Missing Chinese billionaire aiding in probe, company says

Bao Fan, a Chinese billionaire who has been missing for two weeks, is "participating in an investigation" in China, his company said in a statement on Sunday.

His sudden disappearance has raised worries about a potential crackdown on the country's financial services sector.

"The Board has become aware that Mr. Bao is currently cooperating in an investigation being carried out by certain authorities in the People's Republic of China," the Hong Kong-listed China Renaissance said in its company filing.

The company did not offer any specifics regarding the investigation and informed the AFP news agency on Monday that it had no further remarks to make.

A spokesperson stated that the company will release additional information when appropriate.

Who is Bao Fan?

Bao Fan, a prominent dealmaker in the technology sector in China, established China Renaissance in 2005.

Following his disappearance, the company's shares listed in Hong Kong fell by up to 29%, but they increased by 2.3% on Monday.

Last September, China Renaissance's president, Cong Lin, was taken into custody after an investigation into his work at the financial leasing division of state-owned bank ICBC, according to the financial news outlet Caixin.

China targets tech firms

Over the last two years, China has witnessed an unprecedented number of crackdowns on major technology firms.

In 2017, Chinese-Canadian billionaire Xiao Jianhua was allegedly kidnapped from his hotel room in Hong Kong by plainclothes Chinese police officers. He was sentenced to 13 years in prison for corruption in August of last year.

In 2020, Jack Ma, the billionaire founder of Alibaba, faced regulatory action as Chinese authorities launched an antitrust investigation into the company.

Regulators also halted fintech giant Ant Group's much-anticipated IPO, which was set to become the world's largest.

ss/ar (AFP, AP)