Chinese banker resigns from China Renaissance for ‘health reasons’: What happend with him while he was missing?
It didn’t say anything else about Bao’s situation or say if anyone had talked to him. The company said in April that it had to put off releasing its yearly results because its auditors couldn’t get in touch with Bao.
Chinese banker resigns from China Renaissance: An important Chinese tech banker named Bao Fan went missing a year ago during Beijing’s anti-corruption crackdown. The business he started said that Fan has officially quit.
Bao was stepping down as chairman and CEO of China Renaissance on Friday, for “health reasons and to spend more time on his family matters,” the company said in a filing with the Hong Kong stock market.
Chinese banker resigns from China Renaissance for ‘health reasons’: What happend with him while he was missing?
The Hong Kong-based company also said, “There is no other matter related to his resignation that needs to be brought to the attention of the shareholders of the Company.”
It didn’t say anything else about Bao’s situation or say if anyone had talked to him. The company said in April that it had to put off releasing its yearly results because its auditors couldn’t get in touch with Bao.
CNN has reached out to China Renaissance for a response. The state-run financial newspaper Economic Observer said last summer that Bao had been in the care of the country’s top anti-graft body since February 2023, when he went missing. The story said that he was part of an investigation into possible business bribery.
China Renaissance said it was changing its management to get new chairman and CEO and fill other top jobs. One of the changes is that co-founder Xie Yi Jing will take over as head of the company from Bao. It also said that he was “redesignated” from temporary CEO to CEO of the company.
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Bao had been a banker in China’s tech business for a long time. He opened China Renaissance in Beijing in 2005 and turned it into one of the best places for Chinese tech companies to do business. In 2015, he helped Meituan and Dianping, two of the best food delivery services in the country, join. China now uses the “super app” tool that the two companies made together all the time.
At the same time that Bao went missing, the ruling Communist Party began a broad anti-corruption crackdown into the financial sector. More than a dozen top executives at China’s biggest financial institutions have been arrested as a result.
In April of last year, trading in China Renaissance shares was stopped because of problems with Bao’s standing.
The company said last month that it had hired a new auditor after Deloitte Touche Tohmatsu quit and that it would try to release the 2022 yearly results and 2023 interim report “as soon as practicable.”
The Hong Kong stock exchange rules say that the shares of the company must be released along with their financial data in order for trading to resume.
There was a chill in China’s financial markets and tech sector when the banker went missing. It was later reported that Bao was “cooperating in an investigation” by Chinese officials, but the company did not provide any further information.
This story source is taken from edition.cnn.com. We will keep you updated on further news.
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