Posted BY: Kara | NwoReport
Chinese dealmaker Bao Fan, the founder of investment bank China Renaissance Holdings Ltd (1911.HK), has gone missing in the latest disappearance of a top business executive, unnerving investors and sending its stock down as much as 50% on Friday.
The mainland China-based boutique bank said in an exchange filing late on Thursday the company had been unable to contact Bao.
China Renaissance’s board was not aware of any information that indicated Bao’s “unavailability is or might be related to the business and/or operations” of the group, which, it said, was continuing normally.
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The dealmaker’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, though the reasons for Bao’s disappearance are unclear.
In 2015 alone, 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.