Mysterious case in China
Disappeared billionaire Bao is said to have given up his post
February 2, 2024, 4:56 p.m
Listen to article
This audio version was artificially generated. More info | Send feedback
The case of Chinese billionaire Bao Fan remains a mystery: the entrepreneur was reported missing around a year ago, and two weeks later it was said that he was cooperating with the authorities. Months later, his bank announced: The boss was resigning for “health reasons.”
Around a year after the disappearance of Chinese billionaire Bao Fan, the entrepreneur has resigned from his position as chief executive, according to his bank. Bao is resigning from all his leadership positions, investment bank China Renaissance said in a statement to the Hong Kong Stock Exchange. The resignation is “for health reasons” and Bao wants to focus more on his “family matters”.
The case surrounding the now 53-year-old is puzzling. Bao was reported missing by the bank in mid-February last year. Two weeks later, the company said it was “cooperating” with authorities in mainland China. Bao is the founder of Hong Kong-based investment bank China Renaissance, which specializes in financing internet startups.
Bao’s bank helped launch a number of internet startups in China, including leading e-commerce firm JD.com. China Renaissance also accompanied the merger of the two Chinese ride-hailing companies Didi and Kuaidi Dache in 2015. It is also present in Singapore and the USA.
Bao’s disappearance had sparked fears that the government in Beijing could again crack down on the financial industry. In recent years, investors in China have repeatedly been targeted by the authorities. Friday’s stock exchange announcement did not provide any information about Bao’s current situation or the content of the investigation against him.