(FT) It’s like Where’s Waldo (or Wally) with Chinese characteristics. Guo Guangchang, chairman of Fosun Group, has returned after assisting police with a personal matter, but the company’s share price hasn’t welcomed his reappearance.
Shares in Fosun International, the Hong Kong-listed stock of the acquisitive Chinese conglomerate, were down as much as 13.5 per cent in early trade on the Hang Seng, having been suspended from trade on Friday. The fall was tempered to 8.7 per cent as Mr Guo appeared on stage at an internal conference.
The billionaire, a self-styled disciple of Warren Buffett who has aggressively expanded Fosun into international markets ranging from insurance to tourism, was reported missing late last week. This prompted shares of Fosun International to be suspended from trade on Friday, a day after the company said it had lost contact with Mr Guo.
He has since returned home and was attending an internal company conference today. It was reported on Friday that he was assisting authorities with an investigation into former Shanghai vice mayor Ai Baojun.
Fosun International President Wang Qunbin said during a conference call on Sunday the probe is most likely related to “personal matters.”Fosun-shares-drop-despite-return-of-chairman