Fosun International Group reassured the market that Guo Guangchang will remain as the group's chairman, dispelling rumors that Guo had resigned from the post Friday night.

The Beijing News had reported Friday that Guo would not resume his position as Fosun International's chairman and corporate representative.

But Fosun International immediately clarified in an announcement that Guo has only stepped down from the chairman post of Shanghai Fosun High Technology (Group), which is a wholly owned subsidiary of Fosun International. His position with Fosun International is unchanged.

The group stressed that this is a normal personnel change that won't affect Fosun High Technology's operation or management. Guo previously held chairman positions in the group’s other subsidiaries such as Shanghai Fosun Pharmaceutical (Group).

With this personnel change, Guo will focus on the advancement of the group's major projects and business opportunities as well as its strategic deployment.

As the group's global partnership model matures, the personnel change will grant more power and responsibility to the younger management team, according to the announcement.

Guo has also confirmed to his colleagues Friday via his WeChat account that he would remain as the group's chairman.