NEW YORK (CNN) – Missing Chinese CEO Bao Fan is cooperating in an investigation by “certain authorities in the People’s Republic of China,” his company said in a statement Sunday.
China Renaissance Holdings Limited, of which Bao is chairman and CEO, said the company has been trying to locate him and establish his status since announcing his disappearance on Feb. 16.
“The board would like to reiterate that the business and operations of the group continue as normal,” the company said in a statement. “The Company will duly cooperate and assist with any lawful request from the relevant PRC authorities, if and when made.”
Bao isn’t the first businessman to go missing in a country where he can suddenly and mysteriously disappear. Real estate tycoon Ren Zhiqiang disappeared for several months after allegedly speaking out against Chinese leader Xi Jinping in 2020. He was subsequently sentenced to 18 years in prison. Anbang Chairman Wu Xiaohui was reportedly arrested by authorities as part of a state investigation. He too was eventually imprisoned for 18 years.
The company, a Beijing-based investment bank and private equity firm, added it was monitoring the situation and would release further statements “if appropriate”.
One of the best investment bankers in China
Bao is known as an experienced dealmaker in China’s tech industry. He helped broker the 2015 merger between two of the country’s leading food delivery services, Meituan and Dianping. Today, the combined company’s “super app” platform is ubiquitous in China.
Bao began his investment banking career at Morgan Stanley and Credit Suisse in the late 1990s and later worked as an advisor on the Shanghai and Shenzhen Stock Exchanges.
His team has also invested in US-listed Chinese electric vehicle makers Nio (NIO) and Li Auto, and helped Chinese internet giants Baidu (BIDU) and JD.com (JD) complete their secondary listings in Hong Kong.
CNN’s Michelle Toh contributed to this story.