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Bao Fan at a conference in September 2018

Photo: Bobby Yip / REUTERS

About a year after the disappearance of Chinese billionaire Bao Fan, the entrepreneur resigned from his top position, according to his bank. Bao is resigning from all his leadership positions, according to a statement from investment bank China Renaissance to the Hong Kong Stock Exchange. The resignation is "for health reasons" and Bao wants to focus more on his "family matters."

The case surrounding the now 53-year-old is puzzling. Bao was reported missing by the bank in mid-February last year. Two weeks later, the company said it was "cooperating" with authorities in mainland China. Bao is the founder of Hong Kong-based investment bank China Renaissance, which specializes in financing internet startups.

Bao's bank helped launch a number of internet startups in China, including leading e-commerce firm JD.com. China Renaissance also accompanied the merger of the two Chinese ride-hailing companies Didi and Kuaidi Dache in 2015. The financial house's customers also include Alibaba and Baidu. It is also present in Singapore and the USA.

No information on Bao's situation

Bao's disappearance had sparked fears that the government in Beijing could again crack down on the financial industry. In recent years, investors in China have repeatedly been targeted by the authorities.

Friday's stock exchange announcement did not provide any information about Bao's current situation or the content of the investigation against him. Co-founder Xie Yi Jing will take over Bao's most important tasks. It also said that Bao had "no disagreements with the board" and that there were no other issues related to the resignation "that need to be brought to the attention of the shareholders."

That fits into the mysterious picture of this case: After his disappearance in February 2023, Bao's bank had already announced that he was cooperating with the Chinese authorities. At the time, it remained unclear in what context Bao was cooperating. The former president of the China Renaissance was also taken into custody months ago: However, it was known about Cong Lin at the time that his previous work at the state bank ICBC was the reason for this.

mamk/AFP