Shares of the China-based Fosun Tourism Group (HK:1992) surged over 80% as of writing after the company revealed plans to buy back its shares and go private. Upon completion, Fosun Tourism will be 98.4% owned by its controlling shareholder, Fosun International (HK:0656), and be de-listed. Following the announcement, Fosun Tourism shares jumped to their highest level in the last 14 months. Trading in shares resumed today after being suspended since late November.
Meanwhile, shares of the parent company, Fosun International, gained over 5%.
Fosun Tourism is a leisure-oriented travel group and has been listed on the Hong Kong Stock Exchange since December 2018. Meanwhile, Fosun…
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