Bao Fan, a prominent Chinese tech banker who disappeared a year ago amid Beijing’s anti-corruption crackdown, has formally resigned from the firm he founded, reported Laura He for CNN.
Bao with China Renaissance executives during the company's HKEX listing ceremony. I Photo: PR Newswire
China Renaissance announced in a filing to the Hong Kong Stock Exchange on Friday that Bao was stepping down as its chairman and CEO, effective immediately, citing “health reasons and the need to spend more time on family affairs.” The company stated,
“There are no other matters relating to his resignation that need to be brought to the attention of the shareholders of the Company.”
No further details were provided regarding Bao’s status or whether contact had been made with him. In April, the company stated it had to delay the release of its annual results because its auditors were unable to reach Bao.
Last summer, the Economic Observer, a state-run financial publication, reported that Bao had been in the custody of the country’s top anti-graft watchdog since his disappearance in February 2023, allegedly involved in an investigation into suspected corporate bribery.
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