China’s missing ‘Warren Buffet’ re-emerges

China’s missing ‘Warren Buffet’ re-emerges

Monday, December 14, 2015 11:34 am

Guo Guannchang

Guo Guangchang

The billionaire chairman of Fosun Group, one of China’s biggest privately held conglomerates, re-emerged on Monday after he disappeared from public view in connection with an investigation by authorities, Chinese media said.

 Guo Guangchang, dubbed “China’s Warren Buffett”, attended Fosun Group’s annual meeting Monday morning, pictures posted by business magazine Caijing showed.

The publication quoted Guo as saying “there will be a better Fosun next year” during a speech at the event, without mentioning anything about the investigation.

Guo had been out of contact since Thursday and two of the group’s listed arms in Shanghai said in statements last week the 48-year-old was “assisting in certain investigations” conducted by mainland authorities.

The statements stressed the probes had no “material adverse impact” on the finances or operations of the parent company and that Guo was able to take part in its decision making.

Caijing said Monday that Guo has “finalised” assisting in the inquiries and “returned home safely”.

It was not immediately clear what the investigation was in relation to, but it comes as China targets the financial sector as part of a sweeping anti-graft campaign following a stock market rout that rocked global markets over the summer.

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