Guo Guangchang
Encyclopedia
Guo Guangchang (born 1967), is a Chinese entrepreneur
. He is the chairman of Fosun International Limited
and the representative of 10th National People's Congress
. Guo is currently one of the wealthiest men in Mainland China
. Guo Guangchang is often regarded as China's own Warren Buffett
by publications such as Financial Times.
, Jinhua
, Zhejiang
, China
. Guo was born as a low class farmer's child during the Mao Zedong era. His childhood was hard as was most of the Chinese countryside during this era. He went to a very good high school though his parents forbid him to go so he ran away taking a straw mat and several bags of rice. He graduated from the Department of Philosophy
at Fudan University
, Shanghai
, one of the most prestigious universities in China.
In 1992, Guo resigned after 3 years of working for the Youth Union of Fudan University. Guo went on to establish his first company, Guangxin Technology Development Company, a market research firm which seized the opportunities brought by the opening up of Shanghai to global companies.
In 1994, Guo started his amazing business career by setting up Fosun Group with 3 schoolmates, all of whom graduated from the Department of Genetic Engineering of Fudan University. The company earned 100 million yuan from selling medicine
against the hepatitis B virus
, and this experience laid the foundation for today's Fosun Pharma, a publicly listed firm on Shanghai Stock Exchange. Fosun has since invested in other sectors, including property, steel, mining, retail, financial services and private equity investments. It is currently the largest privately owned investment company in China.
Guo has stated that he admires the business skills of Li Ka Shing
, Hong Kong's richest billionaire
. Guo Guangchang also indicates that he would like to learn from Warren Buffett given his success in value investment. In 2010, Fosun acquired 9 percent of Club Med
's shares, a French resort chain, as a starting point of Fosun's globalization of investment. Fosun also announced its first overseas private equity fund set up together with Prudential Financial Inc. in 2011.
Guo was given an award in the United States by former president Clinton for his role in helping change China so dramatically in the last century.
Guo is often the only person the Chinese government will talk to on the subject of privatizing the state run companies.
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
. He is the chairman of Fosun International Limited
Fosun International Limited
Fosun International Limited , also Fosun or Fosun International, is the largest private-owned conglomerate in Mainland China, headquartered in Shanghai but incorporated in Hong Kong...
and the representative of 10th National People's Congress
National People's Congress
The National People's Congress , abbreviated NPC , is the highest state body and the only legislative house in the People's Republic of China. The National People's Congress is held in the Great Hall of the People, Beijing, capital of the People's Republic of China; with 2,987 members, it is the...
. Guo is currently one of the wealthiest men in Mainland China
Mainland China
Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...
. Guo Guangchang is often regarded as China's own Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
by publications such as Financial Times.
Biography
Guo was born in DongyangDongyang
Dongyang is a Chinese city of about 800,000 people in the middle of Zhejiang Province, about 200 kilometers south of Hangzhou. Dongyang lies in the central area of Zhejiang Province, covering an area of 1739 square kilometers...
, Jinhua
Jinhua
Jinhua is a prefecture-level city in central Zhejiang province of Eastern China. It borders the provincial capital of Hangzhou to the northwest, Quzhou to the southwest, Lishui to the south, Taizhou to the east, and Shaoxing to the northeast....
, Zhejiang
Zhejiang
Zhejiang is an eastern coastal province of the People's Republic of China. The word Zhejiang was the old name of the Qiantang River, which passes through Hangzhou, the provincial capital...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
. Guo was born as a low class farmer's child during the Mao Zedong era. His childhood was hard as was most of the Chinese countryside during this era. He went to a very good high school though his parents forbid him to go so he ran away taking a straw mat and several bags of rice. He graduated from the Department of Philosophy
Philosophy
Philosophy is the study of general and fundamental problems, such as those connected with existence, knowledge, values, reason, mind, and language. Philosophy is distinguished from other ways of addressing such problems by its critical, generally systematic approach and its reliance on rational...
at Fudan University
Fudan University
Fudan University , located in Shanghai, is one of the oldest and most selective universities in China, and is a member of the C9 League. Its institutional predecessor was founded in 1905, shortly before the end of China's imperial Qing dynasty...
, Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
, one of the most prestigious universities in China.
In 1992, Guo resigned after 3 years of working for the Youth Union of Fudan University. Guo went on to establish his first company, Guangxin Technology Development Company, a market research firm which seized the opportunities brought by the opening up of Shanghai to global companies.
In 1994, Guo started his amazing business career by setting up Fosun Group with 3 schoolmates, all of whom graduated from the Department of Genetic Engineering of Fudan University. The company earned 100 million yuan from selling medicine
Medicine
Medicine is the science and art of healing. It encompasses a variety of health care practices evolved to maintain and restore health by the prevention and treatment of illness....
against the hepatitis B virus
Hepatitis B virus
Hepatitis B is an infectious illness caused by hepatitis B virus which infects the liver of hominoidea, including humans, and causes an inflammation called hepatitis. Originally known as "serum hepatitis", the disease has caused epidemics in parts of Asia and Africa, and it is endemic in China...
, and this experience laid the foundation for today's Fosun Pharma, a publicly listed firm on Shanghai Stock Exchange. Fosun has since invested in other sectors, including property, steel, mining, retail, financial services and private equity investments. It is currently the largest privately owned investment company in China.
Guo has stated that he admires the business skills of Li Ka Shing
Li Ka Shing
Sir Ka-shing Li, GBM, KBE, JP is a Chinese business magnate based in Hong Kong. He is the richest person of East Asian descent in the world and the eleventh richest person in the world with an estimated wealth of US$26.0 billion on 10 March 2011...
, Hong Kong's richest billionaire
Billionaire
A billionaire, in countries that use the short scale number naming system, is a person who has a net worth of at least one billion units of a given currency, usually the United States dollar, Euro, or Pound sterling. Forbes magazine updates a complete list of U.S. dollar billionaires around the...
. Guo Guangchang also indicates that he would like to learn from Warren Buffett given his success in value investment. In 2010, Fosun acquired 9 percent of Club Med
Club Med
Club Méditerranée , commonly known as Club Med, is a French corporation of vacation resorts found in many parts of the world, usually in exotic locations. It is considered the original all-inclusive resort.-Foundation:...
's shares, a French resort chain, as a starting point of Fosun's globalization of investment. Fosun also announced its first overseas private equity fund set up together with Prudential Financial Inc. in 2011.
Guo was given an award in the United States by former president Clinton for his role in helping change China so dramatically in the last century.
Guo is often the only person the Chinese government will talk to on the subject of privatizing the state run companies.
External links
- Fosun International Limited
- "Guo Guangchang, "China Rich List, Forbes magazine, 2002
- Bio, ChinaVitae.com, retrieved December 11, 2007
- Bio, China Radio International (CRIEnglish.com), January 13, 2005, retrieved December 12, 2007