Fosun, China’s largest private conglomerate by sales, is planning a foray into Europe with a range of investments into luxury brands, small technology companies and the generic drugs sector.

Guo Guangchang, Fosun’s chairman and one of China’s richest men, told the Financial Times the group was in “deep discussions” with a number of possible targets in all three areas. “We do have several projects where we are very deep in the process?...?Fosun will be one of the Chinese pioneers in investing in Europe,” Mr Guo said. He said Fosun could invest up to $2bn in any single deal, although initial investments would probably be limited to between €100m ($131m) and €200m each.

Fosun is part of a wave of large Chinese industrial companies that are eyeing the European market to tap into the continent’s technological expertise, its highly skilled labour base and as well as western brands to take to the Chinese market.