Missing Chinese billionaire assisting authorities, firm says

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Billionaire Bao Fan’s tech deals are cooperating with Chinese authorities as they investigate, his bank says.

China Renaissance Holdings reported that Mr. Bao went missing 11 days ago.

Mr. Bao is the CEO and founder of China Renaissance Holdings. A leading dealmaker in China, whose clients include top technology companies Didi and Meituan.

The company’s shares fell after bao fan assisting authorities disappearance, but rose on Monday.

“The board understands that Mr. Bao is currently cooperating with an investigation. By certain authorities in the People’s Republic of China,” the bank said in a filing with the Hong Kong Stock Exchange.

“The company will fully cooperate. Assist with any legal requests from the relevant PRC authorities, if and when they are made,” he add.

bao fan assisting authorities; The announcement is the first time China Renaissance has given a reason for its founder’s disappearance. However, he did not provide any information about the investigation or Mr. Bao’s whereabouts.

A powerful Chinese billionaire is report missing
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Authorities hired Bao earlier this month to help investigate his former partner Cong Lin. Who was the company’s president, according to Reuters.

Mr. Bao Disappeared after Chinese authorities launched a crackdown on leading technology companies.

in 2020 At the end of the year, Alibaba founder Jack Ma also disappeared from public view for three months after making critical remarks to market regulators. He was due to take his digital payments company Ant Financial public, making him likely to become China’s richest man.

Mr. Bao’s Disappearance also follows a string of cases involving high-ranking Chinese executives who have disappeared as part of Chinese President Xi Jinping’s crackdown on corruption.

In 2015 alone at least five senior executives became unavailable, including Fosun Group Chairman Guo Guangchang. The company later said he helped with a human rights investigation.

in 2017 Chinese-Canadian businessman Xiao Jianhua was also arrest. He was one of China’s richest men and was jail last year for corruption.

Mr. Bao is considered a titan of China’s technology industry, having taken on many of the companies that have shaped its online consumer economy. He founded China Renaissance in 2005. after a banking career at Morgan Stanley and Credit Suisse.

in 2018 in the article, Mr. Bao wrote that his company “crossed” with 70% of the Internet companies known to the Chinese public.

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