Chinese business tycoon, reported missing

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Chinese business tycoon, Guo Guangchang, has been reported to be missing.
He stands as one of the richest men in China.

Financial magazine Caixin said that staff at Mr Guo’s company, Fosun International, had been
unable to contact their boss since Thursday afternoon.
Fosun, one of China’s biggest private conglomerates, halted trading of its Hong Kong
shares following the reports.

There is speculation that Mr Guo, described as China’s Warren Buffett, has been detained by the
police.
Caixin quoted social media messages saying he had last been seen with police in Shanghai.

A source close to the Fosun Group told the BBC news agency that
Mr Guo had not been contactable via an internal company-wide mobile app.

“It’s very likely he’s been asked by the Chinese authorities to co-operate in an investigation. He is
not being investigated himself,” the source said.
He, however, declined to speculate about the details of the investigation.
Fosun said it would release further details later. Mr

Mr. Guo was linked to a corruption court case in August.

The tycoon’s empire extends across the world, while the
publisher Forbes estimates his fortune at $7bn (£4.6bn).
Fosun Group has interests spanning media, insurance, real estate and retail. Recently, it took
control of French holiday group Club Med.

Fosun International, the parent company of Shanghai-based Fosun Group, was listed in Hong
Kong in 2007.

In a statement to the Hong Kong stock exchange on Friday, the firm said its shares would be halted from trade “with effect from 9:00 on Friday, 11 December 2015 pending the release of an announcement
containing inside information”.

As part of the statement, Mr Guo’s name was included in the list of Fosun’s executive directors.

Fosun profile
• Mr Guo launched Fosun with a group of fellow students in 1992.
• Headquartered in Shanghai, Fosun’s initial success came from pharmaceutical and real estate investments.
• The firm’s business interests and investments now include insurance, industrial operations,
real estate and asset management, among others.
• After nearly two years of takeover efforts, Fosun finally clinched control of the French holiday group Club Mediterranee in February.
• Today, the conglomerate has a wide range of international investments including Greek
fashion brand Folli Follie and the Chase Manhattan building in New York.

Fosun International posted a 24% rise in profit for the year ending in December 2014 from a year earlier to 6.86bn yuan ($1.1bn). Its shares fell close to 2% on the news, however, by mid-afternoon they
had recovered lost ground to be down 0.45%.

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