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Chinese tycoon Guo Guangchang detained by police

The filings followed a report by respected Chinese business news site Caixin that Fosun Group had been unable to contact its chairman, Guo Guangchang, since noon on Thursday.

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It cited social media postings as saying police took Guo away at an airport in Shanghai, but it was not clear whether he was put under investigation himself or assisting an inquiry.

Calls and emails to Fosun’s offices in Hong Kong and Shanghai were unanswered on Friday.

Seven companies under the Fosun conglomerate – five listed in the mainland, and two in Hong Kong – had suspended trading Friday morning.

Fosun is one of China’s largest private conglomerates.

A court in Shanghai said in August he had “inappropriate connections” with the chairman of a state-owned supermarket chain, Wang Zongnan, who was sentenced to 18 years, according to Caixin.

State news agency Xinhua said at the time that Mr Wang’s parents had bought two Shanghai villas developed by Fosun at below-market prices and that he had used his position to seek benefits for Fosun.

It also marched into entertainment and tourism industries, by acquiring French holiday group Club Mediterranee in March, purchasing a 25 percent stake in Cirque de Soleil in May and setting up joint venture with British travel group Thomas Cook one month later.

Mr Guo has not been reachable since midday on Thursday, according to Caixin magazine.

Guo is the 11th richest man in China with a fortune of around $6.9 billion (£4.5 billion), according to Forbes.

A spokesman for Studio 8 declined to comment.

Guo, 48, is viewed as a very hands-on manager, prone even to micro managing small decisions relating to his sprawling business empire. “Investors are anxious that any negative news about Guo Guangchang might cause severe financing problems for the privately-owned company”, said a high-yield bond trader.

The Fuson Group said in a statement on Friday its chairman was cooperating with authorities in what is widely believed to be an investigation into corruption.

Fosun International posted a 24% rise in profit for the year ending in December 2014 from a year earlier to 6.86bn yuan ($1.1bn).

“Guo is one of the high-profile Chinese entrepreneurs and this incident will raise eyebrows among foreign regulators as Fosun has been aggressively expanding its global insurance footprint”, Moody’s analyst Sally Yim said.

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In China, private-sector investment growth has been sluggish this year, while capital outflows have gathered pace. the anti-corruption campaign has already hit demand for luxury goods, and, experts say, made government officials reluctant to sign off on investment deals, lest they are found afterwards to have involved bribery.

Fosun Boss Goes Missing, Say China Reports