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Monday, June 17, 2024

China. Bao Fan is missing. His own company has not been able to contact him for several days

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Bao Fan, one of China’s most famous investment bankers, has disappeared. His own company has been unable to contact him for several days.

China Renaissance, which is run by Bao Fan, said its employees had not been able to contact the banker for several days. In reaction to the news of the disappearance of the businessman, China Renaissance shares fell 50 percent on Friday. decrease.

At the same time, the company did not specify how long it has been without contact with Bao Fan. Chinese business daily Caixin, however, cited sources that said staff had not been able to contact him for two days.

The Beijing-based company said its executive committee would continue to manage day-to-day operations in Bao’s absence. The company said in a statement that there was “no information that indicates that Bao’s disappearance is related to the activities and/or operations of the group.”

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One of the key companies

Bao, who is both chairman and CEO, founded China Renaissance in 2005. Since then, the company has achieved the status of one of the leading financial institutions in China. Its activities include the execution of business transactions and mergers.

The company provided advisory services, among others, on the initial public offerings of JD.com and Kuashou, as well as the IPO of Didi on the New York Stock Exchange in 2021.

Bao began his investment banking career in the late 1990s with Morgan Stanley and Credit Suisse and later worked as an advisor to the Shanghai and Shenzhen stock exchanges.

This is not the first such case

Bao’s disappearance follows the disappearance of other prominent business leaders in China. In 2017, Chinese-Canadian billionaire Xiao Jianhua disappeared in Hong Kong. According to local media, the businessman was abducted from the hotel by agents from mainland China. In 2023, Xiao was sentenced to 13 years in prison. He was found guilty of financial crimes and bribery. In 2020, real estate mogul Ren Zhiqiang disappeared for months after allegedly speaking out against the conduct of Chinese leader Xi Jinping. Ren was eventually sentenced to 18 years in prison for corruption.

Main photo source: David Paul Morris/Bloomberg via Getty Images



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