Chinese Tech Millionaire Goes Missing, Says The Business

After the company’s shares fell sharply in Hong Kong on Friday, the investment bank China Renaissance announced that its wealthy Chinese chairman had vanished.

Bao Fan, a prominent player in the Chinese IT sector and the bank’s executive director, was instrumental in the development of several local online firms.

In a statement to the Hong Kong Stock Exchange, China Renaissance said simply, “The business has been unable to reach Mr. Bao.”

After the announcement, the company’s shares initially fell by as much as 50% before recovering to settle at a 30 percent loss.

The 52-year-old dealmaker had reportedly been inaccessible for two days as of Thursday night, according to financial news source Caixin.

After being approached by AFP, China Renaissance was unable for comment right away.

As President Xi Jinping continues his ongoing fight against corruption, Bao’s absence is now causing worries about a potential new crackdown on China’s banking sector.

The executive’s ongoing absence “may be a long-term cloud on the stock, given that Bao is the key guy for the firm,” Forsyth Barr Asia senior analyst Willer Chen told Bloomberg.