Guo Guangchang, the Chinese tycoon arrested in Beijing’s anti-corruption drive, has emerged in public for the first time after four days out of sight while assisting a judicial investigation.
Mr Guo appeared on Monday to talk to an annual internal conference of his company Fosun but made no mention of the investigation.
Shares in Fosun International, the group’s Hong Kong-listed unit, fell as much as 13.5 per cent before recovering slightly to end the day down 9.5 per cent. The stock has risen 18 per cent this year, outperforming a 14 per cent decline in an index of Hong Kong-listed Chinese blue-chips.
Unspecified investigation
Trading in shares of Fosun, China’s largest private conglomerate and among the country’s highest-profile companies, was suspended on Friday before the group’s confirmation that its chairman was assisting in an unspecified investigation.
Fosun said on Sunday it was not the focus of the investigation. Liang Xinjun, chief executive, added that Mr Guo was “assisting the judicial authorities with an investigation, but it is not because the company has problems”.
The group has recently snapped up famous brand names and properties around the world, including French tour operator Club Med as well as stakes in Cirque du Soleil and UK holiday business Thomas Cook.
