Fosun boss reappears at company conference
Print Edition
BILLIONAIRE Guo Guangchang made his first appearance at Fosun Group’s 2016 annual working conference yesterday after being out of contact for four days.
The share price of Hong Kong-listed Fosun International closed at 12.08 yuan (US$1.87) yesterday, down 9.5 percent from the last trading day.
Guo was taken away by police on Thursday night to “assist probes mostly on his personal affairs,” Guo’s investment conglomerate Fosun International said on Sunday night, whose shares and 11 of its controlled companies were suspended in Hong Kong and China’s mainland on Friday.
Shanghai-listed Shanghai Fosun Pharmaceutical (Group) Co closed at 24.26 yuan yesterday, down 3.8 percent from Thursday.
Fosun will consider buying back stock if the share price fluctuates too much, Chief Executive Liang Xinjun said last week.
“Fosun has developed a clearer idea of the meaning of its existence,” Guo said during a speech.
It was reported that Guo’s disappearance caught the attention of banking supervisors in Europe, where Fosun is in a battle to buy Anglo-German bank BHF Kleinwort Benson. Fosun had been given a green light by the European Central Bank for its takeover, but with reservations.
Fosun, established in 1992, is among China’s biggest private companies with interests in real estate, steel, mining, retail and investment.
Its founder Guo, 48, is among China’s best-known entrepreneurs with US$6.9 billion in personal assets, putting him 11th on Forbes’ China Rich List this year.
Dubbed as China’s Warren Buffett for his vision on mergers and acquisitions, Guo led Fosun to take over Club Med, the French resort operator, this year. Last year, Fosun paid 1 billion euros (US$1.1 billion) for Portugal’s biggest insurance company Caixa Seguros.
In the United States, Fosun owns Meadowbrook Insurance Group, 20 percent of insurer Ironshore Inc and a 60-story office tower at 1 Chase Manhattan Plaza in New York City.
Some people have said that Guo’s connections to Wang Zongnan, former chairman of state-owned Bright Food Group, are the reason for him being investigated.
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