Bao Fan is a billionaire and head of an investment bank. His company says there has been no trace of him for two days. Some very wealthy entrepreneurs have been arrested in China in the past. The bank's share price is plummeting.
Chinese billionaire and head of investment bank China Renaissance, Bao Fan, is missing. "The company was unable to contact Mr. Bao," the Hong Kong Stock Exchange said in a statement. The bank did not provide any further information about the disappearance of the influential businessman. After the release of the statement, the bank's share price fell by up to 30 percent.
Business news website Caixin reported Thursday evening that Bao has been unavailable for two days. China Renaissance initially did not respond to inquiries about the whereabouts of the 52-year-old. Bao has helped launch a number of internet startups in China with his bank, including leading e-commerce firm JD.com. According to "Caixin", China Renaissance President Cong Lin was arrested in September.
In recent years, investors in the People's Republic have repeatedly been targeted by the authorities. In 2017, Chinese-Canadian businessman Xiao Jianhua was arrested. He was sentenced to 13 years in prison in August 2022 for corruption.
Xiao was reportedly arrested in Hong Kong by plainclothes Beijing police officers. With an estimated fortune of around six billion dollars - the equivalent of 5.6 billion euros - he was one of the richest people in China at the time.
