On Sunday, China Renaissance Holdings said in an exchange filing that its missing chairman and star dealmaker Bao Fan was assisting Chinese authorities in an investigation.
For the time, the Chinese bank has stated the cause of its founder’s disappearance since he was reported missing 10 days ago. The details of the investigation were not shared.
In the exchange filing, the bank said, “The Board would like to reiterate that the business and operations of the Group are continuing normally.”
As per sources, the Chinese authorities summoned Bao earlier in February to work on a case about a former colleague, Cong Lin, the company’s former president.
Last week, the company shares dropped after it said they were not able to get in touch with Bao during the exchange filing.
The dealmaker’s disappearance is the most recent case in a list of high-profile Chinese executives who were reported missing with not much information amid an anti-corruption campaign led by President Xi Jinping.
In 2015, five executives disappeared without informing their companies, including Fosun Group Chairman Guo Guangchang. Later, Fosun said he was cooperating in investigations on a personal matter.
Boa’s disappearance comes with over two years of extensive control being eliminated on technology companies.
Bao, who is also China Renaissance’s controlling shareholder, established the company in 2005 as a two-person collaboration, intending to provide capital-needy startups with venture capitalist and private equity investors.
Later, the firm began services such as underwriting, sales and trading.
Bao was known to have connections in the cooperate world and was collaborating with tech mergers such as the tie-up of ride-hailing companies Didi and Kuaidi, food delivery companies Meituan and Dianping, and online travel companies Ctrip and Qunar.
