Wolves owner Fosun sees shares plummet
Wolves owner Fosun International has seen its share value plummet by close to ten per cent today.
The Chinese conglomerate, which also owns the Club Med holiday chain among many other businesses, saw its shares fall by 9.6 per cent during the afternoon session of trading on the Hong Kong stock exchange.
They eventually pulled back to be down 7.1 per cent at the close of the day’s trading.
It followed a similar sudden fall for fellow Chinese group Dalian Wanda, which saw shares in its Dalian Wanda Film affiliate drop by 9.9 per cent during the morning session.
Reports have claimed that China’s banking regulator is set to investigate overseas loans to several companies, including both Fosun and Wanda.
Fosun are one of the Far East’s largest privately-owned businesses and are thought to have paid Steve Morgan around £30million to buy Wolves last July.
Their first year in charge at Molineux has been tumultuous with Nuno Espirito Santo last month becoming their third managerial appointment in the space of ten months.
Though £27million was spent on new players, Wolves managed only a 15th-placed finish in the Championship.
The club forms only a tiny part of the company’s global operations.
Figures released in March revealed Fosun had made a profit of £1.2billion over the previous financial year, with its assets valued at £56.8bn.