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Chinese billionaire missing for days

Chinese billionaire investment bank boss Bao Fan has disappeared.

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Chinese billionaire missing for days

Chinese billionaire investment bank boss Bao Fan has disappeared. His company China Renaissance Holding reported in a message to the Hong Kong Stock Exchange that it could no longer contact him. The bank did not provide any further information about the disappearance of the influential businessman. After the release of the statement, the bank's share price fell by up to 30 percent.

His family had been informed that the 53-year-old was involved in investigations, the finance agency Bloomberg reported. Bao Fan is the majority owner and chairman of China Renaissance Holding. The company said it was not aware of any information suggesting his absence was linked to the group's business, which is continuing as normal.

Business news website Caixin reported Thursday evening that Bao has been unavailable for two days. China Renaissance did not initially respond to inquiries about his whereabouts. Bao has helped launch a number of internet startups in China with his bank, including leading e-commerce firm

Renaissance President Cong Lin was arrested in September. He was under investigation in connection with his previous work for the finance leasing arm of the state-owned Industrial and Commercial Bank (ICBC), Chinese business magazine Caixin reported. Both would have been close.

Under Cong Lin's leadership, ICBC Financial Leasing made a $200 million loan to Renaissance in 2017, which the company repaid a year later after its IPO, Caixin reported. The billionaire brought Cong Lin to Renaissance in July 2020 and made him president there. Bao Fan, a former banker at Morgan Stanley and Credit Suisse Group, is considered one of China's most prolific dealmakers.

In recent years, investors in the People's Republic have repeatedly been targeted by the authorities. In 2017, Chinese-Canadian businessman Xiao Jianhua was arrested. He was sentenced to 13 years in prison in August 2022 for corruption. Xiao was reportedly arrested in Hong Kong by plainclothes Beijing police officers. With an estimated fortune of around six billion dollars (5.6 billion euros), he was one of the richest people in China at the time.

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