Fosun International Ltd shares, which were suspended on Friday after a report that Chairman Guo Guangchang had gone missing, plunged by the most in five months after resuming trading on Monday.
The shares fell 10 percent to HK$11.98 at 9.51am in Hong Kong, after plunging as much as 13.5 percent earlier, the biggest intraday decline since July 8. Chinese billionaire Guo is back at work after aiding authorities with an investigation and is attending an internal conference on Monday, according to people familiar with the matter.
Guo, 48, who describes himself as a student of Warren Buffett, has built a global empire spanning everything from insurance and holiday resorts to entertainment through dozens of deals over the past three years. Reports that Guo couldn’t be reached reverberated through markets, causing several companies linked to his conglomerate to halt their shares from trading on Friday.
Shares of Shanghai Fosun Pharmaceutical Group Co., which were also halted on Friday, fell 13 percent in Hong Kong trading to HK$21.65.
Guo was assisting with an investigation into former Shanghai vice mayor Ai Baojun, people familiar with the situation said Friday. Caijing magazine earlier on Monday reported that Guo had returned home.
Confident on future
On a conference call Sunday, Fosun International President Wang Qunbin said he remains confident of the company’s cash flow and future, and said that the probe is most likely related to "personal matters."
Guo’s conglomerate spent $5.7 billion over two years acquiring insurance assets, according to data compiled by Bloomberg. The insurance businesses, such as Portugal’s Cia de Seguros Fidelidade Mundial SA and Bermuda-based Ironshore Inc., provide low-cost funding for acquisitions in other industries.
Fosun International has $2 billion of acquisitions announced this year that haven’t been completed. The company is competing for Anglo-German banking group BHF Kleinwort Benson Group and agreed to acquire Israeli insurer Phoenix Holdings Ltd. in June. The company is competing for Anglo-German banking group BHF Kleinwort Benson Group and agreed to acquire Israeli insurer Phoenix Holdings Ltd. in June.
Bloomberg
Mon Dec 14 2015
![Fosun International shares fall as 'missing' chairman said to assist probe Fosun International shares fall as 'missing' chairman said to assist probe](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/http://img.astroawani.com/2015-12/51449836591_GuoGuangchang.jpg)
Guo is said to be assisting with an investigation into former Shanghai vice mayor Ai Baojun. - AFP Photo/Files
Kerajaan cadang perkenal pembiayaan swasta
Kerajaan menyasarkan untuk memperkenalkan pembiayaan swasta alternatif bagi memastikan kemampanan kewangan program sektor air, sekali gus mengurangkan kebergantungan pada perbelanjaan kerajaan dan mengukuhkan daya tahan.
Saya tak fitnah Guan Eng, cuma jelaskan siasatan SPRM - Muhyiddin
Presiden Bersatu Tan Sri Muhyiddin Yassin memberitahu Mahkamah Tinggi Kuala Lumpur hari ini bahawa beliau tidak memfitnah Lim Guan Eng berhubung isu pengecualian cukai terhadap Yayasan Albukhary
KPT alu-alukan dapatan, cadangan PAC - Zambry
Ini termasuklah cadangan pelaksanaan Garis Panduan Pelaburan dan Pembiayaan oleh Universiti Awam 2024 kepada anak-anak syarikat di bawah seliaan Kementerian Pendidikan Tinggi (KPT).
Lebih 340,000 syarikat buat transaksi serah simpan maklumat pemunyaan benefisial
Sebanyak 340,637 syarikat telah membuat transaksi serah simpan maklumat pemunyaan benefisial (beneficial ownership) bagi tempoh 1 April hingga 14 Julai lepas.
Polis tunggu laporan makmal tentukan punca kematian Nur Farah Kartini
Polis sedang menunggu laporan makmal bagi menentukan punca kematian berhubung kes pembunuhan bekas penuntut Universiti Pendidikan Sultan Idris, Nur Farah Kartini Abdullah.
Mahkamah Persekutuan kekal hukuman mati ke atas bapa
Mahkamah Persekutuan di sini hari ini mengekalkan hukuman gantung sampai mati terhadap seorang bapa yang membunuh anak tiri lelakinya yang berusia enam tahun, 13 tahun lepas.
Keluarga mohon henti keluar kenyataan guris hati
Keluarga Nur Farah Kartini Abdullah yang ditemukan mati di sebuah ladang kelapa sawit di Kampung Sri Kledang, Hulu Selangor petang Isnin memohon pihak media dan orang ramai berhenti mengeluarkan kenyataan yang boleh mengguris hati keluarga.
Enam ditemukan maut di sebuah hotel di Bangkok
Enam orang ditemukan maut di sebuah hotel di Bangkok, Thailand pada Selasa.
Polis Thailand dalam satu kenyataan memaklumkan, pihaknya menerima panggilan kecemasan daripada kakitangan Hotel Grand Hyatt Erawan pada jam 5.30 petang yang memaklumkan mengenai penemuan mayat itu.
Jelas kenyataan itu lagi, kesemua mangsa merupakan warga asing.
Polis Thailand dalam satu kenyataan memaklumkan, pihaknya menerima panggilan kecemasan daripada kakitangan Hotel Grand Hyatt Erawan pada jam 5.30 petang yang memaklumkan mengenai penemuan mayat itu.
Jelas kenyataan itu lagi, kesemua mangsa merupakan warga asing.
Disyaki terima rasuah melebihi RM300,000, ketua pegawai operasi ditahan
Seorang Ketua Pegawai Operasi syarikat konsesi lebuh raya ditahan Suruhanjaya Pencegahan Rasuah Malaysia (SPRM), kerana disyaki menerima rasuah melebihi RM300,000.
Mahkamah tolak rayuan Jason Lo
Bekas Ketua Pegawai Eksekutif syarikat telekomunikasi tempatan, Jason Jonathan Lo hari ini gagal mengetepikan keputusan Mahkamah Tinggi menolak samannya terhadap Pertubuhan Berita Nasional Malaysia (Bernama) berhubung dua artikel yang diterbitkan pada 2019 dan 2020.