Bao Fan, chairman of China Renaissance Holdings (CRH), one of China’s largest investment banks, is assisting Chinese officials in an investigation whose details have not been made public. This statement was made by the CRH representative in a comment to the agency. Bloomberg.
It was noted that this is the first publicly available information on the whereabouts of an IT billionaire from China since his disappearance a little over a week ago.
“Mr. Bao is currently cooperating with the investigation conducted by the People’s Republic of China authorities. The CRH will cooperate and assist whenever and wherever any legitimate request from the Chinese authorities is made.
According to the agency, Bao Fan’s sudden disappearance has worried Chinese business elites and fueled speculation that the country’s financial industry will come under greater scrutiny from Beijing.
As chairman of China’s leading IT investment bank, Bao Fan has extensive connections in various business sectors and has been a financier to some of China’s largest companies.
Fan’s disappearance was previously reported. caused a drop in stocks China Renaissance Holdings gained 50% at the opening of morning trading on the Hong Kong stock exchange, two days after the billionaire disappeared.