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.
One of China’s top investment bankers has become unreachable, according to his company https://t.co/KcCjRaCXrD— CNN International (@cnni) February 17, 2023
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.
#China ?? #FanBao— ??Curtis S. Chin (@CurtisSChin) February 17, 2023
“The board is not aware of any information that indicates that Mr. Bao’s unavailability is or might be related to the business &/or operations of the group which is continuing normally,” China Renaissance said in a statement to the Hong Kong stock exchange…. https://t.co/QUEkv40P86
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.