Chinese conglomerate Fosun scrambled on Thursday to deny rumours it had lost contact with its chairman Guo Guangchang, after shares in its listed subsidiaries dropped in morning trading.
Shares in acquisitive conglomerate HNA also fell, highlighting investor jitters after Beijing said last month it was probing the finances of large groups which had been involved in overseas buying sprees.
HNA’s shares fell 4 per cent in Hong Kong, where Fosun International shares fell as much as 4.5 per cent during morning trading, and its subsidiary Fosun Pharmaceutical was down nearly 9 per cent in Shanghai and 7 per cent in Hong Kong.
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