Bao Fan, the Chinese tech billionaire goes missing on Thursday evening. According to company resources, the chairman of the investment bank has gone missing, as shares in the company plunged in Hong Kong on Friday.
Bao Fan, also the bank’s executive director, is known as a major and well-known figure in the Chinese tech industry. He has played a key role in domestic internet startups.
The company has been unable to contact Mr. Bao Fan.”
China Renaissance said in an announcement on Thursday to the Hong Kong Stock Exchange,
After that statement, the firm’s shares slumped to 50 percent. While before the statement the firm’s shares slumped to 30 percent.
The 52-year-old dealmaker had been unreachable for two days as of Thursday evening.
Caixin-financial news outlet
The disappearance of a Chinese billionaire is now raising concerns over a possible renewed crackdown on China’s finance industry as President Xi Jinping persists in his crusade against corruption.
the executive’s continued absence ‘could be a long-term overhang on the stock, given Bao is the key man for the company’.”
Willer Chen-the senior analyst at Forsyth Barr Asia
I was “not aware of the relevant information” when asked about Bao’s disappearance. But I can tell you that China is a country under the rule of law. The Chinese government protects the legitimate rights of its citizens by the law.”
Wang Wenbin-spokesman for China’s foreign ministry
China Renaissance has developed into a global financial institution, with more than 700 employees and offices in Beijing, Shanghai, Hong Kong, Singapore, and New York.
The group has supervised the IPOs of several domestic internet giants, including leading e-commerce firm JD.com.
Bao also facilitated a blockbuster 2015 merger between major ride-hailing firm Didi and its top competitor at the time, Kuaidi Dache.