China's Fosun says co-founder steps down in surprise reshuffle

* Fosun says Liang Xinjun resigned for health reasons

* Senior vice president Ding Guoqi has also stepped down

* Profits soar 28 percent to more than 10 billion yuan

(Adds details, background)

HONG KONG, March 29 (Reuters) - Fosun International Ltd

, one of China's most aggressively acquisitive

conglomerates, said late on Tuesday that its co-founder and

chief executive would step down in a broader reshuffle announced

alongside annual earnings.

The leisure-to-insurance group, one of China's largest

privately held firms, said in a statement to the Hong Kong stock

exchange that Liang Xinjun had resigned for health reasons. It

gave no further details.

Senior vice-president Ding Guoqi also stepped down from the


Liang has been a public face of Fosun, particularly around

the battle for French leisure group Club Med. He founded Fosun

in 1992 with chairman Guo Guangchang and a handful of others,

with the aim of emulating the strategy of U.S. investor Warren

Buffet, using insurance cash for more lucrative investments.

For Fosun, that has included bets on everything from

Portuguese insurance to One Chase Manhattan Plaza, the

headquarters of JPMorgan, bought in 2013.

Fosun said in the statement that its net profit rose 28

percent to a record high of over 10 billion yuan ($1.45


In the Tuesday statement Guo emphasised the group's strategy

to contain funding costs while investing heavily in new

technologies, including artificial intelligence and automation.

($1 = 6.8779 Chinese yuan renminbi)

(Reporting by Anne Marie Roantree; Editing by Mark Heinrich and

Stephen Coates)