Fosun Group shares halted after reports chief executive and founder Guo Guangchang goes missing

 
Jessica Morris
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The news sent Chinese shares lower today (Source: Getty)

Shares in China's largest privately own conglomerate Fosun Group were suspended today amid reports its billionaire founder and chief executive, Guo Guangchang, was missing.

Guangchang, one of China's wealthiest men, has reportedly been unreachable since noon on Thursday, according to a report by Caixin, which cited unnamed sources.

The news hit stocks in China, with the benchmark Shanghai Composite Index down 0.6 per cent at 3,434.58 points at the close.

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In a statement, Fosun said shares would be halted "with effect from 9am on 11 December 2015 pending the release of an announcement containing inside information".

Fosun won a long-running battle against Italian rival Andrea Bonomi to acquire French holiday resorts firm Club Med in a deal worth over €900m (£704m) earlier this year, and the conglomerate also took a five per cent stake in Thomas Cook in March.

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