Shares in Fosun International, the flagship of Shanghai billionaire Guo Guangchang, tumbled by 5.9% to a more than nine-year low in Hong Kong on Tuesday as the investment company lowered its stake in troubled global tourism unit Fosun Tourism, the owner of Club Med and other luxury travel brands.
Fosun Tourism’s Hong Kong-traded shares plunged 22% on Tuesday. Fosun International sold 28 million at a price of HK$8.57 per share to independent third parties on Sept. 5 after trading hours, Fosun Tourism said in a statement after the close of trade. Fosun International still holds about four-fifths of Fosun Tourism.
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