The Chinese billionaire and head of the investment bank China Renaissance, Bao Fan, is missing. "The company was unable to contact Mr. Bao," it said in a statement to the Hong Kong Stock Exchange on Friday. The bank did not provide further information on the disappearance of the influential businessman. After the release of the statement, the price of the bank's share fell by up to 30 percent.
Investors in the sights of the authorities
The business news website "Caixin" reported on Thursday evening that Bao had been unavailable for two days. China Renaissance initially did not respond to inquiries about the whereabouts of the 52-year-old. Bao has helped create a number of internet startups in China with his bank, including leading e-commerce firm JD.com. According to Caixin, China Renaissance President Cong Lin was taken into custody in September.
In recent years, investors in the People's Republic have repeatedly been targeted by the authorities. In 2017, Chinese-Canadian businessman Xiao Jianhua was arrested. He was sentenced to 2022 years in prison for corruption in August 13.
Xiao was reportedly arrested in Hong Kong by plainclothes Beijing police. With an estimated fortune of around six billion dollars (5.6 billion euros), he was one of the richest people in China at the time.