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Is Fosun United a formal company?

Yes

According to the wasp insurance network, Fosun United is a formal insurance company registered in China and headquartered in Shanghai. Founded in 2003, it is a joint venture between China Fosun Group and foreign insurance companies. Fosun United has a high reputation and influence in China insurance market, and is one of the important participants in China insurance industry. Therefore, Fosun United is a regular company.