Who is Bao Fan, star Chinese banker who reappeared after vanishing 2 years ago?
missing Chinese executive:
Over two years since going missing in a sudden and mysterious disappearance, Bao Fan, China's most powerful dealmaker and the founder of investment bank
China Renaissance
, has returned, as per a report.
China's Top Deal Maker Bao Fan Reemerges After 2-Year Detention
Released quietly from detention this week, after more than two years of being detained by Chinese authorities, according to the report.
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In early 2023, the financial world was caught off guard when China Renaissance revealed that it was not able to contact Bao, as reported by Reuters. No advance notice, no public explanation, only deafening silence from a man who founded the bank in 2005 with two other men and still owns nearly 49% of the company's issued shares, according to Reuters.
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Bao was one of China's best-connected bankers, renowned for playing a key role in important deals like the mergers of ride-hailing firms Didi and Kuaidi, food delivery giants Meituan and Dianping, and travel platforms Ctrip and Qunar, as per the Reuters report.
He had previously worked at Credit Suisse and Morgan Stanley and suddenly went missing in February 2023, according to the report.
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China Renaissance Shares Suspended, Confidence Shaken
After that, trade in China Renaissance shares was banned in April 2023 as the bank delayed publication of its audited annual results because the mainland Chinese authorities detained Bao as part of an investigation, as per the Reuters report.
According to Reuters, a Chinese financial publication had reported in May 2023 that he was detained by disciplinary and supervision officials. However, authorities have not yet given any explanation, but Reuters' sources have previously said that he was taken away to assist in an investigation into a former colleague.
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Leadership Shakeup at China Renaissance
Xie Yi Jing, who had co-founded China Renaissance, took over Bao's position as chairman in February last year, and after that Bao's wife, Hui Yin Ching, was appointed as chairperson to lead the boutique investment bank in October, with changes in other senior management ranks as well, as reported by Reuters.
Part of a Broader Pattern: Executives Going Missing
However, Bao was not the only high-profile executive in China who went missing, as in recent years many executives from the finance industry have disappeared with little explanation amid a sweeping anti-corruption campaign spearheaded by Chinese president Xi Jinping, according to the report.
Bao's release comes at a time when Beijing seeks to boost business confidence, especially among the country's tech entrepreneurs, whose businesses have suffered from a years-long crackdown, as per the Reuters report.
Beijing's Balancing Act
At present, China is aiming to boost confidence in the private sector, which has been reeling from weak domestic consumption and a prolonged debt crisis in the property sector amid increased trade tensions with the United States, as reported by Reuters.
Christopher Beddor, deputy China research director of Gavekal Dragonomics said that, "This is certainly a positive signal, as Bao was the most high-profile financier detained in recent years," as quoted in the report.
Beddor pointed out that, "Still, it won't change the fact that the anti-corruption campaign continues to churn through the financial sector, and the common prosperity campaign has led to sweeping pay caps and even clawbacks," adding, "China's financial sector remains a long way from its heyday only a few years ago," as quoted in the Reuters report.
FAQs
Who is Bao Fan?
Bao Fan is a high-profile
Chinese banker
and founder of China Renaissance, he is known for brokering major
tech mergers in China
, as per the Reuters report.
Why did Bao Fan disappear?
He suddenly went missing in February 2023 under unclear circumstances, and was reportedly detained by Chinese authorities as part of an investigation involving a former colleague, as per the Reuters report.
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