Guo Guangchang made his first appearance at Fosun Group’s 2016 annual working conference this Monday after being out of contact for four days.
The share price of Hong Kong-listed Fosun International closed at 12.08 yuan (US$1.87) on Monday, down 9.5 percent from the last trading day.
Guo was taken away by police on Thursday night to “assist probes mostly on his personal affairs,” Guo’s investment conglomerate Fosun International said on Sunday night, whose shares and 11 of its controlled companies were suspended in Hong Kong and China’s mainland on Friday.
Shanghai-listed Shanghai Fosun Pharmaceutical (Group) Co closed at 24.26 yuan yesterday, down 3.8 percent from Thursday.
Fosun will consider buying back stock if the share price fluctuates too much, Chief Executive Liang Xinjun said last week.
“Fosun has developed a clearer idea of the meaning of its existence,” Guo said during a speech.
It was reported that Guo’s disappearance caught the attention of banking supervisors in Europe, where Fosun is in a battle to buy Anglo-German bank BHF Kleinwort Benson. Fosun had been given a green light by the European Central Bank for its takeover, but with reservations.
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