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china warren buffett


Chinese tycoon Guo Guangchang, who was detained by police last week, has made an appearance at Fosun’s annual meeting in Shanghai.

The Fosun International chairman was first reported missing on December 11. The company later revealed he was assisting authorities with a probe.

Fosun president Wang Qunbin said the investigation mostly concerned Guo Guangchang’s personal affairs, not company business.

Wang Qunbin said he could not give more details as the investigation was “sensitive”.

On December 14, the website Caixin reported that Guo Guangchang, one of China’s richest men, had been released by police.

The businessman received a standing ovation at company meeting, a person in the audience told Reuters.

A string of senior executives at Chinese companies have temporarily gone missing this year amid a crackdown by Beijing on its financial sector.Guo Guangchang appears in public

Citic Securities, China’s biggest brokerage, said earlier this month it was unable to contact two of its top executives following reports they had been asked by authorities to assist in an investigation.

Guo Guangchang, 48, has been described as “China’s Warren Buffett”. Fosun Group has interests spanning media, insurance, real estate and retail.

It recently took control of French holiday group Club Med in a deal worth some $1 billion.

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

Its shares were suspended on December 11 and fell more than 10% when trading resumed on December 14.

Shares in Fosun Pharmaceutical, which is also listed in Hong Kong, dropped a similar amount.

Guo Guangchang’s sudden absence, and the lack of detailed information released by the company, underlines the opaqueness of China’s legal system, analysts say.

Chinese tycoon Guo Guangchang is reported to be missing.

According to financial magazine Caixin, staff at Guo Guangchang’s company, Fosun International, had been unable to contact their boss since Thursday afternoon, December 10.

Fosun, one of China’s biggest private conglomerates, halted trading of its Hong Kong shares following the reports.

There is speculation that Guo Guangchang, described as China’s Warren Buffett, has been detained by the police.

Caixin quoted social media messages saying Guo Guangchang had last been seen with police in Shanghai.Guo Guangchang missing

Fosun said it would release further details later. Guo Guangchang 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 $7 billion.

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 December 11, Fosun said its shares would be halted from trade “with effect from 9:00 on Friday, December 11, 2015 pending the release of an announcement containing inside information”.

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

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