Bao Fan resigned citing health reasons and a desire to dedicate more time to his family.
Missing Chinese investment banker Bao Fan, known for his role in major tech IPOs like Didi and Meituan, has resigned from all his positions at China Renaissance, the company announced Friday. The move follows Bao's unexplained disappearance last February amid an investigation by Chinese authorities.
Citing "health reasons" and a desire for "more family time," the company's filing offered no details on Bao's current status or whereabouts. His absence began in February 2023, coinciding with a broader crackdown on China's financial sector, sparking concerns about his safety and potential involvement in an investigation.
Bao, a former Morgan Stanley and Credit Suisse banker, was a prominent figure in the Chinese tech industry. He co-founded China Renaissance, which played a key role in the listings of major companies like Didi and Meituan. His sudden disappearance sent shockwaves through the business community, raising questions about transparency and regulatory practices in China.
According to Bloomberg, the announcement comes just about a year after Bao disappeared in February 2023. He was later placed under detention for an unspecified investigation by Chinese authorities amid a broader graft crackdown on the financial sector. Bao was still "cooperating" in the probe as of August, China Renaissances said earlier.
The firm's shares were suspended in Hong Kong last year. They plunged 28% on February 17 last year, after Bao's disappearance was announced.
As per the BBC, the company said co-founder Xie Yi Jing will assume Bao's most senior roles. Bao "has no disagreement with the board, and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders," it added.
However, it did not provide any details about Bao's whereabouts. Bao Fan was one of China's most high-profile bankers, with a client list that included internet giants Tencent, Alibaba, and Baidu.