Advertisement

       SKIP ADVERTISEMENT

       Supported by

       SKIP ADVERTISEMENT

       Missing Chinese Banker Resigns After Investigation

       China Renaissance Holdings said that its chairman and chief executive, Bao Fan, has stepped down after disappearing nearly a year ago.

       Share full articleShare free access

       Read in app

       Fan Bao, former head of China Renaissance, in Beijing in 2014. The firm said Friday he resigned for “health reasons” and to spend more time on “his family affairs.” Credit...Adam Dean for The New York Times

       By Claire Fu

       Reporting from Seoul

       Feb. 2, 2024, 5:11 a.m. ET

       After disappearing nearly a year ago as part of an investigation by Chinese authorities, prominent investment banker Bao Fan has resigned as chairman and chief executive of China Renaissance Holdings, the company said on Friday.

       Mr. Bao, a deal-making banker for Chinese internet giants Alibaba and Tencent, went missing last February. China Renaissance initially said it had lost contact with Mr. Bao before later stating that he was cooperating with an investigation being carried out by the authorities in China.

       Mr. Bao’s disappearance signaled an escalation in Beijing’s crackdown on the business elite as part of an anti-corruption campaign. It fueled concerns about the lengths that Chinese authorities would go to bring power players in the domestic economy to heel, while extending its control over its financial regulatory system.

       Subscribe to The Times to read as many articles as you like.

       Claire Fu covers China with a focus on business and social issues in the country. She is based in Seoul. More about Claire Fu

       Share full articleShare free access

       Read in app

       Advertisement

       SKIP ADVERTISEMENT