Bao Fan, a Chinese billionaire banker who has been missing for nearly a year, has officially resigned from his roles at China Renaissance Holdings, the financial consultancy firm he started in 2005. This decision was made in a statement released by the bank and reported by the BBC, in which he cited health concerns and a desire to focus on family problems. His sudden absence in February 2023 caused shockwaves throughout China’s business and finance circles, generating questions and concerns about his well-being and the circumstances surrounding his departure. Shortly after Bao Fan went missing, China Renaissance stated that he was assisting authorities with their investigation.
The firm noted in its most recent filing that there was no conflict between Bao and the board and that no more details about his resignation needed to be disclosed to shareholders. However, critically, the statement provided no information about Bao Fan’s actual location, leaving the mystery surrounding his disappearance unsolved. In light of Bao Fan’s resignation, China Renaissance co-founder Xie Yi Jing will take on the firm’s most senior duties. The corporation pledged to maintain continuity and stability, assuring a smooth transition despite the sudden change in leadership.
Bao Fan, one of China’s most notable bankers, had an amazing clientele that included industry titans like Tencent, Alibaba, and Baidu
Bao Fan, one of China’s most notable bankers, had an amazing clientele that included industry titans like Tencent, Alibaba, and Baidu. His unexpected departure aroused attention not just for its enigmatic character, but also for the possible impact on the commercial environment, given his prominent role in enabling financial transactions with big technology companies.
Bao Fan’s disappearance came amid a broader regulatory crackdown on prominent technology businesses by Chinese authorities. This included Alibaba founder Jack Ma’s well-publicized three-month vacation in late 2020, which followed scathing remarks regarding market authorities. Jack Ma’s absence coincided with plans to publicly list Ant Financial, his digital payments startup, which would have undoubtedly made him China’s richest man. China Renaissance’s announcement marked the first time the company provided a reason for Bao Fan’s sudden disappearance.