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Stocks

Rumors of Fosun chief's disappearance spook markets

Investors wary as Chinese companies pay the price for acquisitions abroad

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Fosun International plunged early Thursday on rumors of the group chief's disappearance.   © Reuters

HONG KONG -- The rumored disappearance of the Fosun International group's chairman sparked a sell-off in related shares Thursday before the billionaire's whereabouts were reported, showing the toll Beijing's recent crackdown on big foreign spenders is taking on investors' nerves.

Guo Guangchang has gone missing before. He vanished from the public eye for days in December 2015, during which time he was said to be cooperating with authorities in an anti-graft probe. Shares in the conglomerate's main Hong Kong-listed unit plunged to the point where trading was suspended.

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