Chinese Billionaire Guo Guangchang Released by Authorities
Often described as the "Warren Buffett of China," Guo is the founder and chairman of Fosun Group, a key backer of Jeff Robinov's Studio 8, among other entertainment holdings.
Guo Guangchang, the billionaire founder of Chinese conglomerate Fosun, has been released by Chinese authorities, according to multiple local sources.
Guo appeared at Fosun's annual meeting in Shanghai on Monday, receiving a standing ovation from his staff, a source in attendance told Reuters.
Occasionally described as the "Warren Buffett of China," Guo is the China's 17th richest man, according to Bloomberg. Over the past year, he has taken Fosun on an aggressive diversification abroad, making large investments in entertainment and other sectors, including major stakes in Jeff Robinov’s Studio 8, Bona Film Group, Cirque du Soleil, South Korea’s SM Entertainment and Chinese advertising company Focus Media.
Guo's abrupt disappearance last Thursday — and later reports that he was taken into custody at Shanghai International Airport — rattled China's investor community. Many speculated that he might become the latest high-profile exec to be brought down by China's ongoing anti-corruption campaign, which has recently targeted the financial services sector. Several top executives from Chinese companies have temporarily gone missing over the past year.
Fosun president Wang Qunbin said Sunday during a briefing that the investigation was concerned with Guo's personal affairs, rather than those of the company. Wang declined to provide details, saying the investigation was "sensitive."
That wasn't enough to assure the markets in the short term.
Fosun International, parent company of Guo's various holdings, was listed on the Hong Kong Stock Exchange in 2007. Its shares were suspended on Friday, and fell more than 10 percent when trading resumed Monday.