The billionaire investment banker is unreachable, according to the investment bank he founded.
Bao Fan, one of China’s best-known investment bankers known for overseeing mergers between tech giants Didi and Meituan, has disappeared, according to the investment bank he founded.
China Renaissance Holdings Ltd said the firm had failed to reach the billionaire investment banker in a filing on the Hong Kong Stock Exchange on Thursday.
“The Board is not aware of any information to indicate that Mr. Bao’s unavailability is or could be related to the business and/or operations of the group, which is continuing normally,” said China Renaissance, in which Bao has a nearly 50-share stake percent holds. said in the statement.
Bao did not show up at his office and has not been available for two days, Caixin, a China-based financial news agency, reported on Thursday.
Caixin also reported that China Renaissance President Cong Lin has been under investigation by authorities for months.
Bao’s family have been told he is supporting an investigation, Bloomberg News reported, citing a person familiar with the matter.
Bao is among the most prominent dealmakers in China’s tech scene, having overseen the collaboration between ride-hailing giants Didi and Kuaidi and food-delivery platforms Meituan and Dianping.
Bao, who began his career as an M&A banker at Morgan Stanley, founded China Renaissance in 2005.
Listing on the Hong Kong Stock Exchange in 2018, China Renaissance has invested in high-profile Chinese startups such as electric car maker NIO, in addition to providing advisory services.
It’s not uncommon for executives to disappear in China, where authorities can hold suspects for months or even years without charge or access to lawyers.
Chinese-Canadian billionaire Xiao Jianhua disappeared in Hong Kong in 2017 before reappearing in mainland China five years later and facing corruption charges. Xiao, who was taken from his Hong Kong hotel by suspected mainland security agents, was sentenced in August to 13 years in prison for financial crimes, including illegal use of funds and bribery.
Yim Fung, the head of Chinese broker Guotai Junan International, disappeared for more than a month in 2015 before returning to his company after “helping with certain investigations”.
Jack Ma, the founder of tech giant Alibaba, disappeared from public view for a year after making critical comments about China’s financial regulators before reappearing in late 2021.
Since taking power in 2012, Chinese President Xi Jinping has led a sweeping crackdown on corruption that has captivated tens of thousands of officials and businesspeople.
Critics say Xi, who has consolidated more power than any Chinese leader since Mao Zedong, has used the anti-corruption campaign as a thinly disguised ploy to purge political rivals.
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