Chinese Billionaire Banker Bao Fan Goes Missing
One of China’s most distinguished funding bankers, Bao Fan, has gone lacking.
The China Renaissance financial institution and personal fairness agency introduced it “has been unable to contact” the CEO and chairman in a Thursday submitting to the Hong Kong Stock Exchange, in accordance with CNN. Likely, because of the information, the agency’s inventory plummeted by 50% in Hong Kong earlier than closing down by simply 28% on Friday.
The financial institution’s govt committee reportedly endeared itself to staff Friday and acknowledged “everyone has had a restless night.” However, it additionally urged them to “not believe in or spread rumors” about Fan’s disappearance, in accordance with The Wall Street Journal.
Fan reportedly emerged as a prolific dealmaker and monetary supporter of many home web startups throughout China within the final decade. However, he vanished amidst a possible new crackdown on the tech sector by China’s President Xi Jinping, however his financial institution claimed ignorance.
“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,” claimed China Renaissance in its submitting.
South China Morning Post by way of Getty Images
Fan curated a powerful résumé during the last decade. He famously brokered a merger between ride-hailing firm rivals Didi and Kuaidi Dache in 2015, resulting in their mixed app turning into a ubiquitous service similar to Uber.
He additionally shepherded the preliminary public choices of China’s colossal e-commerce website, JD, and facilitated the merger between the nation’s main meals supply companies, Meituan and Dianping, in 2015. But Fan isn’t the primary high-profile enterprise determine to go lacking.
Due to Fan’s perception into varied important enterprise dealings, Desmond Shum informed The Guardian that he believes Fan is probably going a political goal. In addition, Shum is conversant in the precarious nature of China’s corporate-government existence, as his ex-wife reportedly vanished in 2017.
Xiao Jianhua, a businessman with reportedly shut ties to the federal government, was additionally kidnapped from his lodge room in 2017. He was one of many wealthiest individuals in China, price an estimated $6 billion, earlier than receiving 13 years of jail time for alleged monetary crimes.
Chinese insurance coverage firm Anbang informed shareholders in 2017 that Wu Xiaohui, its chairman then, may now not serve them. The firm claimed Xiaohui’s absence was attributable to “personal reasons,” nevertheless Xiaohui was later sentenced to 18 years in jail for fraud, CNN reported.
In current years, dozens of senior executives have reportedly vanished or been dubiously charged with monetary crimes.
For occasion, actual property magnate Ren Zhiqiang reportedly went lacking after criticizing Jinping’s coronavirus response in March 2020 — solely to obtain 18 years in jail for corruption throughout a closed trial. Whether Fan will floor to comparable penalties is unclear.