April 19, 2024
Missing Chinese banker resigns from China Renaissance over 'health reasons' a year after he disappeared  cnn business

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Hong Kong CNN –

Bao Fan, a star Chinese tech banker who disappeared He has formally resigned from the company he founded a year ago amid Beijing’s anti-corruption crackdown, the company said.

China Renaissance announced in a filing to the Hong Kong Stock Exchange on Friday that Bao was stepping down as its chairman and CEO with immediate effect “for health reasons and to spend more time on his family matters.”

“There are no other matters related to his resignation that need to be brought to the attention of the company’s shareholders,” the Hong Kong-listed company said.

It did not give further details On Bao’s condition or whether anyone was in contact with him. In April, the company said it was forced to delay the release of its annual results because its auditors were unable to reach Bao.

CNN has contacted China Renaissance for comment.

Last summer, the Economic Observer, a government financial publication, reported that Bao had been in the custody of the country’s top anti-corruption watchdog since his disappearance in February 2023. He was said to be involved in an investigation into suspected corporate bribery. , the report said.

China Renaissance announced a management reshuffle to replace its Chairman and CEO along with other top positions. Among the changes, company co-founder Xie Yi Jing will succeed Bao as its new chairman. The filing said that he has also been made the CEO of the company from acting CEO.

Bao was an experienced banker in China’s technology industry. He founded China Renaissance in Beijing in 2005 and built it into one of the top dealmakers for Chinese tech companies. He helped broker a 2015 merger between Meituan and Dianping, the country’s two leading food delivery services. Today, the combined company’s “super app” platform is ubiquitous in China.

The banker’s disappearance sent shockwaves through China’s financial markets and its technology sector. The company later said without providing further details that Bao was “cooperating with the investigation” by some authorities in China.

Bao’s disappearance coincides with a sweeping anti-corruption crackdown launched by the ruling Communist Party in the financial sector, which has ensnared more than a dozen senior executives at China’s largest financial institutions.

China Renaissance shares were suspended from trading last April due to issues related to Bao’s position.

Last month, China Renaissance said it had appointed a new auditor following the resignation of Deloitte Touche Tohmatsu and would try to publish 2022 annual results and 2023 interim reports “as soon as possible.”

According to the rules of the Hong Kong Stock Exchange, releasing financial results is a key requirement for a company’s shares to resume trading.

Source: www.cnn.com

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