Missing Chinese billionaire CEO is assisting authorities with investigation, company says

New York (CNN) Missing Chinese CEO Bao Fan is cooperating with 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 the chairman and CEO, said the company has been trying to locate him and establish his status since announcing that he disappeared on Feb. 16.

“The board of directors wishes to reiterate that the group’s operations and activities will continue as normal,” a statement from the company said. “The company will duly cooperate and assist with any lawful request from the relevant authorities of the PRC, if and when made.”

Bao is not the first businessman to go missing, in a country where they can suddenly and mysteriously disappear. Real estate magnate Ren Zhiqiang disappeared several months after allegedly speaking out against Chinese leader Xi Jinping in 2020. He was subsequently jailed for 18 years.

Anbang chairman Wu Xiaohui was reportedly detained by authorities as part of a government investigation. He, too, was eventually sentenced to 18 years in prison.

The company, an investment bank and private equity firm based in Beijing, added that it is monitoring the situation and will release further statements “if necessary”.

One of China’s top investment bankers

Bao is known as a seasoned dealmaker in China’s technology industry. He helped broker the 2015 merger between two of the country’s largest food delivery services, Meituan and Dianping. Today, the combined company’s “super app” platform is ubiquitous in China.

Bao began his career as an investment banker in the late 1990s with Morgan Stanley and Credit Suisse and later became an advisor to the Shanghai and Shenzhen stock exchanges.

His team has also invested in US-listed Chinese electric vehicle manufacturers Nio (NIO) and Li Auto, helping Chinese internet giants Baidu (GET STARTED) And JD. com (JD) complete their secondary listings in Hong Kong.

CNN’s Michelle Toh contributed to this story.


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