'Missing' investment banker Bao Fan is assisting probe by authorities: China Renaissance
Published: Feb 27, 2023 12:15 AM
HKEX File Photo

HKEX File Photo

High-profile Chinese investment banker and founder of Hong Kong-listed China Renaissance Holdings Bao Fan is currently cooperating with government investigations, the company said in a filing published on the Hong Kong Exchanges and Clearing Limited on Sunday, after it revealed earlier that the banker was "missing."
In the filing, China Renaissance said that it has been trying to locate and ascertain Bao's status.
"The board has become aware that Bao is currently cooperating in an investigation being carried out by certain authorities in China," China Renaissance said in the statement.
The company stressed that its business and operations are continuing normally, and it will duly cooperate and assist with any lawful request from the relevant authorities, "if and when made."
About ten days ago, China Renaissance published a filing saying that the company was unable to contact Bao, and that the board was not aware of any information that indicates that Bao's unavailability is or might be related to the business and/or operations of the firm which is continuing normally.
The news attracted a lot of public attention and triggered an immediate share selloff. On February 17, the company's share price plunged by a shocking 28.2 percent. On Friday, the firm's share price dropped by 1.8 percent to stand at HK$7.1 ($0.9).
The 52-year-old Bao is a well-known heavyweight in the investment field, known for participating in the merger of Didi and Kuaidi, Meituan and Dianping, and, reported on Sunday.
Bao also previously worked as an analyst at Morgan Stanley and Credit Suisse from July 1994 to May 2000. He founded China Renaissance Holdings in December 2005.
A report on on February 16 noted that Bao's disappearance might be connected with recent investigations into Cong Lin, former president of China Renaissance Group.
Cong worked at the Industrial and Commercial Bank of China (ICBC) for many years and was appointed chairman of ICBC International Holdings in 2016.
Global Times