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The billionaire banker in China, considered a big 'player' in technology, disappears

2023-02-17 10:04:49Kosova&Bota SHKRUAR NGA REDAKSIA VOX

The billionaire banker in China, considered a big 'player' in

One of China's most high-profile billionaire bankers has disappeared, his company has reported. Bao Fan, the chief executive of China Renaissance Holdings, could not be reached in recent days, the firm said in a market update on Thursday.

Mr. Bao is a leading deal broker in China whose clients include technology majors Didi and Meituan. His firm's announcement has renewed concerns about a possible Beijing crackdown on finance and technology figures.

Shares in the investment firm fell on Friday after it told shareholders it had been "unable to contact Mr Bao Fan ".

The board added that it was not aware of "any information indicating that the unavailability of Mr. Bao is or may be related to the business and/or operations of the group”. When asked for further comment, China Renaissance referred the BBC to its Hong Kong Stock Exchange announcement.

The company did not specify how long Mr. Bao was gone. Chinese business news outlet Caixin cited sources as saying that staff had been unable to contact him for two days. The business network also reported that the firm's president, Cong Lin, had been detained by authorities last September for his previous job. at ICBC State Bank.

China Renaissance does not appear to have commented on Mr. Cong's situation. He is no longer listed as an executive on the company's website and in its most recent interim report. The disappearance of Mr. Bao, one of China's leading technology investors, has reignited a history of Chinese executives suddenly disappearing for periods of time without explanation.

At least half a dozen billionaires in recent years have disappeared for periods after reported clashes with the Communist Party, according to Forbes Magazine. In some cases they were suspected of being ensnared in corruption, tax or other misconduct investigations.

Notable absences included that of Fosun Group founder Guo Guangchang, who has been called China's Warren Buffet, who disappeared for several days in 2015. Chinese-Canadian businessman Xiao Jianhua was also arrested in 2017 and last year imprisoned for corruption.

In late 2020, Alibaba founder Jack Ma also disappeared from public view for three months after making comments critical of market regulators. He was due to publicly list his digital payments firm Ant Financial – which would most likely make him the richest man in China.

Bao is considered a major player in China's tech industry, having executed some of its biggest mergers, including that of travel apps Didi and Kuaidi, and food delivery platforms Meituan and Dianping.

He founded China Renaissance in 2005, which has since grown into a major Chinese financial institution. The bank acted as advisor to the initial public offerings of e-commerce sites JD.com and Kuashou, as well as Didi's listing on the New York Stock Exchange in 2021.


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