Shanghai (China), 17 Feb. The billionaire founder of Chinese investment bank China Renaissance, Bao Fan, has been missing for days, the company revealed in a statement to the Hong Kong Stock Exchange, in which its shares lost nearly 25% of their value today after hearing the news.
“The company has not been able to contact Mr. Bao Fan. The board is not aware of any information indicating that Mr. Bao’s unavailability is or could be related to the business or operations of the group, which are continuing with normality,” China Renaissance said in a document sent to the Hong Kong stock exchange last night.
According to sources familiar with the situation and quoted by economic news portal Caixin, Bao has not come to his office or been seen in public for days.
The banker is well known in the country for his participation in major operations in the technology sector such as the mergers of the “Chinese Uber” Didi with Kuaidi, that of the food delivery giants Meituan and Dianping or the travel platforms Ctrip and Qunar.
Caixin recalls that China Renaissance was already in turmoil since its chairman, Cong Lin, was arrested by Chinese authorities in September 2022.
Indeed, according to business media Yicai, company sources speculate that Bao’s disappearance “has something to do” with the situation of Cong, hired in 2020 by the founder of China Renaissance after a long career. in the largest company in the country. State Bank, ICBC. ECE