One of the most significant bankers in the world is actively missing.
This is the news that has been reported by the New York Post. They say that Chinese billionaire tech banker Bao Fan has seemingly disappeared from the map. No one is quite sure where he is, leaving many scratching their heads about where he could have gone.
China Renaissance Holdings issued a market update on Thursday, stating that they have been unable to contact the billionaire recently.
This is the latest case of a high-profile Chinese businessperson going missing under the reforms made by President Xi Jinpings anti-corruption campaign.
Shares of China Renaissance Holdings dropped as much as 50% following the news of the disappearance of the billionaire. According to the New York Post, this took off some $357 million market value. The company stated that it was not aware of any information that indicates Mr. Baos unavailability related to his business dealings with the company. They are not sure why he cannot be contacted, but they dont know of any connection between their inability to contact him and his business dealings with the company.
This individual has worked on major deals for his company, including a $2 billion initial public offering for commerce company JD.com.
The fact that a high-powered businessperson in China has gone missing shouldnt be surprising in some ways. The country has a history of disappearing some executives with a lot of power and influence. In 2015 alone, the country saw five high-powered executives disappear from their roles with the companies they ran in China.
There have been dozens of officials from companies such as Everbright Securities, China Construction Bank, and significant bank ICBC who had gone missing in recent years when there was no reason why they would be expected to have disappeared off the map in this way. However, that is precisely what happened with some of these executives in recent years.
In 2020, real estate magnate Ren Zhiqiang allegedly disappeared after he made comments critical of President Xi and his handling of the coronavirus pandemic. Therefore, this continues to happen to people who drift too far away from the countrys hardline policies.
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