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Chinese billionaire back in business after disappearance

Monday, December 14, 2015 - 00:49

After reportedly going missing last week, Chinese billionaire and Fosun Chairman Guo Guangchang reappeared at a company meeting on Monday, amid speculation concerning anti-corruption investigations. Meg Teckman reports.

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Chinese billionaire and Fosun International chairman Guo Guangchang reappears at the company's annual meeting - four days after being reported missing. Speculation grew over the weekend with Guo, one of China's best-known entrepreneurs, possibly being the latest high-profile target of Beijing's anti-corruption crackdown. But Fosun executives tried to reassure investors that their chairman was assisting the police in an investigation that mostly concerned his personal affairs, and not those of the company. Investor worries caused Fosun's Hong Kong-listed stocks to be suspended at the end of last week. And when trading resumed on Monday (December 14), the shares tanked over 10 percent. Executives also said over the weekend that the company would consider buying back stocks if there was any price fluctuation, and that all current deals are "proceeding normally". ENDS

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Chinese billionaire back in business after disappearance

Monday, December 14, 2015 - 00:49