Guo Guangchang, the billionaire chair of Fosun Group, reappeared on Monday for the privately-held conglomerate’s annual meeting, Agence France-Presse reported. The meeting marked Guo’s first appearance since disappearing Thursday for what statements from the company later said was a spell “assisting in certain investigations” conducted by Chinese authorities. The statements said the probes had no […]
Category: Banking & Finance
State-run bank-card monopoly China UnionPay has formally launched its own payment app, Quick Pass, in an attempt to compete with the online mobile payment services of Alibaba Group and Tencent, South China Morning Post reported, citing state media. Data from the People’s Bank of China showed 4.54 billion transactions were carried out in the third quarter, […]
Fosun International said its Chairman Guo Guangchang was assisting authorities with an investigation on Friday after shares in the company and those controlled by Guo were suspended in Hong Kong and the mainland on Friday, Reuters reported, citing a statement from the company. “Guo is one of the high-profile Chinese entrepreneurs and this incident will raise […]
Chinese conglomerate Fosun International suspended trading of its Hong Kong-listed arm on Friday morning following questions regarding the whereabouts of chairman Guo Guangchang, Bloomberg reported. Caixin had reported on Thursday that Fosun Group, China’s largest private-sector conglomerate, had been unable to contact Guo since noon of that day. Unnamed sources told the magazine that executives […]
State-owned Postal Savings Bank of China has raised RMB45 billion (US$7 billion) through the sale of a 17% stake in itself ahead of a planned initial public offering, Bloomberg reported, citing a statement from the bank. The stake sale drew 10 firms including UBS Group and JPMorgan Chase & Co. at a time when Chinese […]