Fosun Founder Guo Guangchang Steps Down From Tech Unit
Chinese billionaire Guo Guangchang, a co-founder of Fosun Group, stepped down as chairman and legal representative of the investment conglomerate’s steel and tech unit Shanghai Fosun High Technology Group.
Fosun High Technology’s business registration document showed that the company updated its management information on Nov. 8, replacing Guo as chairman and legal representative with Chen Qiyu.
Fosun High Technology is a wholly-owned unit of Fosun Group with businesses including steel manufacturing, pharmaceuticals, finance and real estate investment. Guo has been the chairman and legal representative since 1994.
Chen, 45, is currently executive director and co-president of Fosun Group.
Guo’s resignation from Fosun High Technology caught market attention, raising speculation that the 50-year-old billionaire may retire. As one of the five co-founders of Fosun Group, Guo ranks 22nd on the Forbes 2016 China Rich List with a net worth of $6 billion.
“I am still young and don't want to retire yet,” Guo wrote in response on his personal WeChat social media account. He also pointed out that he retains his post as chairman of Fosun Group.
In a statement to Caixin, Fosun Group said the leadership shuffle at Fosun High Technology is a normal personnel adjustment that will offer younger managers greater opportunity and responsibility. The change will neither affect Fosun High Technology’s business operation nor the company’s actual ownership, Fosun Group said.
“After the change, Guo will focus more on the business of the parent company and the group’s strategy setting,” the company said in the statement.
Established in 1992 as a real estate developer and pharmaceutical manufacturer, Fosun Group has grown into one of China’s largest private companies with a wide range of businesses covering real estate, financial services, mining, pharmaceuticals, retail and entertainment.
The company is also among a group of prolific Chinese acquirers along with Dalian Wanda and HNA Group. In recent years, Fosun Group has made investments in France’s Club Med resorts chain, Greek jeweler Folli Follie, Canadian entertainment company Cirque du Soleil and U.S. insurer Meadowbrook, among others. Fosun Group’s total assets exceed 500 billion yuan ($75 billion), according to the company website.
Contact reporter Han Wei (email@example.com)
Jul 10 19:00
Jul 10 18:54
Jul 10 17:22
Jul 10 16:31
Jul 10 13:03
Jul 09 19:19
Jul 09 19:10
Jul 09 18:49
Jul 09 16:40
Jul 08 18:10
Jul 08 15:57
Jul 08 13:46
Jul 07 18:50
Jul 07 13:17
- 1For Electric-Vehicle Maker Nio, Government Tie-Up Has Its Benefits
- 2Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
- 3Zoom Investment Grew From Li Ka-shing’s Disgust at Pricey Video Gear, Says His Tech-Savvy Companion
- 4In Depth: CATL Loses Electric-Car Battery Crown as Foreign Firms Muscle In
- 5Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas