‘Bao Fan’, A Billionaire Tech Banker From China, Has Disappeared

(CTN News) – According to his company, a billionaire banker from China has been missing. During the past few days, Bao Fan, the chief executive of China Renaissance Holdings, was unable to be reached.

Bao is one of the most prominent deal brokers in China, whose clients include top technology companies such as Didi and Meituan.

The announcement of his firm has renewed concerns about the possibility of a crackdown on finance and tech figures in Beijing.

The shares of the investment firm fell on Friday after the company informed shareholders that “Mr Bao Fan could not be contacted”.

According to the board, there is no information that indicates Mr Bao’s unavailability is or could be related to the group’s business or operations.

In response to the BBC’s request for further comment, China Renaissance referred the broadcaster to its notice to the Hong Kong Stock Exchange.

It was unclear how long Mr Bao had been missing. Sources told the Chinese business newswire Caixin that he had not been able to be contacted for two days.

As reported by Business Wire, the firm’s president, Cong Lin, was arrested last September for his previous work at the state-owned ICBC bank.

China Renaissance has not commented on Mr Cong’s situation. On the company’s website or in its most recent interim report, he is no longer listed as an executive.

There have been numerous cases of Chinese executives mysteriously disappearing for prolonged periods of time without explanation. This is prior to the disappearance of Mr Bao Fan, one of China’s leading tech investors.

Forbes magazine reported that at least half a dozen billionaires have disappeared for periods in the past few years following reported encounters with the Communist Party.

Many suspect that they have been ensnared in investigations related to corruption, taxes, or other misconduct.

Some notable absences in 2015 include Fosun Group founder Guo Guangchang, who’s been called the Warren Buffett of China.

Businessman Xiao Jianhua was also taken in 2017. One of China’s richest people was jailed for corruption last year.

Alibaba founder Jack Ma disappeared for three months after criticizing market regulators in late 2020. A public listing of Ant Financial would have made him China’s richest man.

In China’s tech industry, Mr Bao Fan is a titan who has shaped the online consumer economy. Previously, he worked for Morgan Stanley and Credit Suisse.

His company helped Tencent acquire JD.com and merge Didi and Kuaidi, 58.com and Ganji, and food delivery giants Meituan and Dianping.

Also, China Renaissance advised JD.com and Kuashou on their IPOs, and Didi on its NASDAQ listing.

In a 2018 article, Mr Bao Fan wrote that his company had “crossed paths” with 70% of the internet companies known by the Chinese public.

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