China’s high-profile investment banker goes missing
One of China's most high-profile investment bankers has gone missing, his company has reported, the media reported.
Hong Kong: One of China’s most high-profile investment bankers has gone missing, his company has reported, the media reported.
Bao Fan, the chief executive of China Renaissance Holdings, had not been able to be reached in recent days, the firm said in a market update on Thursday, BBC reported.
Bao is a leading dealbroker in China whose clients include top tech companies Didi and Meituan.
His firm’s announcement has renewed concerns of a potential Beijing crackdown on business and tech leaders.
Shares in China Renaissance plunged 50 per cent in Hong Kong trading on Friday, after the company’s notice to the stock market said it had “been unable to contact Bao Fan”.
It added it was not aware of “any information that indicates that Bao’s unavailability is or might be related to the business and/or operations of the group”, BBC reported.
The company did not specify how long Bao had been missing. Chinese business newswire Caixin cited sources saying staff had not been able to contact him for two days.
Bao, who is both the chairman and chief executive, founded China Renaissance in 2005 as a boutique advisory investment firm. It has since grown into one of China’s top financial institutions – executing business deals and mergers between several of the country’s tech companies.
The major bank has served as an advisor for the initial public offerings of JD.com and Kuashou, as well as Didi’s listing at the New York Stock Exchange in 2021, BBC reported.