Company says missing Chinese banker Bao Fan aiding probe

HONG KONG –

Missing Chinese funding banker Bao Fan is co-operating with an investigation in China, his firm China Renaissance stated in a inventory market submitting Sunday.

Since Bao went lacking, China Renaissance Holdings Ltd.’s Hong Kong-listed shares have slumped as a lot as 29%. They had been up 2.3% on Monday.

“The Board has become aware that Mr. Bao is currently cooperating in an investigation being carried out by certain authorities in the People’s Republic of China,” the corporate submitting stated. “The board would like to reiterate that the business and operations of the group are continuing normally.”

Bao’s whereabouts are unclear. It is just not uncommon for Chinese authorities to detain individuals in the middle of investigations with out making any public bulletins.

Bao is one in every of China’s high dealmakers within the expertise trade, having labored on main offers together with e-commerce firm JD.com’s $2 billion preliminary public providing and the general public itemizing of brief video platform Kuaishou in Hong Kong.

After working at Credit Suisse and Morgan Stanley, Bao based China Renaissance in 2005. He took it public in 2018, elevating $346 million.

Bao’s disappearance follows a crackdown on huge expertise corporations prior to now two years. Anti-graft investigations focusing on the monetary sector have ensnared dozens of Chinese officers and finance executives at establishments similar to Everbright Securities, China Construction Bank and main financial institution ICBC.