Missing bank tycoon Bao Fan reappears and resigns from all positions at China Renaissance

Bao Fan resigned, citing health reasons and a desire to devote more time to his family.

Missing Chinese investment banker Bao Fan has resigned from all his positions at China Renaissance, the company announced on Friday. Bao Fan is known for his role in large technology IPOs such as Didi and Meituan. Prior to this, Mr. Bao disappeared for unknown reasons in February last year amid investigations by Chinese authorities.

The company’s filing, citing “health reasons” and “more family time,” did not provide details about Bao’s current condition or whereabouts. His absence, which began in February 2023, coincided with a broader crackdown on China’s financial sector, raising concerns about his safety and possible involvement in investigations.

Mr. Bao, a former banker at Morgan Stanley and Credit Suisse, is a well-known figure in China’s technology industry. He co-founded China Renaissance and played a key role in the listings of major companies such as Didi and Meituan.his suddenly disappeared This caused an uproar in the business community and raised questions about China’s transparency and regulatory practices.

according to BloombergThe news comes about a year after Bowe disappeared in February 2023. He was later detained in connection with an unspecified investigation by Chinese authorities during a broader anti-corruption crackdown on the financial industry. China Renaissance said earlier that as of August, Mr. Bao was still “cooperating” with the investigation.

The company’s shares were suspended from trading in Hong Kong last year. After news broke of Mr. Bao’s disappearance on February 17 last year, the stock price plummeted 28%.

according to British Broadcasting CorporationCo-founder Xie Yijing will assume Bao’s most senior role, the company said. Mr. Bao “has no disagreements with the board of directors and there are no other matters related to his resignation that need to be brought to the attention of shareholders.”

However, it did not provide any details about the whereabouts of the bag. Bao Fan is one of China’s best-known bankers, whose clients include internet giants Tencent, Alibaba and Baidu.