Date
22 January 2017
Guo Guangchang, founder of Fosun Group, is China’s 17th richest man with a net worth of US$5.6 billion, according to Bloomberg. Photo: Caixin
Guo Guangchang, founder of Fosun Group, is China’s 17th richest man with a net worth of US$5.6 billion, according to Bloomberg. Photo: Caixin

Fosun chairman Guo Guangchang unreachable, says Caixin

China’s Fosun Group has lost contact with its chairman and is “handling the situation”.

The company said Guo Guangchang, 48, has become unreachable, Bloomberg reports, citing Caixin magazine.

Liang Xinjun, vice chairman of the closely held group, merely said in a statement that the company is dealing with the situation when asked about Guo’s whereabouts.

Fosun Group, which owns Club Mediterranee SA and bought a stake in Cirque du Soleil Inc., has business interests in insurance, real estate, pharmaceutical and commodities.

Calls to Liang’s mobile phone went unanswered.

Guo was in Shanghai at noon, Caixin cited an unnamed Fosun executive as saying, adding that subsequent calls to that person’s phone went unanswered.

Guo, also the founder of Fosun Group, is China’s 17th richest man with a net worth of US$5.6 billion, according to data compiled by Bloomberg.

Guo, who calls himself a student of Warren Buffett, has led his conglomerate on a global buying spree.

Fosun International Ltd. has announced 16 deals worth a combined 29 billion yuan (US$4.5 billion) this year, according to data compiled by Bloomberg.

Fosun’s stock tumbled more than 11 percent to US$1.55 in over-the-counter trading in New York Thursday, the biggest decline since August.

Fewer than 50,000 shares traded hands, which is about seven times the daily average volume of the past three months, data compiled by Bloomberg show.

Calls and messages to multiple people in the public relations department of Fosun Group went unanswered on Thursday.

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