Chinese conglomerate Fosun International fended off reports that it had lost contact with its chairman Guo Guangchang for the second time in as many years, after shares in its listed subsidiaries dropped yesterday, the Financial Times reports. Shares in acquisitive conglomerate HNA also fell, highlighting investor jitters after Beijing said last month it was investigating the finances of large groups that had been involved in overseas buying sprees. HNA closed down 3% in Hong Kong, where Fosun shares fell as much as 4.5% during morning trade. Its subsidiary Fosun Pharmaceutical fell nearly 9% in Shanghai and 7% in Hong Kong. Fosun released a statement denying online reports that it had lost contact with its chairman and co-founder, often branded the “Warren Buffett of China,” calling the reports malicious rumors and saying operations were normal. Fosun Pharmaceutical released a similar statement.
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