(From L)  Chen Qiyu, Co-President of Fosun International, Guo Guangchang, chairman and co-founder of Fosun International, Wang Qunbin, CEO of Fosun International, Xu Xiaoliang, Co-president of Fosun International, Alex Gong, CEO of Fosun Hive Holding, attend a news conference in Hong Kong, on Aug 29, 2018. (PAUL YEUNG/BLOOMBERG)

Fosun International Ltd., one of China’s largest conglomerates, has announced a management reshuffle as the company shifts focus from overseas expansion to its home market.

Fosun, one of the few Chinese companies still seeking overseas investments, is refocusing on the country’s US$14 trillion economy, with an emphasis on technology and family consumption

The group has appointed Wang Qunbin, its current chief executive officer, to be co-chairman with the company’s billionaire founder Guo Guangchang, according to a stock exchange filing on Friday. Fosun’s two co-presidents, Chen Qiyu and Xu Xiaoliang, will become co-CEOs.

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The CEO of the group’s property arm Gong Ping will replace the group’s chief financial officer Xue Linnan, while Xue will become the property branch’s vice-chairman.

Fosun, one of the few Chinese companies still seeking overseas investments, is refocusing on the country’s US$14 trillion economy, with an emphasis on technology and family consumption. Last month, Guo told its global CEOs to allocate budgets targeting the China market.

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