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Updated February 2, 2024 at 2:58 a.m. ET
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Prominent Chinese banker Bao Fan, who suddenly disappeared almost 12 months ago last year amid a government crackdown on allegations of corruption in the country’s financial sector, was announced on Friday as chairman and CEO of Beijing-based China Renaissance. He resigned as CEO.
important facts
China Renaissance said in a regulatory filing that Bao resigned as CEO and chairman with immediate effect “for health reasons and to devote more time to family matters.”
The investment bank said Mr. Sun had “no disagreements with the board” and that other matters related to his resignation “do not need to be brought to the attention of shareholders.”
The company’s filing thanked Bao for his work and said he would be replaced by interim CEO and co-founder Xie Yi Jing.
Friday’s filing did not mention Bao’s current whereabouts or details of the investigation into him by China’s anti-corruption authorities.
Main background
In February last year, China Renaissance published the news of Bao’s disappearance, saying the company was “unable to contact” him. Bao is one of China’s most prominent investment bankers and has overseen some of China’s major tech deals, including the merger of ride-hailing giants Didi Chuxing and KuaiDi and delivery platforms Meituan and Dianping. Ta. Bao’s unexplained disappearance made international news and raised concerns about Beijing’s continued crackdown on China’s high-tech and financial industries. Trading in China Renaissance shares was suspended in April last year. Chinese state media later confirmed that Bao had been detained by the country’s anti-corruption authorities. China Renaissance said in an August filing that Bao “remains cooperating with investigations conducted by certain Chinese authorities.”
References
Missing banker Bao Huang resigns from all positions at China Renaissance (Nikkei Asia)
Famous Chinese investment banker Bao Huang is missing, bank says (Forbes)
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