Bao Fan, one of China's most notable billionaires, is missing, his company says, renewing fears over possible crackdowns from the Chinese Communist Party on finance and tech figures. The announcement sent shares of the company plummeting by more than 20%
Bao is the CEO of China Renaissance Holdings and is known as one of China's biggest deal-makers. But his company said in a market update Thursday that it has not been able to reach him in recent days. The announcement sent shares of the financial institution plummeting by more than 20%, per CNBC.China Renaissance Holdings's board added it was not aware of"any information that indicates that Mr.
— BBC News February 17, 2023 After Bao disappeared, a senior executive at China Renaissance Holdings told staff"not to spread or believe rumors," according to the Financial Times. The paper added that people close to the CEO believe his disappearance could be connected to his once-lieutenant Cong Lin, who was detained by Chinese authorities in September, sending the company into disorder.
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