According to his firm, one of China’s leading investment bankers is no longer reachable. China Renaissance, an investment bank as well as investment firm based in China, said in a Thursday submission to the Hong Kong stock exchange that it “was unable to approach” Bao Fan, its chairman, and CEO. Following the announcement, the company’s shares fell as much as 50% on Friday in Hong Kong. The stock fell 28% at the end.
Who Is Bao Fan?
Bao is renowned in China’s tech sector as a seasoned dealmaker. He assisted in facilitating the 2015 merger of Meituan and Dianping, two of the top food delivery businesses in the nation. The “super app” platform of the merged business is now widely used in China. With more than 700 staff members and locations in Beijing, Shanghai, Hong Kong, Singapore, and New York, China Renaissance has grown into a major financial organization.
After operating at Morgan Stanley and Credit Suisse, Bao established the bank in 2005. To obtain mandates on significant deals and stock exchange listings, he fought against Wall Street veterans. Bao began his career in investment banking in the late 1990s at Morgan Stanley as well as Credit Suisse. He later worked as an adviser to the Shanghai and Shenzhen stock exchanges. Additionally, his team has invested in the US-listed Chinese electric vehicle manufacturers Nio (NIO) and Li Auto and assisted Baidu (BIDU) and JD.com (JD), two of the largest internet companies in China, in finishing their backup listings in Hong Kong.
Bao Fan’s Personal Life
Bao was born in Shanghai to government-employed parents. He attended secondary school there. He graduated from the Norwegian School of Management and Fudan University in Shanghai.
Bao Fan’s Disappearance
As President Xi Jinping continues his ongoing fight against corruption, Bao’s disappearance is causing worries about a potential new crackdown on China’s financial sector. As part of Xi’s “common prosperity” initiative to “keep income distribution as well as the means of wealth accumulation well-regulated,” the Chinese government has taken harsh measures against several significant sectors, including technology, education, and real estate.
According to Caixin, a reputable Chinese financial news source, the financial services company recently faced another similar disruption. It stated, citing unnamed sources, that Cong Lin, the company’s president, was detained by Chinese officials in September. Bao’s disappearance follows that of other prominent business figures in China, where it is normal for executives to abruptly and mysteriously vanish from view. Real estate magnate Ren Zhiqiang vanished for a while in 2020 after he reportedly criticized Chinese leader Xi Jinping’s response to the coronavirus pandemic. Ren was ultimately sentenced to 18 years in prison for misconduct.
FAQs
1. What is the age of Bao Fan?
Ans. 52 year old
2. Where was Bao Fan born?
Ans. Shanghai
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