Bao Fan, the high-profile Chinese banker who suddenly disappeared nearly 12 months ago amid a government crackdown on alleged corruption in the country’s finance sector last year, resigned as the chairman and CEO of Beijing-based China Renaissance on Friday
Bao Fan stepped down as the CEO and Chairman of China Renaissance on Friday.
In a regulatory filing, China Renaissance said Bao had resigned as CEO and chairman with immediate effect “for health reasons and to spend more time on his family affairs.”
The investment bank said Bao has “no disagreement with the Board” and no other issue linked to his resignation “needs to be brought to the attention of the shareholders.”
The company’s filing thanks Bao for his service and says he will be replaced by interim CEO and company co-founder Xie Yi Jing.
Friday’s filing makes no mention of Bao’s present whereabouts or details about Chinese anti-corruption authorities’ investigation into him.
In February last year, China Renaissance went public with the news of Bao’s disappearance, saying the company was “unable to contact” him. Bao is one of China’s most prominent investment bankers, having overseen several major Chinese tech transactions, including the merger of ride-hailing giants Didi and Kuaidi and delivery platforms Meituan and Dianping. Bao’s unexplained disappearance made international news and raised concerns about Beijing’s continued crackdown on China’s tech and financial sectors. Trading of China Rennaisance’s shares was suspended in April last year. Chinese state media later confirmed that Bao had been detained by the country’s anti-corruption authorities. In a filing in August, China Renaissance said Bao was “still cooperating in the investigation carried out by certain authorities in the PRC.”
Missing banker Bao Fan resigns from all roles at China Renaissance (Nikkei Asia)
Prominent Chinese Investment Banker Bao Fan Goes Missing, Bank Says (Forbes)