Off the wire
• China releases yuan exchange rate composite index  • S. African rand tumbles to record lows  • China launches first research center on African films, TV  • 1st LD: Explosion rocks diplomatic district in Afghan capital  • 2nd LD Writethru: China's new yuan loans expand in November  • German police search apartment in connection with canceled football match  • Spain's housing sales rise 2.7 pct in Oct.  • Iceland sees decrease in general gov't deficit in Q3  • Alibaba acquires South China Morning Post  • Zambia in power outage after system failure  
You are here: 　 Home

Fosun Group says chairman Guo assisting legal investigation

Xinhua, December 11, 2015 Adjust font size:

Shanghai Fosun Pharmaceutical (Group) Co. Ltd. late on Friday said company chairman Guo Guangchang is assisting a legal investigation after news that Guo had "disappeared".

In a brief statement on its website, Fosun said Guo was still participating in major decisions of the company "in proper ways", and the event will not have any significant negative effect on the group.

Guo, "China's Warren Buffett," has been missing since Thursday. Many linked his disappearance to an investigation by authorities.

Shares related to conglomerate Fosun were suspended from trading on Friday following the rumors. A number of related stocks including Hainan Mining, Nanjing Iron & Steel Co., and Shanghai Ganglian were also suspended on the Shanghai and Shenzhen exchanges. Fosun is the major shareholder of all three companies.

In the Friday statement, Fosun said its shares in the A-share market would resume trading on Dec. 14.

Fosun is one of China's biggest private conglomerates. It has interests in pharmaceuticals, real estate, private equity, steel and mining. Endi