Home Tags Posts tagged with "chinese tycoon"

chinese tycoon


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.


Tiens Group has treated more than half of its 12,000 employees to a four-day holiday in Paris and Nice.

The huge Chinese company booked up 140 hotels in Paris as part of the package, a French foreign ministry spokeswoman said on May 7.

The trip by the 6,400-strong group included a mass visit to the Louvre museum, Le Parisien reported.

The members of one of the biggest Chinese groups ever to come to Europe arranged themselves on the Promenade des Anglais in the southern resort town of Nice to spell out the phrase “Tiens’ dream is Nice in the Cote d’Azur”.Tiens Group French vacation

Guinness World Records inspectors duly declared that the visitors had created the longest human-made phrase visible from the sky. The mass trip to France, and the stunt in Nice, were organized to mark 20 years of the Tiens Group.

Tiens Group chairman Li Jinyuan, 57, met France’s foreign minister Laurent Fabius on May 6.

He booked 4,760 rooms in 79 four-and five-star hotels in Cannes and Monaco. The tourists also required 146 buses to drive them around. Nice was estimated to be €20 million ($22 million) better off for the visit.

According to the Tiens website, Li Jinyuan founded the group in 1995 and has expanded it into an international conglomerate with businesses in biotechnology, health management, ecommerce, hotel and tourism, among others.

Li Jinyuan is listed on the Forbes 2011 list of the world’s billionaires.

Mining tycoon Liu Han, believed to have links to China’s former security chief Zhou Yongkang, has been sentenced to death.

According to Xinhua agency, a Hubei court has found Liu Han and his brother Liu Wei guilty of “organizing and leading mafia-style crime and murder”.

The two men were among a group of 36 people charged with similar crimes.

Mining tycoon Liu Han is believed to have links to China's former security chief Zhou Yongkang

Mining tycoon Liu Han is believed to have links to China’s former security chief Zhou Yongkang

Liu Han’s sentencing is believed to be part of a wider corruption crackdown linked to ZhouYongkang’s network.

The court verdict stated that, among other things, Liu Han and his group had “in an organized fashion obtained financial gains via illegal activities”.

They had also on multiple occasions “committed murder, harm and illegal detention”.

The verdict stated they relied on “the cover-ups and collusion of government employees” to illegally control gaming machines in Guanghan in Sichuan province.

Liu Han, who is the former head of mining conglomerate Sichuan Hanlong Group, was ranked 148th on Forbes‘ list of the richest Chinese business people in 2012.

His former company once tried to take over Australian miner Sundance Resources Ltd.

Chinese state media said previously that the Sichuan-based gang had had strong political ties that played a role in Liu Han’s appointment as a delegate in Sichuan’s political advisory body.

In recent months, several top officials from Sichuan province linked to Zhou Yongkang have come under scrutiny.

Zhou Yongkang was the party secretary in Sichuan province before becoming head of China’s Public Security Ministry in 2003.

In April, China announced it had removed from office Guo Yongxiang, a former Sichuan vice-governor, and that Sichuan’s former deputy party chief Li Chuncheng was being investigated for bribery.

Speculation has swirled for months that Zhou Yongkang is being investigated for corruption, although none of the rumors have been confirmed officially.