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11-12-2015, 03:19 PM
Chairman or CEO missing, is a common scene for China companies nowadays? The company share price is halted.
(not vested)
Fosun bonds fall, stock halted after report chairman Guo missing
11 Dec 2015 10:36
[BEIJING] Fosun International bonds plunged by a record and the company suspended its shares in Hong Kong after Caixin magazine reported that billionaire Chairman Guo Guangchang had gone missing.
Closely held Fosun Group, which controls Fosun International, has "lost contact" with Mr Guo, 48, the magazine said, citing people it didn't identify.
The shares declined for a sixth consecutive day on Thursday in Hong Kong, losing 1 percent to close at HK$13.34, and tumbled more than 11 per cent to US$1.55 in over-the-counter trading in New York. Fosun International dollar bonds fell by a record, with the US$400 million of 6.875 per cent bonds due in 2020 slumping 16.1 US cents to 88.3 US cents on the dollar as of 9:10 am in Hong Kong.
"The news that the chairman went missing will take a toll on the bond prices and until the company can clarify the situations, and we'd expect further weakness in the near term," Nuj Chiaranussati, a Singapore-based debt analyst at Gimme Credit LLC.
...
BLOOMBERG
Source: Business Times Breaking News
(not vested)
Fosun bonds fall, stock halted after report chairman Guo missing
11 Dec 2015 10:36
[BEIJING] Fosun International bonds plunged by a record and the company suspended its shares in Hong Kong after Caixin magazine reported that billionaire Chairman Guo Guangchang had gone missing.
Closely held Fosun Group, which controls Fosun International, has "lost contact" with Mr Guo, 48, the magazine said, citing people it didn't identify.
The shares declined for a sixth consecutive day on Thursday in Hong Kong, losing 1 percent to close at HK$13.34, and tumbled more than 11 per cent to US$1.55 in over-the-counter trading in New York. Fosun International dollar bonds fell by a record, with the US$400 million of 6.875 per cent bonds due in 2020 slumping 16.1 US cents to 88.3 US cents on the dollar as of 9:10 am in Hong Kong.
"The news that the chairman went missing will take a toll on the bond prices and until the company can clarify the situations, and we'd expect further weakness in the near term," Nuj Chiaranussati, a Singapore-based debt analyst at Gimme Credit LLC.
...
BLOOMBERG
Source: Business Times Breaking News
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