China’s ‘Warren Buffett’ is missing and his company has halted trading

Guo Guangchang goes missing in China

Trading in the shares of Chinese conglomerate and Club Med owner Fosun International was suspended on Friday. The company’s billionaire chairman has become unreachable and may be under investigation by Chinese authorities.

Guo Guangchang, 48, who is regularly called “China’s Warren Buffett,” had been out of contact since Thursday.

Several social media postings suggest that Guangchang was taken by Chinese police while he was boarding a plane at an airport in Shanghai.

It’s unclear at this time if he was taken under investigation himself or assisting in an inquiry.

Many wealthy business operators in China have disappeared recently, only to reemerge after a lengthy interrogation process by Chinese authorities.

Guo is China’s 17th-richest person with a net worth of $5.6 billion.

The Fosun Group is one of the country’s biggest private companies, and its flagship subsidiary, Fosun International, has net assets of 50 billion yuan ($7.8 billion).

The company said share trading has been suspend “pending the release of an announcement containing inside information.”

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The company is traded on the Hong Kong stock exchange.

Several other Fosun Group subsidiaries also halted trading on the Shanghai stock exchange.

 

The company is declining to comment on the status of its CEO and founder at this time.

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.