Chinese billionaire tech banker Bao Fan goes missing
The Chinese billionaire chair of the investment bank China Renaissance has gone missing, the firm said, as shares in the company plunged in Hong Kong.
Bao Fan, who is also the executive director of the bank, is a major figure in the Chinese tech industry and has played a key role in the emergence of various domestic internet startups.
“The company has been unable to contact Mr Bao,” China Renaissance said in an announcement on Thursday to the Hong Kong stock exchange, without giving further details.
Shares in the firm slumped as much as 50% at one point after the statement, before clawing back to sit at about 30% down.
According to the financial news outlet Caixin, the 52-year-old had been unreachable for two days as of Thursday evening. China Renaissance was not immediately available for comment after being contacted by Agence France-Presse.
Bao’s disappearance is raising concerns over a possible renewed crackdown on China’s finance industry as President Xi Jinping persists in his long-standing campaign against corruption.
Willer Chen, a senior analyst at Forsyth Barr Asia, told Bloomberg that the executive’s continued absence “could be a long-term overhang on the stock, given Bao is the key man for the company”.
Wang Wenbin, a spokesperson for China’s foreign ministry, said he 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,” he said. “The Chinese government protects the legitimate rights of its citizens in accordance with the law.”
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.
Founded in 2005, the group has
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