Fosun-Related Stocks Suspended From Trading After Chairman Goes Awol

BEIJING, Dec 11 (Bernama) -- Trading in shares related to Chinese conglomerate, Fosun International Ltd, was suspended Friday on rumours that its chairman, Guo Guangchang had gone missing. According to Xinhua News Agency, trading in shares of Shanghai Fosun Pharmaceutical (Group) Co Ltd and Fosun International Ltd, which trade on the Hong Kong Stock Exchange, were halted from 9 am. A number of related stocks including Hainan Mining, Nanjing Iron and Steel Co and Shanghai Ganglian were also suspended on the Shanghai and Shenzhen exchanges. Fosun is the major shareholder of all these three companies. Xinhua said the trading trading suspension came about after news broke on Thursday that Guo could not be contacted, with many linking his disappearance to an investigation by the authorities. Fosun is one of China's biggest private conglomerates with portfolios in pharmaceuticals, real estate, private equity, steel and mining. It also owns Club Med, a pioneer in the concept of all inclusive holidays. with its first location in Asia being Cherating, a beach town in Pahang, and about 47 km north of Kuantan. In February this year, Fosun's Gaillon Invest II and the Silverfern Group finalised a takeover deal of Club Mediterranee SA. The takeover ended a bidding war that began in May, 2013, which was conducted by Gaillon, a special investment vehicle used by Fosun to execute its bidding for Club Med. --BERNAMA