The founder of boutique bank China Renaissance is missing, sparking worries of a renewed crackdown in the financial sector.
Bao Fan, founder, chairman, CEO and controlling shareholder of China Renaissance, could not be contacted, according to an exchange filing.
The firm said that it was not aware of any information to indicate that Bao’s unavailability may be related to Renaissance’s business, adding that operations were continuing normally.
Crackdown Worries
Bao’s absence is sparking worries amongst some onlookers about a renewed industry crackdown. In late 2021, Beijing launched a broad anti-corruption drive targeting China’s financial sector which resulted in the fall of dozens of officials as well as bankers.
Bao is a renowned investment banker who was involved in various marquee technology mergers, such as the tie-up of ride-hailing firms Didi and Kuaidi. Previously, he worked at Credit Suisse and Morgan Stanley.
