Fosun Pharma Says Guo Assisting Authorities With ProbeBelinda Cao
Chinese billionaire Guo Guangchang, who controls Shanghai Fosun Pharmaceutical (Group) Co., is assisting justice authorities with a probe, the company said in a filing to the Shanghai Stock Exchange.
Guo, a non-executive director, will be able to participate in the company’s decisions on “substantial issues,” the company’s statement said, citing a letter from its controlling shareholder Fosun High Technology Group, after reports Guo was unreachable.
Fosun Group lost contact with Guo, Caixin magazine reported Dec. 10, citing people it didn’t identify. Guo, 48, built Fosun Group into an empire spanning everything from insurance to holiday resorts through dozens of deals over the past three years, and has called himself a student of Warren Buffett.
Fosun Pharma plans to resume trading of its shares in Shanghai Dec. 14 after suspension Friday. Fosun International Ltd., which also suspended trading Friday in Hong Kong, will also resume then.