Shares of a bunch of China and Hong Kong-listed companies with ties to Fosun, including Shanghai Fosun Pharmaceutical Group, Fosun International Ltd and Shanghai Guanglian E-commerce Holdings were suspended from trading on Friday, pending announcement containing insider information.
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The mystery began when online financial magazine Caixin quoted unidentified sources saying Fosun had been unable to reach Mr Guo – described as China’s Warren Buffett – since midday on Thursday.
The Fosun conglomerate that he heads has interests in the pharmaceutical industry, real estate, banking, asset management, insurance, steel, mining and retailing, and is one of China’s leading foreign investors.
Earlier media reports showed that Fosun International has been involved in a corruption case involving Wang Zongnan, former general manager of Shanghai Friendship Group and Lianhua Supermarket.
“The company understands that Mr. Guo is now assisting in certain investigations carried out by Mainland judiciary authorities”, it said.
A Fosun International spokesman in Hong Kong told Reuters the firm was operating as normal, but did not comment on Mr Guo’s whereabouts.
One official at Fosun said bankers have been applying pressure upon the company for a clear explanation as soon as possible, said an official with Fosun.
Communist Party’s internal anti-graft body said last month Ai was under investigation for “severe disciplinary violations”, a euphemism for corruption. Chairman Guo, valued at RMB50 billion (HK$60.2 billion), is China’s 17th richest man, according to the 2015 Hurun Rich List.
BBC Asia-Pacific analyst Michael Bristow says Mr Guo’s empire extends across the world, while Forbes magazine estimates his fortune at $7bn (£4.6bn).
However, there is rumor about Mr.Guo’s cooperation with the authorities.
Guo is the chairman of Fosun, one of the largest private investment firms in China.
It remains unclear whether Guo has disappeared because he himself has been detained on corruption charges or is merely helping authorities with their inquiries into others.
Guo owns 45.84 percent of Fosun International Ltd., a Hong Kong-listed subsidiary of Fosun Group.
Today, the conglomerate has a wide range of worldwide investments including Greek fashion brand Folli Follie and the Chase Manhattan building in NY.
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In recent years, it has embarked on an aggressive campaign to acquire assets overseas, buying stakes of Spanish ham and wine producer Osborne Group, French holiday company Club Méditerranée, and acquirng global insurance firm Ironshore. The court found Guo had sold two houses to Wang’s parents at a price significantly lower than market value.
