Bao Fan, a prominent Chinese banker, vanished under enigmatic circumstances nearly a year ago. Authorities later disclosed that he was cooperating with an ongoing investigation, and he stepped away from his leadership role at the firm he founded due to health concerns. The company made this update in a formal filing.
In a statement to the Hong Kong Stock Exchange, where the bank is publicly listed, China Renaissance confirmed that Bao would resign from his duties this Friday, including the roles of chairman and chief executive, citing health reasons and a desire to focus on family and personal matters. The document notes that there are no other issues related to his resignation that shareholders should be aware of, and it expresses the board’s deep gratitude for Bao’s contributions. The firm highlighted the growth, expansion, and milestones achieved under his leadership.
The statement also confirms that Xie Yijing will continue as acting chief executive and will serve as chairman of the board.
No clear sign of Bao
On February 16, 2023, the firm announced Bao’s disappearance and stated that ten days later he was believed to be cooperating with investigators in a case being handled by Chinese authorities. Specific details were not disclosed.
Some media outlets suggested the situation mirrored a 2015 episode in which multiple executives from various firms disappeared, including a former chairman of a major holding company who later appeared to be cooperating with authorities. This reference added to ongoing speculation about Bao’s status and the progression of the inquiry.
There has been discussion within business circles about a possible link between Bao’s case and an investigation into Cong Lin, the former chairman of China Renaissance, stemming from his earlier tenure at ICBC, the country’s largest state-owned bank.
Bao, often described as a key architect behind a number of China’s technology-driven successes, reportedly explored opportunities from abroad—moving from mainland China and Hong Kong to Singapore, where he sought to establish a fund to manage assets by the end of 2022, according to coverage from a major financial publication. In August, roughly six months after the disappearance, China Renaissance stated that Bao continued to cooperate with the investigation, while offering no further details about the nature of the case or his whereabouts. The company added that its operations remained normal under the oversight of its executive committee and would continue to monitor developments, providing updates as appropriate.
Shares in the company were frozen at the end of March of the previous year after a steep drop, preventing the publication of audited results for 2022.
Anti-corruption campaign and broader context
Media coverage has noted a potential link between Bao’s case and a recent public pledge by the Chinese Communist Party’s anti-corruption body to intensify its crackdown on illegal activity within the financial sector. The campaign has already led to arrests and prosecutions of several regulators and high-ranking executives. In the early part of this year, the agency signaled stronger measures and harsher penalties for corruption across various sectors, including finance.
In recent weeks, authorities have detained other senior figures tied to state-backed financial groups, adding to the sense of a broader drive to confront misconduct among leaders in finance.
Since taking office in 2012, the current CCP general secretary and president has pursued an anti-corruption agenda that has implicated multiple officials. While supporters describe the initiative as a rule of law improvement, critics have argued that it can also affect political fortunes and shift power dynamics within the country’s leadership.