Guo Guangchang

Guo Guangchang (simplified Chinese: 郭广昌; traditional Chinese: 郭廣昌, born February 1967) is a Chinese businessman and investor. He is the chairman and co-founder of Fosun International Limited, and a representative of the 12th Chinese People's Political Consultative Conference. According to Hurun Report's 2019 China Rich List he was the 45th richest person in China.[1] As of the end of 2019 he was listed as the 50th richest person in China by Forbes, with a net worth of $6.5 billion.[2]

Guo Guangchang
郭广昌
Guo Guangchang.jpg
BornFebruary 1967 (age 54)
EducationFudan University
OccupationBusinessman
Known forFounder and chairman, Fosun International Limited
Net worthUS$6.3 billion (November 2019)
Spouse(s)Wang Jinyuan
Children3

Early life and educationEdit

Guo Guangchang was born in Dongyang, Zhejiang, in 1967. In 1989, Guo received a BA in Philosophy and an MBA from Fudan University.[3]

CareerEdit

Guangxin Technology Development Company Ltd.Edit

In 1992, Guo founded Guangxin Technology Development Company Ltd, with friends Liang Zinjun and Tan Jian,[4] which was among the first to use scientific methods in market research in mainland China.[5]

Fosun GroupEdit

See main article Fosun International Since 1994, Guo has been the chairman of Fosun Group and invested in insurance, pharmaceuticals and healthcare, property, steel, mining, retail, services, finance and other investment, and asset management, creating one of the largest non-state owned enterprises in China.[6] Fosun International employs over 74,000 people.[7]

In 2007, Fosun International (00656.HK),[8] the holding company of Fosun, was listed on the HKSE.[9] Fosun has teamed up with IFC in reinsurance business,[10] invested in Club Med of France,[11] insurance company Fidelidade Seguros of Portugal[12] and Folli Follie of Greece[13] to jointly explore opportunities brought by the growth of China's economy.[14]

In July 2016 Guo’s Fosun International purchased the Wolverhampton Wanderers Football Club a professional association football club based in Wolverhampton, West Midlands, England for a reported £45 million from previous owner Steve Morgan, Wolves went on to clinch the 2017–18 Championship title, to return to the Premier League after a 6-year absence. Wanderers's return to the Premier League resulted in a seventh-place finish in their first season back, their highest placing in the top division since finishing sixth in 1979–80.This position also earned them a place in the Europa League and their first European campaign since 1980–81.[15][16][17]

Chairmanships and membershipsEdit

Guo is a member of the National Committee of the 12th Chinese People's Political Consultative Conference, a member of the Standing Committee of All-China Federation of Industry and Commerce, a member of the Standing Committee of All-China Youth Federation, the Honorary Chairman of Shanghai Zhejiang Chamber of Commerce.[18]

Shanghai World ExpoEdit

At the 2010 Shanghai World Expo, Guo, together with 15 other Chinese entrepreneurs, funded the Chinese Private Enterprise Pavilion, which was the debut of China's non-state-owned enterprises in World Expo.[19][20]

WealthEdit

As of 2019 he was listed as the 50th richest person in China by Forbes, with a net worth of $6.5 billion.[2] He has been called "China’s Warren Buffett".[21]

Recognition and awardsEdit

In 2017 Guo was honored with the 16th Asia Business Leaders Awards’ Lifetime Achievement Award by CNBC.[22] He received the 2016/17 “Nobel Laureates Series-Asian Chinese Leaders Award” by Asian College of Knowledge Management,  and the “Lifetime Achievement Award” at the 8th World Chinese Economic Summit in 2016.[23]

PhilanthropyEdit

Guo is the vice chairperson of China Glory Society, China Social Entrepreneur Foundation and Youth Business China Foundation.[24] Through the auspices of the Fosun Foundation, Guo has donated an aggregate of up to 600 million RMB to charity causes to help fight poverty, improve access to education and provide natural disaster relief.[25]

InvestigationEdit

On 11 December 2015, it was reported that Guo has been detained by police, was "assisting authorities with an investigation", and had been "linked to a corruption court case in August". It has been speculated that he may have been caught up in Party General Secretary Xi Jinping’s anti-corruption efforts. This has led to shares in his Hong Kong-listed subsidiary being suspended.[26] On 14 December, Guo was released and appeared at Fosun's annual meeting in Shanghai. It was Guo's first public event since he was "assisting the investigation".[27]

ReferencesEdit

  1. ^ "LEXUS·Hurun China Rich List 2019". Hurun Report. 10 October 2019. Retrieved 1 January 2020.
  2. ^ a b "Guo Guangchang". Forbes. Retrieved 2019-11-27.
  3. ^ "China Vitae : Biography of Guo Guangchang". www.chinavitae.com. Retrieved 2019-11-24.
  4. ^ Chan, Ray; Chen, Georg (3 November 2012). "The making of tycoon Guo Guangchang". South China Morning Post. Retrieved 2019-12-03.
  5. ^ Anderlini, Jamil (11 December 2015). "China's Warren Buffet caught up in Beijing probe". www.ft.com. Retrieved 2019-12-03.
  6. ^ "Fosun Founder Guo Guangchang Steps Down From Tech Unit - Caixin Global". www.caixinglobal.com. Retrieved 2019-12-03.
  7. ^ "FOSUN INTL (0656.HK) stock price, quote, history & news". uk.finance.yahoo.com. Retrieved 2019-12-03.
  8. ^ "IDERA Capital Management Ltd. / Company Information / About Fosun Group". www.idera-capital.com. Retrieved 2019-12-03.
  9. ^ "UPDATE 3-China's Fosun prices $1.5 bln HK IPO at top of range". Reuters. 2007-07-06. Retrieved 2019-12-03.
  10. ^ "Fosun makes HK reinsurance foray|HongKong Focus|chinadaily.com.cn". www.chinadaily.com.cn. Retrieved 2019-12-03.
  11. ^ "China's Fosun files for Club Med IPO in Hong Kong, seeks up to $700 million: sources". Reuters. 2018-09-04. Retrieved 2019-12-03.
  12. ^ "China's Fosun buys Portuguese insurer Caixa Seguros". www.ft.com. 9 January 2014. Retrieved 2019-12-03.
  13. ^ "Fosun buys in luxury retailer Folli Follie". europe.chinadaily.com.cn. Retrieved 2019-12-03.
  14. ^ Ng, Abigail (2019-01-24). "Chairman of multibillion-dollar Chinese conglomerate: We'll continue to bet big on China". CNBC. Retrieved 2019-12-03.
  15. ^ "Wolves bought by Chinese conglomerate Fosun International for £45m". July 21, 2016 – via www.bbc.com.
  16. ^ Edwards, Joe. "Confirmed: Wolves to finish seventh in the Premier League". www.expressandstar.com.
  17. ^ "Europa League group stage fixtures confirmed". www.wolves.co.uk.
  18. ^ "Guo Guangchang-Membership_English-中国企业家俱乐部". www.daonong.com. Retrieved 2019-12-03.
  19. ^ "Zhejiang businesses ride on Expo for success". www.chinadaily.com.cn. Retrieved 2019-12-03.
  20. ^ "Private firms' CEOs positive on Chinese economy - China.org.cn". www.china.org.cn. Retrieved 2019-12-03.
  21. ^ Huang, Zheping. "China's top bankers who "disappeared," were detained, or died unnaturally in the past year". Quartz. Retrieved 15 January 2019.
  22. ^ "CNBC gives Lifetime Achievement Award to Fosun International's Guo Guangchang". CNBC. 2017-09-28. Retrieved 2019-12-30.
  23. ^ "Leadership: Guo Guangchang". Fosun. Retrieved 30 December 2019.
  24. ^ "FOSUF Company Profile & Executives - Fosun International Ltd. - Wall Street Journal". www.wsj.com. Retrieved 2019-12-25.
  25. ^ Sullivan, Lawrence R. (2018). Historical Dictionary of the Chinese Economy. Lanham: Rowman & Littlefield. ISBN 9781538108536.
  26. ^ Chinese tycoon Guo Guangchang detained by police. BBC News, 11 December 2015. Retrieved 11 December 2015.
  27. ^ "Fosun founder Guo Guangchang appears in public". BBC News. 13 December 2015. Retrieved 13 December 2015.

External linksEdit