Although no financial details were revealed, British media reported the sale to be worth around 45 million pounds.
"Wolves are delighted to confirm that a sale and purchase agreement has been signed which sees the transfer of the 100 percent ownership in Wolves and all its assets from Steve Morgan CBE and his Bridgemere Group to Fosun Group, headed by chairman Guo Guangchang," the club said.
Fosun representative Jeff Shi said on the club's website (www.wolves.co.uk) that the new owners would prioritise a return to the Premier League, from which they were relegated in 2012.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
"Our goal is crystal clear: we will do our very best to help take Wolves back to the Premier League as soon as possible and to stay there... getting there is our first and top priority."
Outgoing owner Morgan said in an open letter to fans that Fosun had pledge to invest 20-30 million pounds into the club over the next two years.
The acquisition has already been approved by the English Football League (EFL) and its board of directors.
(Reporting by Shravanth Vijayakumar in Bengaluru,; Editing by Neville Dalton)
