Guo Guangchang Threatens To Sue The Media Over Fosun’s Negative News

On September 15th, Fosun Group Chairman Guo Guangchang (郭广昌) threatened to sue Bloomberg News, claiming that the media’s coverage on Fosun was seriously inaccurate and amounted to infringement, misleading investors and triggering unusual market fluctuations. The news agency published a report on the 13th that “the regulator asked banks to examine their financial exposure to Fosun.”

 The report said the banking regulator and the Beijing State-owned Assets Supervision and Administration Commission had asked banks to report Fosun’s exposure to potential liquidity risks amid liquidity concerns. In addition, the report said Fosun entities, including Fosun Pharma, have moved to cut stakes in listed businesses to get liquidity funding. In addition, the report mentioned that the dollar bonds guaranteed by Fosun International are likely to show the most significant decline since June, with shares of Fosun International falling 4.1% at the end of the year, near their lowest level since 2013.

 Since its publication, the report has been reprinted on numerous domestic portals and overseas media, all of which are negative.

 Analysts believe the fact that the Fosun Group is the white glove of several CCP kleptocracies as the Whistleblower Movement has exposed. At the same time, in August, Moody’s rating directly downgraded Fosun into the junk stocks category.

 Fosun International’s debt ratio is as high as 74.8%. These are the reasons for the market to panic. Guo Guangchang(郭广昌) has also sold and reduced his holdings of Fosun in large quantities. Guo sued the media for false reports for crisis public relations, trying to save some reputation and save the Fosun Group, which is in a deep financial and credit crisis.

 Guo Guangchang himself is selling and reducing his stake in Fosun in large numbers. Therefore, accusing the media for inaccurate reporting is a futile attempt to save the Fosun Group from its financial and credit crisis.

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Translator: NFSC News
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