China billionaire Guo Guangchang unreachable, Caixin reports

The billionaire chairman of Chinese conglomerate Fosun Group has become unreachable, Caixin magazine reported on its website, citing people it didn’t identify.

The closely held group has “lost contact” with Guo Guangchang, 48, the magazine said. Fosun Group, which owns Club Mediterranee SA and bought a stake in Cirque du Soleil Inc., has business interests in insurance, real estate, pharmaceutical and commodities.

The company is “handling” the situation, Fosun Group Vice Chairman Liang Xinjun said in a text message when asked about Guo’s whereabouts. Calls to Liang’s mobile phone went unanswered. Guo was in Shanghai at noon, Caixin cited an unnamed Fosun executive as saying, adding that subsequent calls to that person’s phone went unanswered.

Guo, also the founder of Fosun Group, is China’s 17th richest man with a net worth of $5.6 billion, according to data compiled by Bloomberg. Guo, who calls himself a student of Warren Buffett, has led his conglomerate on a global buying spree. Fosun International Ltd. has announced 16 deals worth a combined 29 billion yuan ($4.5 billion) this year, according to data compiled by Bloomberg.

Fosun’s stock tumbled more than 11 percent to $1.55 in over-the-counter trading in New York Thursday, the biggest decline since August. Fewer than 50,000 shares traded hands, which is about 7 times the daily average volume of the past three months, data compiled by Bloomberg show.

Calls and messages to multiple people in the public relations department of Fosun Group went unanswered on Thursday.