Bao Fan, the Chinese billionaire banker who vanished nearly a year ago, has resigned from his position at China Renaissance Holdings Ltd., citing “health reasons and to spend more time on his family affairs,” according to a statement from the bank.
His sudden absence in February last year startled China’s business and investment circles, prompting concerns and speculation.
China Renaissance initially mentioned that he was cooperating with authorities amidst an investigation, but did not disclose further details or his whereabouts.
In the wake of Bao’s resignation, Xie Yi Jing, the company’s co-founder, will assume his responsibilities.
The statement assured shareholders that Bao had no disagreements with the board and that there were no other relevant matters pertaining to his departure.
Despite being one of China’s prominent bankers, catering to tech giants like Tencent, Alibaba, and Baidu, Bao’s sudden disappearance raised questions, especially amid China’s tightening regulations on tech firms.
The situation echoed a similar incident involving Alibaba’s founder, Jack Ma, who disappeared from public view for three months in late 2020 following remarks critical of market regulators.
Ma’s absence coincided with the postponement of Ant Financial’s highly anticipated public listing, which would have potentially made him China’s wealthiest individual.
Source-BBC
