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Bao Fan, a prominent Chinese tech banker who vanished a year ago during Beijing’s anti-corruption campaign, has officially stepped down from the company he established, the company announced.
China Renaissance stated in a filing to the Hong Kong stock exchange on Friday that Bao was resigning as its chairman and CEO, effective immediately, citing “health reasons and to spend more time on his family affairs.”
The Hong Kong-listed firm added that no other matters regarding his resignation need to be brought to the attention of the shareholders, without providing further details on Bao’s status or any communication with him. In April, the company revealed that it had to postpone the release of its annual results because its auditors were unable to reach Bao.
CNN has reached out to China Renaissance for comment.
Last summer, the Economic Observer, a state-run financial publication, reported that Bao had been in the custody of the country’s top anti-graft watchdog since his disappearance in February 2023, allegedly involved in an investigation into suspected corporate bribery.
China Renaissance declared a management reshuffle to replace its chairman and CEO, along with other top positions. Among the changes, Xie Yi Jing, co-founder of the company, will succeed Bao as its new chairman and has been promoted from acting CEO to CEO of the company, as stated in the filing.
Bao, a veteran banker in China’s tech industry, established China Renaissance in 2005 in Beijing and positioned it as one of the leading dealmakers for Chinese tech firms. He played a key role in brokering the 2015 merger between two of China’s prominent food delivery services, Meituan and Dianping, which today has a widespread “super app” platform in China.
Bao’s disappearance had a significant impact on China’s financial markets and its tech sector. The company later noted that Bao was “cooperating in an investigation” by certain Chinese authorities, without giving further details.
Bao’s disappearance coincided with the commencement of a far-reaching anti-corruption campaign by the ruling Communist Party directed towards the financial sector, which has implicated over a dozen senior executives at major financial institutions in China.
Shares in China Renaissance were halted from trading last April due to issues linked to Bao’s status.
Last month, China Renaissance announced the appointment of a new auditor following the resignation of Deloitte Touche Tohmatsu and expressed its intention to release the 2022 annual results and 2023 interim report “as soon as practicable.”
The publication of the company’s financial results is a crucial requirement for its shares to resume trading, according to the regulations of the Hong Kong stock exchange.
