Missing Fosun Chairman Guo Guangchang ‘Assisting Chinese Judiciary’

The media reports raised fears that Guo had become the latest victim in China’s deepening anti-corruption probe, and triggered share suspensions on Friday by listed companies affiliated to Fosun, including Hong Kong-listed Fosun International.

On December 10th, Caixin, China’s most respected news service, reported that Fosun had been “unable to contact Mr Guo” since noon that day.

Reports said five other listed companies under the Fosun Group also suspended trade.

His Fosun Group controls four mainland listings and two Hong Kong listings, including Shanghai Fosun Pharmaceutical (2196) and Fosun International.

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.

Fosun Group has interests spanning retail, insurance, real estate and media.

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.

Chinese President Xi Jinping is now leading a crackdown on corruption and “gifting” in China.

Guo-known as “China’s Warren Buffett” with a fortune estimated at $7 billion-hasn’t responded to messages sent on an internal company-wide app, per the BBC.

Phone calls to Fosun’s media and investor relations departments weren’t answered.

But has not been heard from since Thursday and there have been reports he has been detained by Chinese police after being escorted from a plane in Shanghai.

He is a member of the Chinese People’s Political Consultative Conference, a debating chamber that is part of the Communist Party-controlled governmental structure.

He denied earlier he was the target of a graft investigation.

Fosun International also has stakes in China’s Bona Film Group, Canada’s Cirque du Soleil and Korean talent management film SM Entertainment.

Onshore bond traders said that one of Fosun’s onshore bonds traded in the domestic stock exchange market fell around 3%.

If Mr Guo’s disappearance does indeed prove to be part of that, then he would be among the most high profile Chinese businessmen caught up in it.

In August, however, a Shanghai court found Guo had inappropriate connections to Wang Zongnan, who was sentenced to 18 years in jail for misusing 195 million yuan in corporate funds when he led several state-backed enterprises.