Bao Fan, the billionaire CEO of the investment bank China Renaissance Holdings, has been missing for almost a year. On Friday, his company announced that he has resigned. “He resigned for health reasons and to spend more time with his family,” the bank said in a statement.
Bao’s disappearance in February last year shocked business leaders and investors in China. Only after several days did China Renaissance confirm that authorities had launched an investigation and that he was cooperating. It is not known what type of research this concerns.
“There is no disagreement with the board of directors and no other element related to his dismissal that needs to be communicated to the shareholders,” the investment bank said on Friday. Xie Yi Jing will take over Bao’s duties.
Bao Fan was a well-known banker, with clients such as Alibaba, Baidu and Tencent. At the time of his disappearance, the Chinese government started taking strict action against those tech companies.
At the end of 2020, well-known businessman Jack Ma also disappeared from the public stage for a while after criticizing the Chinese regulator for blocking the IPO of his payment company Ant Group. In the meantime, Ma is abroad. In 2017, billionaire Xiao Jianhua was arrested from his hotel in Hong Kong and taken to China. He was later jailed for 13 years for fraud.