Chinese businessman Bao Fan, well-known in his country’s tech world and missing for two weeks, is “cooperating” with an investigation launched by authorities, his company said.
• Also read: Mysterious disappearance of a prominent businessman in China
Bao Fan, 52, is the founder of China Renaissance, a large Chinese private investment bank specializing in technology investments.
The group notably oversaw the IPOs of several digital giants, including e-commerce specialist JD.com. He is also the origin of a 2015 merger between local VTC champion Didi and a then-competitor, Kuaidi Dache.
His disappearance, raising fears of a new wave of takeovers of the financial sector by Chinese authorities, has quashed the group’s action in Hong Kong.
On Sunday evening, China Renaissance said it was “aware that Mr. Bao is currently cooperating with an investigation by certain authorities in mainland China.”
“The company will cooperate and respond to legal requests from the relevant authorities of the People’s Republic of China, as appropriate,” the group added.
China Renaissance, which reported the disappearance on February 16 and said it was “unable to contact (CEO) Bao Fan,” did not specify the exact nature of the investigation and did not respond to a request for comment from AFP.
This disappearance is reminiscent of that of Canadian tycoon of Chinese descent, Xiao Jianhua, who disappeared from a Hong Kong hotel in 2017.
He is said to be close to the top Chinese communist leaders and was kidnapped by Beijing agents, according to press reports.
Mr. Xiao was one of the richest men in China at the time of his arrest, with an estimated fortune of $6 billion.
The ex-businessman was eventually sentenced to 13 years in prison for fraud last year.
According to Caixin, Chinese authorities arrested China Renaissance chairman Cong Lin last September following an investigation into his work at the state-owned ICBC bank.
President Xi Jinping has led a crusade against corruption in recent years that has jailed many business leaders, particularly in the fields of finance and new technologies.
China Renaissance was founded in 2005 and employs more than 700 people worldwide. It has a presence in Singapore and the United States.