Bao Fan, the billionaire founder and chairman of private investment bank China Renaissance Holdings, has stepped down from the company, nearly a year after his disappearance sent jitters through the country’s financial market and corporate world, reports Caixin. Hong Kong-listed China Renaissance said in a Friday filing that Bao has resigned as chairman and chief executive along with his other duties in the company “for health reasons and to spend more time on his family affairs.”
Bao, one of the most prominent investment bankers in China, lost contact in February 2023, Caixin reported exclusively. China Renaissance later confirmed that Bao was assisting Chinese authorities in an investigation.
Bao’s disappearance led China Renaissance’s stock to plunge as much as 50% and hit a record low. The company’s shares have been suspended since April 2023 and release of its audited results for 2022 have been delayed due Bao’s absence.