not vested
Fosun Shares Slump on Missing Chairman RumorsBy Daniel Shane
Shares in entities tied to Chinese conglomerate Fosun sank in Thursday trading on rumors chairman Guo Guangchang was missing.
Hong Kong-listed Fosun International (656.HK), whose assets include package holiday provider Club Med, slipped as much as 4.8% in morning trading.
By mid-afternoon they’d pared that loss to around 1.5%. Shanghai Fosun Pharmaceutical (2196. HK) cratered as much as 7.7% in the morning.
Fosun denied that Guo had gone AWOL, writing in a statement that the billionaire chairman was in Shaanxi province giving a speech.
It said speculation of an unexplained absence was “sheer rumor and malicious slander,” according to media reports.
Investors have become nervy about Chinese conglomerates that have splashed the cash on overseas acquisitions in recent years.
Anbang Insurance chairman Wu Xiaohui was detained by Chinese authorities last month. The financial giant had become well-known for its exotic overseas purchases, including a slate of luxury hotels in the U.S.
Meanwhile, Reuters reported in June that China’s financial regulator had instructed a number of banks to evaluate their exposure to offshore deals involving big, private conglomerates including Fosun, HNA and Dalian Wanda.
Fosun’s own overseas trophy assets include the Cirque du Soleil and one of Wall Street’s most prominent office buildings.
Source: Barron's Asia
http://www.barrons.com/articles/fosun-s ... 1499322990
It's all about "how much you made when you were right" & "how little you lost when you were wrong"