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A missing Chinese businessman “cooperates” with the investigation

His company said Chinese businessman Bao Fan, a prominent tech tycoon in his country who has been missing for two weeks, is “cooperating” with an investigation opened by authorities.

• Also read: The mysterious disappearance of a prominent businessman in China

Bao Fan, 52, is the founder of China Renaissance, a major Chinese private investment bank specializing in technology investments.

The group notably oversaw the IPOs of a number of digital giants, including e-commerce specialist It is also at the origin of a merger in 2015 between the local VTC champion, Didi, and rival at the time, Kuaidi Dache.

His disappearance, which raises fears of a new wave of seizure of the financial sector by the Chinese authorities, led to the cancellation of the group’s move in Hong Kong.

On Sunday evening, China Renaissance said it was “aware that Mr. Bao is currently cooperating with an investigation being conducted by certain authorities” in mainland China.

France Press agency

The group added that “the company will cooperate and attend as appropriate to any legal request from the relevant authorities in the People’s Republic of China, if any.”

China Rise, which reported the disappearance on February 16, saying it was “unable to contact (CEO) Bao Fan,” did not specify the exact nature of the investigation or respond to a request for comment. By Agence France-Presse.

This disappearance is reminiscent of the disappearance of a Canadian businessman of Chinese origin, Xiao Jianhua, who disappeared in 2017 from a hotel in Hong Kong.

He was reputed to be close to top Chinese communist leaders and, according to press reports, was kidnapped by agents from Beijing.

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Mr. Xiao at the time of his arrest was one of the wealthiest men in China, with an estimated fortune of $6 billion.

The former businessman was finally sentenced last year to 13 years in prison for fraud.

According to Caixin, China Renaissance chairman Kong Lin was detained by Chinese authorities last September after opening an investigation into his work at state-owned ICBC Bank.

President Xi Jinping has led an anti-corruption crusade in recent years that has led to the jailing of many business leaders, particularly in the financial and new technology sectors.

Founded in 2005, China Renaissance, which has more than 700 employees around the world, is based in Singapore and the United States.