A high profile Chinese tech banker has been reported missing by the company's board, in the latest disappearance of a top business executive.
China Renaissance Holdings saw its shares plummet by as much as 50 per cent on Friday after the investment bank said it is unable to contact its chairman and chief executive Bao Fan.
The disappearance of Mr Bao, the company's founder and controlling shareholder, drove China Renaissance's Hong Kong-listed stock to hit a record low of $HK5 ($0.93) in early trade, wiping off $HK2.8 billion ($523 million) in market value.
"The board is not aware of any information that indicates that Mr Bao's unavailability is or might be related to the business and/or operations of the Group which is continuing normally," the mainland China-based bank said in a late-Thursday filing.
Mr Bao who previously worked at Credit Suisse Group and Morgan Stanley, has been hailed as one of China's best-connected bankers.
He was involved with major technology mergers including the tie-up of ride-hailing firms Didi and Kuaidi, food delivery giants Meituan and Dianping and travel devices platforms Ctrip and Qunar.
He also worked on his e-commerce company JD.com’s $US2 billion initial public offering and the public listing of short video platform Kuaishou in Hong Kong.
Financial sector targeted in anti-graft investigations
The well-known deal-maker'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.
Mr Bao's disappearance comes months after former China Renaissance president Cong Lin was taken away by Chinese authorities in September last year, according to Chinese news media outlet Caixin.
The country's richest man, co-founder of Alibaba and fintech giant Ant Group Jack Ma, was also reported to have disappeared in October 2021. However, Mr Ma has since returned to the public eye and announced he would cede control of Ant Group.
In 2015, at least five executives became unreachable without prior notice to their companies, including Fosun Group Chairman Guo Guangchang, who Fosun later said was assisting with investigations regarding a personal matter.
Mr Bao's disappearance comes after China's border reopening and renewed focus on boosting the sagging economy has brightened the outlook for deals, as has an easing of a regulatory crackdown on technology firms.
Anti-graft investigations in China targeting the financial sector have ensnared dozens of officials and finance executives at institutions such as Everbright Securities, China Construction Bank and major bank ICBC.
ABC/AP/Reuters
