‘Missing’ billionaire’s companies to resume trading
Print Edition
SHARES in companies controlled by Guo Guangchang, one of China’s best-known entrepreneurs, will resume trading on Monday following yesterday’s trade suspension in Hong Kong and the mainland after it was confirmed that their billionaire founder is assisting a judiciary investigation.
“In relation to the recent media reports regarding Mr Guo Guangchang, the company’s executive director, chairman and the ultimate controlling shareholder, after making enquiries, the company understands that Mr Guo is currently assisting in certain investigations carried out by mainland judiciary authorities,” Hong Kong-listed Fosun International Ltd said in a statement last night. “Mr Guo may continue to take part in decision makings of the company’s major matters via appropriate means ... This investigation has not posed any material adverse impact on the financial or operation of the Fosun Group. The operations of the company remain normal.”
Hong Kong-listed Fosun International and Shanghai Fosun Pharmaceutical (Group) Co will resume trading on Monday, as will five mainland-listed companies affiliated to Fosun Group.
The chairman of the conglomerate that owns Club Med and other businesses in Europe and the United States, Guo went missing on Thursday, according to business magazine Caixin. It cited messages on social media that Guo was last seen with police at an airport in Shanghai.
Guo, 48, is one of China’s biggest investors abroad. Fosun, which he co-founded in the 1990s, has businesses in real estate, steel, mining and retailing.
The Financial Times dubbed him “China’s Warren Buffett” for following the American investor’s approach of using cash flow from insurance operations to buy other businesses.
Fosun took over Club Med, the French resort operator, this year. Last year, it paid a billion euros (US$1.1 billion) for Portugal’s biggest insurance company, Caixa Seguros. In the US, it owns Meadowbrook Insurance Group Inc, 20 percent of insurer Ironshore Inc and the 60-story office tower at 1 Chase Manhattan Plaza in New York City.
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