November 13, 2017 / 4:38 AM / 6 days ago

China's Guo Guangchang leaves Fosun High Tech post, stays at parent

HONG KONG (Reuters) - Guo Guangchang has stepped down from the post of chairman at Shanghai Fosun High Technology (Group) Co Ltd but remains chairman of parent Fosun International Ltd, where he will focus on broader strategy, he wrote online on Friday.

Fosun International Ltd Chairman Guo Guangchang attends a news conference in Hong Kong, China March 29, 2017. REUTERS/Bobby Yip

Writing on China’s micromessaging mobile app Weixi, Guo said he had resigned as chairman of Shanghai Fosun High Technology (Group), known as Fosun Group and a wholly-owned subsidiary of Fosun International, to give younger executives a bigger role.

Fosun International, which has a market value of HK$157.4 billion ($20.17 billion), is one of the China’s most acquisitive overseas dealmakers. It has investments ranging from tourism to pharmaceuticals and insurance.

Guo, who is one of China’s richest men and an active global dealmaker, added in his online comment: “I am still young. I have not thought of retirement yet.”

Fosun International, co-founded by Guo and one of China’s largest privately held firms, saw its chief executive and vice president step down in a surprise reshuffle in March.

($1 = 7.8025 Hong Kong dollars)

Reporting by Meg Shen; Editing by Edmund Blair

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