Chinese dealmaker Bao Fan, founder of investment bank China Renaissance Holdings Ltd, has gone missing in the latest disappearance of a top business executive, unnerving investors and sending its stock down as much as 50 per cent on Friday (Feb 17). The mainland China-based boutique bank said in an exchange filing late on Thursday the company had been unable to...
Fan Bao, founder, Chairman and CEO of China Renaissance Group, an investment bank led by one of the country’s most famed rainmakers, holds a news conference on its IPO in Hong Kong, on Sept 13, 2018,Chinese dealmaker Bao Fan, founder of investment bank China Renaissance Holdings Ltd, has gone missing in the latest disappearance of a top business executive, unnerving investors and sending its stock down as much as 50 per cent on Friday .
The dealmaker's disappearance is the latest in a series of cases of high-profile Chinese executives going missing with little explanation during a sweeping anti-corruption campaign spearheaded by President Xi Jinping, though the reasons for Bao's disappearance are unclear. The disappearance, coming after China's post-pandemic border reopening, has renewed focus on boosting the sagging economy has brightened the outlook for deals, as has an easing of a regulatory crackdown on technology firms.
Bao who previously worked at Credit Suisse Group AG and Morgan Stanley, has been hailed as one of China's best-connected bankers. Investors' worst nightmare is that a company's ability to continue operation is impaired, so a stock sell-off is not surprising given the uncertainty, Wong added.
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