China Renaissance shares plunge more than 20% after it says founder Bao Fan is missing

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China Renaissance shares plunge more than 20% after it says founder Bao Fan is missing
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Prominent Chinese investment banker Bao Fan is missing, his company China Renaissance said late Thursday.

The Beijing-based fund manager and investment bank is operating normally, the filing said.

Bao is the firm's controlling shareholder, as well as chairman, executive director and CEO. He did not immediately respond when contacted by CNBC about the news.Stock chart iconAlibaba-affiliate Ant Group was one of three major investors in China Renaissance leading up to its ownIn late 2020, Chinese authorities abruptly suspended Ant's plans for a massive initial public offering.

China Renaissance has played an important role in China's internet tech world in the past decade. The investment bank advisedChina Renaissance was also advisor to the merger that became Didi, and was an underwriter of the ride-hailing giant's U.S. IPO in June 2021.Days after Didi's IPO, authorities into the company, halting new user registrations. The company delisted later that year. Didi said last month it received approval to register new users again.

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