News

Fosun chairman reappears after China police probe

Image credit: Fosun.com

The Chinese business tycoon who heads up Club Med owner and Thomas Cook investor Fosun has made a personal appearance at the firm’s annual meeting.

Guo Guangchang was reported as missing on Friday although it was later revealed he was helping Chinese authorities with a probe into his personal affairs.

The Chinese investigation comes amid a crackdown on the country’s financial sector but the authorities resulting in a numbers of executives going missing.

Reports in China said Guo had been released by police and Reuters reported that he received a standing ovation when he appeared at Fosun’s meeting.

Thomas Cook established a joint venture with Fosun in June this year and the retailer has also announced a tie-up with Club Med to promote its products in stores and online.

Fosun has a 5% stake in Thomas Cook and is expected to grow that share. It has also been linked to UK operator Center Parcs.

The firm bought Club Med in February for €939 million after a long-running bidding battle with Italian businessman Andrea Bonomi.

Share article

View Comments

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.