BEIJING: The Chinese billionaire president of the investment bank Chinese Renaissance has disappeared, the firm said, as the company’s shares plunged in Hong Kong on Friday.
Bao Fanwho is also the executive director of the bank, is a prominent figure in China’s technology industry and has played a key role in the emergence of various domestic Internet startups.
“The company has not been able to contact Mr. Bao,” China Renaissance said in an announcement to the Hong Kong Stock Exchange, without offering further details.
The company’s shares plunged as much as 30% following the statement.
According to financial newspaper Caixin, the 52-year-old shopkeeper was unreachable for two days as of Thursday evening.
China Renaissance was not immediately available for comment after being contacted by AFP.
Founded in 2005, the group has overseen the IPOs of several national internet giants, including major e-commerce firm JD.com.
Bao also facilitated a successful merger in 2015 between major taxi firm Didi and its main competitor at the time, Kuaidi Dache.
The case of China Renaissance recalls a pattern of investigations into the country’s top financiers in recent years.
In 2017, Chinese-Canadian businessman Xiao Jianhua was arrested by mainland Chinese authorities and last August was sentenced to 13 years in prison on corruption charges.
Known for having close ties to top leaders of the Communist Party of China, the billionaire was allegedly abducted from his Hong Kong hotel room by plainclothes police officers from Beijing.
At the time of his arrest, Xiao was one of China’s richest men, with an estimated fortune of $6 billion.
According to Caixin, president of the Chinese Renaissance Cong Lin he was arrested last September when authorities launched an investigation into his work at the finance leasing unit of the state-owned bank ICBC.
Bao Fanwho is also the executive director of the bank, is a prominent figure in China’s technology industry and has played a key role in the emergence of various domestic Internet startups.
“The company has not been able to contact Mr. Bao,” China Renaissance said in an announcement to the Hong Kong Stock Exchange, without offering further details.
The company’s shares plunged as much as 30% following the statement.
According to financial newspaper Caixin, the 52-year-old shopkeeper was unreachable for two days as of Thursday evening.
China Renaissance was not immediately available for comment after being contacted by AFP.
Founded in 2005, the group has overseen the IPOs of several national internet giants, including major e-commerce firm JD.com.
Bao also facilitated a successful merger in 2015 between major taxi firm Didi and its main competitor at the time, Kuaidi Dache.
The case of China Renaissance recalls a pattern of investigations into the country’s top financiers in recent years.
In 2017, Chinese-Canadian businessman Xiao Jianhua was arrested by mainland Chinese authorities and last August was sentenced to 13 years in prison on corruption charges.
Known for having close ties to top leaders of the Communist Party of China, the billionaire was allegedly abducted from his Hong Kong hotel room by plainclothes police officers from Beijing.
At the time of his arrest, Xiao was one of China’s richest men, with an estimated fortune of $6 billion.
According to Caixin, president of the Chinese Renaissance Cong Lin he was arrested last September when authorities launched an investigation into his work at the finance leasing unit of the state-owned bank ICBC.
