{"id":609508,"date":"2023-02-17T16:29:00","date_gmt":"2023-02-17T22:29:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/17\/chinese-billionaire-banker-goes-missing-during-ominous-government-crackdown-on-tech\/"},"modified":"2023-02-17T16:29:00","modified_gmt":"2023-02-17T22:29:00","slug":"chinese-billionaire-banker-goes-missing-during-ominous-government-crackdown-on-tech","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/17\/chinese-billionaire-banker-goes-missing-during-ominous-government-crackdown-on-tech\/","title":{"rendered":"Chinese Billionaire Banker Goes Missing During Ominous Government Crackdown On Tech"},"content":{"rendered":"
<\/span><\/p>\n
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One of China\u2019s most prominent investment bankers, Bao Fan, has gone missing.<\/p>\n

The China Renaissance bank and private equity firm announced it \u201chas been unable to contact\u201d the CEO and chairman in a Thursday filing to the Hong Kong Stock Exchange, according to CNN<\/a>. Likely, as a result of the news, the firm\u2019s stock plummeted by 50% in Hong Kong before closing down by just 28% on Friday.<\/p>\n

The bank\u2019s executive committee reportedly endeared itself to employees Friday and acknowledged \u201ceveryone has had a restless night.\u201d However, it also urged them to \u201cnot believe in or spread rumors\u201d about Fan\u2019s disappearance, according to The Wall Street Journal<\/a>.<\/p>\n

Fan reportedly<\/a> emerged as a prolific dealmaker and financial supporter of many domestic internet startups across China in the last decade. However, he vanished amidst a potential new crackdown on the tech sector by China\u2019s President Xi Jinping<\/a>, but his bank claimed ignorance.<\/p>\n

\u201cThe board is not aware of any information that indicates that Mr. Bao\u2019s unavailability is or might be related to the business and\/or operations of the group,\u201d claimed China Renaissance<\/a> in its filing.<\/p>\n

\n
\"Fan<\/picture><\/div>\n
Fan was reportedly missing for two days before China Renaissance announced it Thursday.<\/figcaption>
\n

South China Morning Post via Getty Images<\/span><\/p>\n<\/div>\n<\/div>\n<\/figure>\n

Fan curated an impressive r\u00e9sum\u00e9 over the last decade. He famously brokered a merger between ride-hailing company rivals Didi<\/a> and Kuaidi Dache in 2015, leading to their combined app becoming a ubiquitous service comparable to Uber<\/a>.<\/p>\n

He also shepherded the initial public offerings of China\u2019s colossal e-commerce site, JD, and facilitated the merger between the country\u2019s leading food delivery services, Meituan and Dianping, in 2015. But Fan isn\u2019t the first high-profile business figure to go missing.<\/p>\n

Due to Fan\u2019s insight into various significant business dealings, Desmond Shum told The Guardian<\/a> that he believes Fan is likely a political target. In addition, Shum is familiar with the precarious nature of China\u2019s corporate-government existence, as his ex-wife reportedly vanished <\/a>in 2017.<\/p>\n

Xiao Jianhua, a businessman with reportedly close ties to the government<\/a>, was also abducted from his hotel room in 2017. He was one of the wealthiest people in China, worth an estimated $6 billion, before receiving 13 years of jail time for alleged financial crimes.<\/p>\n

Chinese insurance company Anbang told shareholders in 2017 that Wu Xiaohui, its chairman then, could no longer serve them. The company claimed Xiaohui\u2019s absence was due to \u201cpersonal reasons,\u201d however Xiaohui was later sentenced to 18 years in prison for fraud, CNN<\/a> reported. <\/p>\n

\n
\"Jinping<\/picture><\/div>\n
Jinping became “president for life” in 2018 and has allegedly cracked down on his opposition.<\/figcaption>
\n

via Associated Press<\/span><\/p>\n<\/div>\n<\/div>\n<\/figure>\n

In recent years, dozens of senior executives have reportedly vanished or been dubiously charged with financial crimes.<\/p>\n

\n

For instance, real estate magnate Ren Zhiqiang reportedly went missing<\/a> after criticizing Jinping\u2019s coronavirus response<\/a> in March 2020 \u2014 only to receive 18 years in prison for corruption<\/a> during a closed trial. Whether Fan will surface to similar consequences is unclear.<\/p>\n<\/div>\n<\/section>\n<\/section>\n

Read More<\/a>
\n Qiana Catt<\/p>\n","protected":false},"excerpt":{"rendered":"

One of China\u2019s most prominent investment bankers, Bao Fan, has gone missing. The China Renaissance bank and private equity firm announced it \u201chas been unable to contact\u201d the CEO and chairman in a Thursday filing to the Hong Kong Stock Exchange, according to CNN. Likely, as a result of the news, the firm\u2019s stock plummeted […]<\/p>\n","protected":false},"author":1,"featured_media":609509,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[132,933,534],"tags":[],"class_list":{"0":"post-609508","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-billionaire","8":"category-chinese","9":"category-financial"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/609508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=609508"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/609508\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/609509"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=609508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=609508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=609508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}