AP

Company says missing Chinese banker Bao Fan aiding probe

Feb 26, 2023, 11:33 PM | Updated: Feb 27, 2023, 3:20 am

HONG KONG (AP) — Missing Chinese investment banker Bao Fan is co-operating with an investigation in China, his company China Renaissance said in a stock market filing Sunday.

Since Bao went missing, China Renaissance Holdings Ltd.’s Hong Kong-listed shares have slumped as much as 29%. They were up 2.3% on Monday.

“The Board has become aware that Mr. Bao is currently cooperating in an investigation being carried out by certain authorities in the People’s Republic of China,” the company filing said. “The board would like to reiterate that the business and operations of the group are continuing normally.”

Bao’s whereabouts are unclear. It is not unusual for Chinese authorities to detain people in the course of investigations without making any public announcements.

Bao is one of China’s top dealmakers in the technology industry, having worked on major deals including e-commerce company JD.com’s $2 billion initial public offering and the public listing of short video platform Kuaishou in Hong Kong.

After working at Credit Suisse and Morgan Stanley, Bao founded China Renaissance in 2005. He took it public in 2018, raising $346 million.

Bao’s disappearance follows a crackdown on big technology companies in the past two years. Anti-graft investigations targeting the financial sector have ensnared dozens of Chinese officials and finance executives at institutions such as Everbright Securities, China Construction Bank and major bank ICBC.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

President Joe Biden speaks at a campaign rally Saturday, March 9, 2024, at Pullman Yards in Atlanta...

Associated Press

US shoots down ‘nearly all’ Iran-launched attack drones as Biden vows support for Israel’s defense

Joe Biden cut short a weekend stay at his beach house to meet with his national security team as Iran launched an attack against Israel.

1 day ago

Protesters in Phoenix shout as they join thousands marching around the Arizona state Capitol after ...

Associated Press

Abortion ruling supercharges Arizona to be an especially important swing state

A ruling this week instituting a near-total abortion ban supercharged Arizona's role, turning it into the most critical battleground.

2 days ago

Former President Donald Trump, center, appears in court for his arraignment, Tuesday, April 4, 2023...

Associated Press

Manhattan court searching for jurors to hear first-ever criminal case against a former president

Jury selection is set to start Monday in former President Donald Trump's hush money case — the first trial of the presumptive nominee.

2 days ago

Emergency personnel arrive on the scene after a  an 18-wheeler crashed into the Texas Department of...

Associated Press

1 dead and 13 injured in semitrailer crash at a Texas public safety office, with the driver jailed

A driver rammed an 18-wheeler though the front of a building where his renewal for a commercial driver’s license had been rejected.

2 days ago

Republican presidential candidate former President Donald Trump speaks at a Get Out The Vote rally ...

Associated Press

Trump pushes Arizona lawmakers to ‘remedy’ state abortion ruling that he says ‘went too far’

Donald Trump urged Arizona lawmakers on Friday to swiftly “remedy” the state court ruling allowing prosecutors to enforce an abortion ban.

2 days ago

Biden to require more gun dealers to run background checks....

Associated Press

Biden administration will require thousands more gun dealers to run background checks on buyers

New Biden rule to require thousands more firearms dealers across the United States will have to run background checks on buyers.

3 days ago

Sponsored Articles

...

COLLINS COMFORT MASTERS

Here are 5 things Arizona residents need to know about their HVAC system

It's warming back up in the Valley, which means it's time to think about your air conditioning system's preparedness for summer.

...

Collins Comfort Masters

Here’s 1 way to ensure your family is drinking safe water

Water is maybe one of the most important resources in our lives, and especially if you have kids, you want them to have access to safe water.

...

Day & Night Air Conditioning, Heating and Plumbing

Day & Night is looking for the oldest AC in the Valley

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

Company says missing Chinese banker Bao Fan aiding probe