Missing banker Bao Fan resigns from all roles at China Renaissance after investigation
Bao Fan, a well-known Chinese tech banker, who went missing a year ago during China's anti-corruption efforts, has officially resigned from China Renaissance, the company he started. The firm made the announcement in a filing to the Hong Kong stock exchange, citing his resignation as due to "health reasons and to spend more time with his family."
China Renaissance mentioned in the filing that there are no other issues related to his resignation. However, the company did not provide more details about Bao's situation or if anyone has been in touch with him. In April, the release of the annual results was delayed because auditors couldn't reach Bao.
The Economic Observer reported last summer that Bao was in the custody of China's anti-graft watchdog, involved in an investigation into suspected corporate bribery.
China Renaissance is making changes after Bao's departure, with Xie Yi Jing, the company's co-founder, taking over as the new chairman and CEO.
Bao, a veteran in China's tech industry, founded China Renaissance in 2005, making it a major player in deals for Chinese tech firms. His disappearance had a significant impact on China's financial markets and tech sector. The company mentioned that Bao was "cooperating in an investigation" by authorities in China, but no further details were provided.
His disappearance aligns with a broader anti-corruption campaign by the Communist Party in the financial sector, affecting several top executives in major Chinese financial institutions. Trading of China Renaissance shares was halted last April due to concerns about Bao's status.
Bao Fan (Chinese: 包凡; born 18 October 1970) is a Chinese investment banker and investor, the chairman and CEO of China Renaissance, which he founded in 2005. In 2015, Bao was featured on Bloomberg Markets 50 Most Influential, ranking number 22. In February 2023, the BBC and other sources reported that Bao had been missing and they were unsure of his whereabouts. The disappearance has caused the stock of China Renaissance to drop by 50 percent, though the company said in a statement that Operations would "continue normally". Later, the company announced that Bao was taken by the Chinese authorities as a part of an investigation targeting Bao's former colleague and the company's former president, Cong Lin.
