Billionaire Guangchang Guo — The self-proclaimed Warren Buffett of Chinathe conglomerate Fosun International 2022 annual profit fell 95% year-on-year — has been selling assets for almost a year.
Since May, Fosun has agreed to sell assets worth about $5 billion. $500 million stake in Tsingtao Beerthe sale of a resort in Japan to a subsidiary; Bloomberg reported on Tuesday.
upon April 2, Fosun announced that it has signed a deal to sell its 55% stake After a failed plan to sell a stake in Nanjing Steel’s parent company to Jiangsu Shagang Group, it sold it to a Chinese state-owned conglomerate called CITIC for 13.58 billion yuan.
However, Guo does not appear openly bothered by the sale of these assets.
“It’s not pathetic that we’re selling assets,” he said at an entrepreneurial forum in March, according to Bloomberg. It is,” he added.
Investors seem to be settling for a sellout.
Fosun International shares listed on the Hong Kong Stock Exchange are rebelled From a September low of HK$4.6, it rose to HK$5.4, or $0.7, on Tuesday. It is still down from around HK$7.8 in late January.
Guo, I grew up poor in Zhejiang province in eastern China. Often drawing parallels with legendary investor Warren Buffett, his personal fortune has grown nearly 60% since September to $1.6 billion. Bloomberg Billionaires Index. Forbes estimates that it will significantly exceed Mr. Guo’s fortune at $3.5 billion, and he 848th richest person on earth.
Mr. Guo, currently Co-Chairman of Fosun, established the company’s predecessor company in 1992 with his college classmates with a capital of 100,000 RMB. Reuters reportedThe company employs 108,000 people worldwide, According to its website.
Fosun did not immediately respond to Insider’s request for comment.