Fosun banking on AI to extend reach

Fosun International, one of the largest private conglomerates in the Chinese mainland, is looking to bankroll a big effort in biotechnology and artificial intelligence, a move that will essentially help the acquisitive company lead the pack in the next technology breakthrough and build up an investment empire of billion-dollar companies.

"Known for a broad portfolio of unicorns, Fosun International itself has what it takes to become a super unicorn," Wang Qunbin, chief executive officer of Fosun International, told an annual results conference in Hong Kong on Wednesday.

"In the coming three years, we are planning to invest more than 20 billion yuan ($3.2 billion) into technologies and innovations. Such an investment will hit more than 100 billion yuan for the decade to come," Wang said.