China's Top Tech Banker Mysteriously Disappears

The disappearance of high-profile banker Bao Fan is fueling speculation of a renewed clampdown on China’s finance industry, Jacob Gu, Foster Wong and John Cheng reported for Bloomberg.

Photo Insert: China Renaissance shares plunged as much as 50% in early Hong Kong trading on Friday as Bao has been out of contact with the company for about two days.

Bao’s company China Renaissance Holdings Ltd. said on Thursday it had lost touch with the banker, one of the country’s most prolific dealmakers over the past two decades.

China Renaissance shares plunged as much as 50% in early Hong Kong trading on Friday. Bao has been out of contact with the company for about two days, a person familiar with the matter said, adding that the banker’s family was told he’s assisting an investigation, the Associated Press (AP) also reported.

Former China Renaissance President Cong Lin has been involved in an investigation by authorities since September, the person said, asking not to be named as the matter is private.

While it’s not uncommon for executives in China to become unreachable when they’re involved in a government probe, Bao’s absence is sending chills down the finance industry.

The outspoken financier has sprawling connections across sectors and has been the go-to banker for some of China’s biggest companies. At least half a dozen billionaires in the past few years have disappeared for periods after reported run-ins with the Communist Party, according to Forbes Magazine.

In several cases they were suspected to have been ensnared in corruption, tax or other misconduct investigations. Notable absences included that of Fosun group founder Guo Guangchang, who has been called the Warren Buffet of China, who vanished for several days in 2015.

In late 2020, Alibaba founder Jack Ma also disappeared from public view for three months, after making comments critical of market regulators. He had been due to publicly list his digital payments firm Ant Financial - which would have most likely made him the richest man in China.

Mr. Bao is considered a major player in China's tech industry, having executed some of its biggest mergers - including that of ride-hailing apps Didi and Kuaidi, and food delivery platforms Meituan and Dianping, Joel Guinto also reported for BBC News.

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