Fosun supremo Jeff Shi unveiled the multi-billion Chinese firm's vision for Wolves, telling ecstatic fans the future was bright.
The conglomerate chose Wolves over 15 other football clubs they had looked at.
Fosun hope to use the club's unique name, logo and colour to make Wolves one of the biggest clubs in China.
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Around 200 jubilant supporters sang and cheered as they welcomed a delighted Mr Shi to Molineux. And the investment specialist confirmed Fosun's pockets would be limitless in their pursuit of making Wolves one of the country's great teams once more.
"Our capacity for investment is huge," he told a packed press conference at Molineux.
"I think any investment to the club will not be a problem for us.
"For us the reason to invest in Wolves is very simple – we needed to find the space for growth.
"We have a very good stadium, academy, young players, a very good history and legacy, and a very good fanbase.
"The only thing we need to do is put money into the club for better players. We want to find some space to grow, and you need a very good structure. There are very few clubs in the world who can combine the two things together. Wolves is one of them."
Mr Shi confirmed that boss Kenny Jackett – whose position has appeared perilous in recent weeks after Spaniard Julen Lopetegui was offered his job as part of the takeover – will be staying for now.
And he plans to sign between five and eight players in the next few weeks.
"We want to win promotion as soon as possible," he said. "I can't guarantee this year or next year.
"Football is football. As soon as possible, but we will work very hard to be promoted within the shortest time we have."
And on his hopes for the club's future, Mr Shi added: "Fosun in Chinese, we pronounce 'fu-sin'. "And 'fu-sin' in Chinese means renaissance. So maybe it's time for Wolves' renaissance. We have a very good history, from the 1950s is a long time. It's a good time for us to go back to the position we had."
Outgoing chief executive Jez Moxey beamed as he eulogised about the new owners, saying the club were in very safe hands.
"There are some really exciting times ahead," he said. "The decision making is key to it.
"They've got the right resources. If they make the right decisions then great success can follow for this football club. To go through (the ownership) process and come out at the end with the owners the club now has is going to be greeted with great joy. The only thing missing is what they're going to bring.
"This is a momentous day in the history of Wolverhampton Wanderers.
"I'm absolutely thrilled, genuinely, that we have an owner who can take this club, unlock its potential at the top end of the club, which is finding new players to help take us hopefully into the Premier League and stay there for a very long time."