Company says missing Chinese banker Bao Fan aiding probe
A stock market filing says missing Chinese investment banker Bao Fan is co-operating in an investigation in China
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Missing Chinese investment banker Bao Fan is co-operating with an investigation in China, his company China Renaissance said in a stock market filing Sunday.
Since Bao went missing, China Renaissance Holdings Ltd.'s Hong Kong-listed shares have slumped as much as 29%. They were up 2.3% on Monday.
“The Board has become aware that Mr. Bao is currently cooperating in an investigation being carried out by certain authorities in the People's Republic of China,” the company filing said. “The board would like to reiterate that the business and operations of the group are continuing normally.”
Bao is one of China’s top dealmakers in the technology industry, having worked on major deals including e-commerce company JD.com’s $2 billion initial public offering and the public listing of short video platform Kuaishou in Hong Kong.
After working at Credit Suisse and Morgan Stanley, Bao founded China Renaissance in 2005. He took it public in 2018, raising $346 million.
Bao’s disappearance follows a crackdown on big technology companies in the past two years. Anti-graft investigations targeting the financial sector have ensnared dozens of Chinese officials and finance executives at institutions such as Everbright Securities, China Construction Bank and major bank ICBC.