The year 2015 was an unlucky one for wealthy tycoons in China. Many government officials and business tycoons were sent to prison or have committed suicide. The lucky ones chose to escape overseas. Among the many pieces of news, the one receiving the most attention was about Guo Guangchang, chairman of the board of Fosun Group. It was first said that he had disappeared, and later reported that he was “assisting in an investigation.” Guo once stated that he and his core team members would never acquire a foreign passport.
A Private Entrepreneur With Political Ties
Guo Guangchang’s career is extensive. Fosun Group has been called the Chinese mainland version of Hutchison Whampoa. The reach of the Fosun business empire was wide. When news broke that Fosun’s chairman was “invited” to assist in an investigation, trade in eight of Fosun’s stocks was suspended. In all, 26 stocks in China and Hong Kong were affected, and the stock price of Sinopharm fell 6 percent, clearly displaying the broad impact of Fosun on China’s economy.
