Bao Fan, Chinese banker who disappeared, would help in the investigation

Bao Fan, Chinese banker who disappeared, would help in the investigation

Bao Fan, Chinese banker who disappeared, would help in the investigation

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China Renaissance Holdings said on Sunday that its chief executive, Bao Fan, a prominent investment banker in China, was cooperating with a government investigation, weeks after the company said it was unable to contact him.


In a filing with the Hong Kong Stock Exchange, the company said its board “has become aware that Mr. Bao is currently cooperating with an investigation by certain authorities in the People’s Republic of China.”

The company said operations were continuing as normal. He did not specify Mr. Bao’s whereabouts or identify the case in which he is supposed to be cooperating. Chinese media reported that the government had asked Mr. Bao to participate in an investigation linked to a former Chinese Renaissance leader.

The latest news followed the company’s revelation on February 16 that it had been “unable to contact” Mr. Bao. The announcement sent the company’s stock price plummeting, and the stock did not fully recover.

The disappearance of Mr. Bao, a major player in the growth of China’s tech sector, has raised new concerns that Beijing could once again target Chinese companies and the executives who run them. Under Xi Jinping’s leadership, the Chinese government is exercising increasing control over the country’s economy and businesses.

The Chinese government briefly detained Guo Guangchang, one of the country’s wealthiest people, in 2015, and two years later arrested Chinese-born billionaire Xiao Jianhua at his home in Hong Kong. Alibaba Group founder Jack Ma also disappeared from public life for a time after criticizing Chinese regulators in 2020.

Mr. Bao is a leading figure in China’s tech industry. He worked at Morgan Stanley and Credit Suisse before founding China Renaissance in 2004. He became an early dealmaker for Chinese internet companies, like Alibaba and Tencent, which soared as the economy opened up from the country.

In recent years, Mr. Bao had adjusted his approach as Mr. Xi tightened his grip on the economy, echoing the Chinese leader’s rhetoric and working with a division of a state bank.


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