Fosun Shares Suspended From Trading After Chairman Guo Goes Missing

(RTTNews) - Shares of Fosun Group's Hong Kong-listed companies Fosun International and Shanghai Fosun Pharma were suspended from trading in Hong Kong after its billionaire founder and Chairman Guo Guangchang went missing since Thursday afternoon.

The news of Guo's disappearance was reported by financial magazine Caixin.

Employees of Fosun Group were unable to contact Guangchang since noon on December 10. He was last contacted by executives in Shanghai.

Guo, 48, was reportedly last seen with police at the airport in Shanghai. He has gone missing as the Chinese government is crusading an anti-corruption crackdown led by President Xi Jinping.

Known as China's Warren Buffett, Guo co-founded Fosun, which has businesses in real estate, steel, mining and retailing. In the U.S., Fosun owns Meadowbrook Insurance Group and 20 percent of insurer Ironshore.

Guo is China's 17th richest man with a net worth of $5.6 billion. He is alleged to have held connections with Wang Zongnan, former executive at many state companies, who was sentenced to 18 years in prison for misusing corporate money.

It is not yet clear whether Guo himself was detained for corruption, or he is helping authorities with their investigation. He has repeatedly denied charges that he was the subject of a graft investigation.

Guo's own account on Weibo, China's Twitter, was removed of all posts by Friday morning.