The disappearance of the chairman of China Renaissance Holdings (CRH) Bao Fan, one of China’s largest investment banks, has caused concern in China’s domestic financial market. The financier’s lack of communication for two days caused the shares of a financial institution to drop by 50% at the opening of morning trading on the Hong Kong stock exchange, informs Bloomberg agency, citing the source.
It is speculated that Fan may have disappeared in connection with the Chinese government’s investigation into former CRH chief Kong Lin. However, the disappearance of the current head of the investment bank, which is considered one of the most influential players in the Chinese financial market, caused “shaking” among representatives of the local business elite.
“The investment bank said it lost contact with Bao Fan late on Thursday. The banker’s family was said to have assisted with the investigation. However, in China, the sudden disappearance of a company or bank’s boss points increasingly to the pressure exerted by the authorities. In many cases The person is said to be “assisting” in a bribery investigation.
Throughout his career, Fan has been a member of Alibaba Group Holding Ltd. He has served as a consultant to many large Chinese companies, including and Tencent Holdings Ltd. It was noted that the businessman has information about the largest entrepreneurs of the country, which can also serve as a reason for his participation in the so-called “investigation” of the local authorities.
20 January, Hong Kong Economic Times, citing the source reportedIt is reported that Jack Ma, the Chinese billionaire and the founder of technology company Alibaba, which has been discredited by the criticism of the Chinese authorities, is in Hong Kong. The businessman came there to meet with the heads of the largest financial companies in the region.