China: Fosun High Tech chairman to leave post, remain at parent

Billionaire Guo Guangchang, Executive Director and Chairman of Fosun International, attends the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip

Guo Guangchang has stepped down from the post of chairman at Shanghai Fosun High Technology (Group) Co Ltd but remains chairman of parent Fosun International Ltd, where he will focus on broader strategy, he wrote online on Friday.

Writing on China’s micromessaging mobile app Weixi, Guo said he had resigned as chairman of Shanghai Fosun High Technology (Group), known as Fosun Group and a wholly-owned subsidiary of Fosun International, to give younger executives a bigger role.

Fosun International, which has a market value of HK$157.4 billion ($20.17 billion), is one of the China’s most acquisitive overseas dealmakers. It has investments ranging from tourism to pharmaceuticals and insurance.

Guo, who is one of China’s richest men and an active global dealmaker, added in his online comment: “I am still young. I have not thought of retirement yet.”

Fosun International, co-founded by Guo and one of China’s largest privately held firms, saw its chief executive and vice president step down in a surprise reshuffle in March.

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Reuters