The Chinese billionaire banker Bao Fan has stepped down from all positions at his firm, China Renaissance Holdings, after going absent for nearly a year.
“For health reasons and to spend more time on his family affairs,” the bank stated in a statement regarding his resignation.
The Chinese business and investment community was astonished when Mr. Bao vanished without a trace in February of last year.
Only a few days later, China Renaissance announced that he was helping the investigating authorities.
The company announced in its most recent filing that co-founder Xie Yi Jing will take over Mr. Bao’s executive responsibilities.
Bao himself “has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders” , according to it.
On the other hand, it was vague on Mr. Bao’s location.
Baidu, Tencent, and Alibaba were among his clients while he was a prominent banker in China.
To quote China Renaissance in February 2023: “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 company will duly cooperate and assist with any lawful request from the relevant PRC authorities, if and when made,” the statement stated.
For the first time, China Renaissance provided an explanation for the founder’s disappearance in the announcement.
His abduction occurred while China’s government was launching a crackdown on major digital businesses.
After making remarks unfavourable of market regulators in late 2020, Alibaba founder Jack Ma likewise vanished from public view for three months. He was on the verge of becoming China’s wealthiest man when he was supposed to go public with his digital payments company Ant Financial.
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