Missing China banker Bao Fan resurfaces after a year to resign

BAO Fan, the star Chinese banker whose disappearance shocked the business and investing community last year, has resigned from his financial firm China Renaissance Holdings. 

Bao resigned as chairman and chief executive officer with effect from Feb 2, the company said in an exchange filing on Friday (Feb 2). The firm’s co-founder, Xie Yi Jing, will assume his duties, while Jason Lam was appointed as an executive director and vice chairman. 

Bao stepped away “for health reasons and to spend more time on his family affairs,” the company said.

The announcement come just a little less than 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. 

A former banker at Morgan Stanley and Credit Suisse, Bao founded China Renaissance in 2005, making a name for the firm by brokering tough mergers that led to the formation of ride-hailing service Didi Global and food-delivery giant Meituan. His knack for closing complicated deals and spotting rising tech stars made him one of China’s most influential financiers. BLOOMBERG