Missing Chinese Executive Guo Guangchang is Released, say Reports
Guo Guangchang, the Chinese business leader who went missing last week, appears to have been released by mainland authorities.
Hong Kong’s RTHK Monday (Dec 14) reported that Guo had appeared at a meeting of Fosun International, the investment conglomerate that has substantial media shareholdings. Fosun International, of which Guo is founder and chairman, has major shareholdings in Jeff Robinov’s Studio 8, Bona Film Group, Cirque du Soleil, and Korea’s SM Entertainment.
The unconfirmed report of Guo’s release follows a briefing given by the company on Sunday at which Guo’s detention and interrogation were explained as being “focused mostly on his personal affairs.” A mainland Chinese business site, Monday reported that Guo had “returned home safely,” while another reported him as attending a Fosun public meeting.
Guo’s sudden disappearance on Thursday, when it appears he was arrested at one of Shanghai’s airports, was the latest in a series of disappearances of top Chinese businessmen. It has been widely assumed that they are being held by investigators probing corruption allegations. Some have died in detention.
While there has been no specific charge made against Guo, the implications are certain to affect sentiment.
Fosun International shares resumed trading on Hong Kong Stock Exchange. After 90 minutes of trading they stood at HK$11.72 per share, a decline of 11.8% compared with the Thursday night position of HK$13.28, when they were suspended.