Billionaire Bao Fan, founder of China Renaissance Bank and one of the country’s biggest dealmakers, has been missing for several days.
One of China’s most high-profile bankers, billionaire investor Bao Fan, has gone missing — marking the latest disappearance of a top executive in the tightly-controlled country.
Shares of the Beijing-based China Renaissance Holdings plunged by as much as 50% in early trading Friday on the news of Bao’s mysterious disappearance, wiping off $357 million in market value. They were down about 28% in the afternoon. China Renaissance Holdings said that it has been “unable to contact” its chairman and CEO Bao Fan in recent days, in the latest disappearance of a top executive.The dealmaker’s disappearance comes after the top-tier investment bank’s president, Cong Lin, was taken away by Chinese authorities in September last year, according to Chinese news media outlet Caixin, which first reported the news.
The same year, billionaire asset manager Xiao Jianhua was abducted from his Four Seasons hotel room in Hong Kong and brought to Mainland China, where he was sentenced to 13 years for fraud and corruption.
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