Bao Fan, allegedly under investigation, is the architect of China’s current technological landscape
It is not an unprecedented pattern in China. A businessman either banker You stop seeing each other in the office and answering calls for no apparent reason and the company or bank issues an aseptic statement days later confirming your disappearance. The last disappeared is not just anyone. bao fanfounder of China Reinassanceis the architect of the great mergers and acquisitions that have shaped the technological landscape national.
His firm has not let the rumor mill grow as in other cases and has been quick to reveal its absence. He does not clarify how long he has failed to comply with his obligations, but ‘Caixin’, the leading economic medium in China, speaks of two days. The blow has been massive. The actions of the investment bank they had collapsed midway through the day and ultimately lost 29%.
A corporate communication sent to the Hong Kong stock market generated the tsunami. “The Board is not aware of any information that indicates that Mr. Bao’s unavailability is or may be related to the group’s business or operations which, in any case, continue as normal,” it read. would have been informed that an investigation has been opened, says the American media ‘Bloomberg’ citing close sources.
Second blow for the company
Is he second hit that the company suffers. His President Cong Liwas arrested in September, apparently for his previous management in the ICBC state bank. His legal or personal situation is unknown but it does not contribute to the optimism that china renaissance have removed your name from the website.
Beamof 47 years, is one of the most brilliant bankers in the country. After completing his university studies, he entered the Hong Kong offices of Morgan Stanley. His interest soon shifted from state-owned companies, as pachydermic as they were immobile, to a technological sector who was stretching and was already pampered by Beijing to relieve the cheap manufactures at the center of the economy.
In the following years he met pioneers such as Jack Ma, founder of Alibaba, Pony Ma, of Tencentand Robin Li, of Baidu. From china renaissance, founded in 2005, has signed some of the largest and most complex deals in China in recent years. The private transport sector experienced a revolution with the merger of the giants Didi and Kuaidi, similar to the western Uber, in the same way that food delivery benefited from the alliance between Meituan and Dianping.
His skill for align divergent interests and dealing with multi-million dollar operations has made Bao the great guru of the technological sector. His company maintains relationships with 70% of the companies best known by the general public, he clarified five years ago. His calculation does not seem exaggerated. He has also invested in such famous start-ups as the electric vehicle manufacturer NIO.
six missing
The newspaper library discovers at least half a dozen big men from the private sector who have gone through the process of disappearance. In some cases it was days, in others, months. Some got off reasonably well with a scare, others got long jail terms. A governmental pre-eminence over the private sector was always underlined, which contrasts with what happens in the West.
He Chinese-Canadian businessman Xiao Jianhua, who had headed the list of fortunes, was arrested in a Hong Kong hotel room and taken to the interior court. He was sentenced to thirteen years for corruption last August. fosunhe Chinese investor giant, reported in 2015 the “disappearance & rdquor; of its founder, guo guangchang, known as the Chinese Warren Buffett for his sense of smell and investment muscle. He real estate magnate Ren Zhiqiang he disappeared for months in 2020. He had just reproached the president, Xi Jinping, for the zero covid policy, and was sentenced to 18 years in prison for corruption. He wasn’t even saved Jack Ma, media founder of Alibaba and national celebrity, vanished from the public scene for three months after criticizing the ossified state banking system.