Mobile internet China’s most lucrative sector: Fosun

Mobile internet is China's most lucrative sector according to Fosun International, the country's largest private investment firm.

"The business of mobile internet… will have explosive growth and can probably exceed the U.S. [mobile internet business] by three or four times. In the future it will be much bigger than the scale of the PC internet," Liang Xinjun, vice chair and CEO at Fosun International told CNBC Asia's "Squawk Box" on Thursday.

"We have invested in 18 projects in mobile internet totaling 1.8 billion yuan ($292 million) and we are willing to do more– in fact we will have a few big deals in the second half of this year," he added.

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Fosun, the Chinese investment company controlled by billionaire Guo Guangchang, already has a cooperation agreement with Chinese internet giant Alibaba. Xinjun said the conglomerate would be happy to strengthen its relationship further.

Other opportunities

China's tourism sector is set for explosive growth, Xinjun said.

"I'm very optimistic about tourism. The scale oftourism in China has already overtaken that of pharmaceuticals and is growing at a rate of 18 percent per year," he said.

Liang Xinjun, vice chairman and chief executive officer of Fosun Internationa
Jerome Favre | Bloomberg | Getty Images
Liang Xinjun, vice chairman and chief executive officer of Fosun Internationa

Fosun dropped a bid to boost its 10 percent stake in premium hotel chain Club Med earlier this month, but Xinjun remains positive.

"We think Club Med is a great company with great management – dropping that bid doesn't mean we are giving up entirely," he said.

He's also positive on the healthcare sector: "Healthcare is now experiencing high growth. In the next eight to 10 years it should become China's biggest industry."

The Chinese conglomerate is also investing abroad. It recently bought a 20 percent stake in U.S. insurance firm Ironshore and acquired Australian petroleum company Roc Oil for $441 million – its first foray into oil.

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Debt concerns

The firm's debt-fueled shopping spree raised some concern, leading credit ratings agency Moody's to say earlier this month that it may downgrade the firm's rating. Fosun's debt totaled $4 billion at the end of the first half, up 26 percent on year.

"We think the warning is actually helpful, we are trying to improve this condition and we think it's already got significantly better," said Xinjun.

"Our total assets are 300 billion RMB with 37 percent from our insurance businesses – that makes Fosun a financial institution to some extent. For financial institutions our debt ratio is actually very low," he added.

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This week Fosun reported first-half net profit of 1.8 billion yuan ($293 million,) up 8.4 percent on year.