Billionaire Chinese entrepreneur Guo Guangcheng, who has styled himself on the U.S. investor Warren Buffett, has been found, after reports he had gone missing caused his companies to halt share trading. The announcement was signed by Fosun International’s Vice Chairman Liang Xinjun.
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Family members and company executives told Caixin that Guo was in Shanghai at noon, but subsequent phone calls redirected to his secretary. Besides bankrolling Robinov’s Studio 8 venture at Sony, the group has stakes in China’s Bona Film Group, Canada’s Cirque du Soleil, Korean talent management firm SM Entertainment and Chinese advertising company Focus Media.
China’s watchdog has been conducting investigations into alleged malpractice on the country’s stock exchange, with several finance executives disappearing to help authorities with their enquiries.
CITIC Securities Co. Ltd., China’s biggest brokerage, said on December 6 it wasn’t able to contact two of its top executives following media reports that they had been asked by authorities to assist in an investigation.
Earlier this year Fosun hatched its own film production company, which has not yet announced any projects.
In August, Guo said that his company aimed to grow its private banking business to manage more than $100 billion.
Shares in Fosun International and Fosun Pharmaceutical were on a trading halt Friday.
“A United States rate hike would have a major impact on money flows out of emerging markets including Hong Kong and China”, said Linus Yip, chief strategist at First Shanghai Securities.
Thomas Cook Group is among the worst-performing stocks in the FTSE 250 after the chairman of its Chinese partner Fosun International was reported missing.
Guo, 48, was reportedly last seen with police at the airport in Shanghai.
Guo is the 11th richest man in China with a fortune of around $6.9 billion (£4.5 billion), according to Forbes.
Seven companies under the Fosun conglomerate – five listed in the mainland, and two in Hong Kong – had suspended trading Friday morning. Its portfolio includes everything from French resort chain Club Méditerranée and Greek jeweler Folli Follie to property in the U.S., including One Chase Manhattan Plaza in NY.
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In 2014, it went ahead with on three big acquisitions: U.S. insurance companies Meadowbrook Insurance Group, which cost US$ 433 million and U.S. Ironshore that was priced at US$ 464 million; and Portugal’s largest insurer, Caixa Seguros, which was bought for 1 billion euro. The latter said it had “never sought to inappropriately benefit” and had “never delivered benefits to Wang Zongnan”.
