BEIJING – The missing billionaire chairman of investment bank China Renaissance is currently “cooperating” with an investigation by authorities, his company said, after his disappearance sparked fears of a renewed crackdown on the country’s finance sector.
Last week’s disappearance of Bao Fan – a major figure in the Chinese tech industry and a key player in the emergence of various domestic internet start-ups – sent his company’s share price plunging.
His Hong Kong-listed company said in a filing dated yesterday that it was now “aware that Mr Bao is currently cooperating in an investigation being carried out by certain authorities” in mainland China.
“The company will duly cooperate and assist with any lawful request from the relevant PRC authorities, if and when made,” it added, referring to China by its official name, the People’s Republic of China.
The firm did not provide further details about the nature of the investigation.
Bao’s disappearance raised concerns over a possible renewed crackdown on China’s finance industry as President Xi Jinping continues his long-standing crusade against corruption.
China Renaissance has developed into a global financial institution, with more than 700 employees and offices in Beijing, Shanghai, Hong Kong, Singapore, and New York. – AFP, February 27, 2023
