Chinese investment banker, Bao Fan, has been reported missing by the company he is founder and chairman of, China Renaissance (CR) Holdings.
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Bao made his fortune as a renowned dealmaker in China's tech industry. He helped broker the merger between two of the country’s top food delivery services in 2015 to create the 'super app' platform that is so popular in China today.
Chinese billionaire mysteriously missing
The Beijing-based boutique bank said it has been unable to contact Bao, who is also the company's controlling shareholder. CR Holdings added:
The board is not aware of any information that indicates that Mr. Bao’s unavailability is or might be related to the business and/or operations of the group
CR Holdings is no stranger to mysterious disappearances. In September 2022, company president Cong Lin was detained by Chinese authorities. People close to Bao believe his disappearance may be linked to Cong's, who was also the chair of ICBC International Holdings Limited, a unit of one of China’s biggest banks, before becoming president of CR Holdings in 2020.
In September 2022, the Shanghai branch of China’s securities regulator had a 'supervisory discussion' with Cong in relation to securities violations. Only three days later, Cong quit as a director of the group’s Hong Kong securities unit. The group said little about Cong’s resignation, and a person close to the matter said it was approximately at that time he was detained by Chinese authorities.
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China Renaissance Holdings saw its shares plummet by as much as 50% after the investment bank said it is unable to contact its Chairman and Chief Executive Bao Fan, in the latest disappearance of a top business executive https://t.co/X3fiAwWPax
— Reuters (@Reuters) February 17, 2023
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Disappearances are common in China
Bao is the latest in a long list of high-profile business leaders who have gone missing in China amid Chinese president Xi Jinping’s long-running anti-corruption campaign, which he started soon after coming to power in 2012. Chinese business executives regularly become unreachable when they are being investigated by the government in regards to corruption, taxes, or other misconduct.
The word shi lian, or out of contact, is frequently used in China as a euphemism for these people under investigation, according to Forbes. But it doesn’t necessarily mean the missing person has committed any wrongdoing, as they could also be helping authorities with other matters.
While China has seemingly eased its sweeping crackdown on corruption in the private sector in light of the country’s slowing economy, officials still closely scrutinize certain sectors, including the internet and real estate. Critics believe Xi Jinping has used the anti-corruption crackdown as a thinly-veiled ploy to get rid of political rivals.
Some of those who go missing later return to their positions, however, others do not.
Sources used:
- Forbes: 'Chinese Tech Dealmaker Bao Fan Goes Missing'
- Financial Times: 'Investment bank China Renaissance reassures staff after founder goes missing'
- CNN: 'Top Chinese investment banker Bao Fan is latest CEO to go missing'
- BBC: 'Bao Fan: Billionaire tech banker in China reported missing'
- Aljazeera: 'China’s top tech dealmaker Bao Fan goes missing'
