Fosun International shares halt trading after chairman reported to be missing

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 at the company had last contacted Guo in Shanghai, and Caixin itself was unable to reach Guo, whose phone was powered off. In August a Shanghai court ruled Guo had inappropriate connections to Wang Zongnan, who was sentenced to 18 years in jail for misusing RMB195 million (US$30.26 million) in corporate funds while leading several state-backed enterprises.