Leading China banker Bao Fan disappears

Published February 17th, 2023 - 03:08 GMT
China Renaissance Chairman and CEO Bao Fan
MOUNTAIN VIEW, CA - DECEMBER 03: China Renaissance CEO Fan Bao and Hui Yin Ching attend the 2018 Breakthrough Prize at NASA Ames Research Center on December 3, 2017 in Mountain View, California. Kimberly White/Getty Images/AFP (Photo by Kimberly White / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)
Leading China Banker Bao Fan disappears

ALBAWABA - One of China's billionaires and leading investment bankers went missing and his company has been unable to reach him.

Bao Fan is the chairman and CEO of  investment bank and private equity firm China Renaissance. The Beijing-based firm said in a filing Thursday to the Hong Kong stock exchange that it “has been unable to contact” its chairman.

Hours after the news, the company's shares fell by 50 percent in Hong Kong on Friday. The stock last traded 29 percent lower than its normal average.

“The board is not aware of any information that indicates that Mr. Bao’s unavailability is or might be related to the business and/or operations of the group,” the firm said in the filing.

CNN reported that Bao is "known as a veteran dealmaker in China’s tech industry. He helped broker the 2015 merger between two of the country’s leading food delivery services, Meituan and Dianping."

There is a history of a sudden disappearance of business tycoons in China. A handful of cases involving high profile business leaders in the past 10 years. Some of those who disappeared turned up later in jail or their workplace, while others never appeared publicly again.

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