March 28, 2017 / 6:27 PM / 10 months ago

China's Fosun announces management reshuffle as earnings rise 28 pct

HONG KONG, March 29 (Reuters) - Fosun International Ltd , controlled by one of China’s best-known entrepreneurs, announced a major management reshuffle late on Tuesday after saying net profit rose 28 percent for 2016 thanks to steady growth in core businesses.

In a statement to the Hong Kong stock exchange, the Chinese insurance, healthcare and entertainment conglomerate said Liang Xinjun had resigned as vice chairman and chief executive of the company for health reasons.

Senior vice-president Ding Guoqi also stepped down, it said.

Fosun is one of China’s most aggressive global dealmakers, having taken control of French resort chain Club Med and Britain’s Thomas Cook Group as well as a stake in the iconic U.S. building One Chase Manhattan Plaza.

The company’s net profit for 2016 rose 28 percent to 2.3 billion yuan.

Fosun International’s billionaire co-founder, Chairman Guo Guangchang, a self-styled student of investor Warren Buffett, made a statement to investors in which he emphasised the group’s strategy to contain funding costs while investing heavily in new technologies, including artificial intelligence and automation in core areas such as financial products, health and lifestyle.

“We have been working conscientiously and earnestly every day as if we were skating on thin ice and standing on the brink of an abyss,” Fosun said in its statement to the Hong Kong stock exchange.

Reporting by Anne Marie Roantree; editing by Mark Heinrich

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