Bao Fan, 52, the chairman and CEO of investment bank China Renaissance, has gone missing, a report said.
Bao’s disappearance comes amid China‘s anti-corruption probe that started in late 2021 targeting the nation’s $60 trillion financial sector.
According to CNN, the company said it does not have any information that indicates Bao’s unavailability is or might be related to the business or operations of the group. Shares of the company fell by 50 per cent Thursday following the news.
Meanwhile, Bao is a major figure in the Chinese tech industry and has played an important role in the emergence of a string of large domestic internet startups.
Shares in China Renaissance has since slumped after the bank announced to the Hong Kong stock exchange on Thursday that it had been unable to contact Bao, without giving further details. Per Guardian.
The stock plunged 50% at one point after the statement, before clawing back to about 30% down.
According to the financial news outlet Caixin, the 52-year-old had been unreachable for two days as of Thursday evening.
The executive committee of China Renaissance told employees not to worry in a message on Friday morning.
‘[We] believe that everyone has had a restless night. At this time, [we] hope that you do not believe in or spread rumours,’ the message said, according to the Wall Street Journal.
Bao’s disappearance is raising concerns over a possible renewed crackdown on China’s finance industry as President Xi Jinping persists in his longstanding campaign against corruption.
At least six billionaires have been cowed under Xi, including Jack Ma, the founder of the e-commerce giant Alibaba, who disappeared for three months in 2020 after criticising market regulators.
