In the past few years Guo Guangchang, chairman of Fosun, a Chinese conglomerate, has watched as the Communist Party has taken down his rivals. Two executives at hna, an indebted airline that once held a big stake in Deutsche Bank, have been arrested. The founder of Anbang, an acquisitive insurer, has received a lengthy prison sentence for financial crimes. So has the founder of Tomorrow Group, a banking-and-insurance empire.
Mr Guo does not appear in imminent danger of sharing their fate. But his company is in trouble. On October 25th Moody’s, a ratings agency, downgraded Fosun’s debt deeper into junk territory. Chinese banks have been asking the firm
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