 December, 2013, profit is expected to increase remarkably in comparison with that of the same period of the previous year."

Just one week ago, Fosun outbid US investment fund Apollo Global Management LLC to acquire an 80 percent stake in state-owned Caixa Seguros e Saude SGPS SA, Portugal's largest insurance group, which is owned by state bank Caixa Geral de Depositos SA.

Industry observers said the deal brings Fosun a step closer to building an investment conglomerate with its core business based on insurance.

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