Chinese Bank Says Missing Chairman Is Being Investigated by Authorities

BEIJING—China Renaissance Holdings reported in an exchange filing Sunday that Bao Fan (its missing chairman) was cooperating with Chinese authorities as part of an investigation.

This is the first time the mainland China-based boutique bank has given a reason for the disappearance of its founder—who was reported missing 10 days ago—though no details about the investigation were shared.

“The Board would like to reiterate that the business and operations of the Group are continuing normally,” According to the bank, the filing was made in exchange.

The company’s shares plunged after it stated in an exchange filing that it was unable to contact Bao.

The latest case in a string of disappearances of high-profile Chinese executives is the disappearance of this dealmaker.https://www.theepochtimes.com/t-corruption”>corruption Campaign led by Xi Jinping (Chinese leader).

In 2015, at most five executives were unreachable without prior notice. This included Guo Guangchang (Fosun Group Chairman), who Fosun later claimed was helping with an investigation into a personal matter.

Bao’s disappearance comes amid more than two decades of regulatory crackdowns on technology companies.

China Renaissance’s controlling shareholder is also Bao. He started the company in 2005 with a team of two people, looking to match capital-hungry startups and venture capitalists with private equity investors.

The company later expanded to services, including sales, trading and underwriting.

Bao is well-connected in the corporate world and was involved in tech mergers such as the tie-ups of ride-hailing companies Didi and Kuaidi, Meituan and Dianping’s food delivery giants, Meituan, and Qunar.

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