Billionaire tech dealmaker Bao Fan is working with Chinese authorities to conduct an investigation, his bank says.
China Renaissance Holdings reported that he disappeared 10 days ago.
Mr. Bao is Chief Executive and Founder of China Renaissance Holdings, a leading deal broker in China whose clients include top tech companies Didi and Meituan.
The company’s shares have fallen nearly 30% since Mr. Bao’s disappearance.
“The board is aware that Mr. Bao is currently collaborating with an investigation being conducted by certain authorities in the People’s Republic of China,” the bank said in a filing with the Hong Kong Stock Exchange.
“The company will duly cooperate and assist with any lawful request from the relevant PRC authorities if and when made,” it added.
The announcement marks the first time that China Renaissance has given a reason for its founder’s disappearance, although it gave no details on the investigation.
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Authorities took Mr. Bao away earlier this month to help investigate a former colleague, Cong Lin, the company’s former president, according to Reuters news agency.
Mr. Bao’s disappearance comes amid a crackdown on leading technology companies by Chinese authorities.
At the end of 2020, Alibaba founder Jack Ma also disappeared from public view for three months after criticizing market regulators. He should publicly list his digital payments company, Ant Financial – which would most likely have made him the richest man in China.
Mr. Bao’s disappearance also comes after a series of cases of high-profile Chinese executives disappearing as part of Chinese President Xi Jinping’s anti-corruption campaign.
In 2015 alone, at least five executives became unreachable, including Fosun Group chairman Guo Guangchang. The company later said he helped investigate a personal matter.
Chinese-Canadian businessman Xiao Jianhua was also arrested in 2017. He was one of China’s richest people and was jailed for corruption last year.
Mr. Bao is considered a titan in China’s tech industry, having executed many of the deals that have shaped its online consumer economy. After a banking career at Morgan Stanley and Credit Suisse, he founded China Renaissance in 2005.
In a 2018 article, Mr. Bao wrote that his company “cross[ed] Paths” with 70% of Internet companies known to the Chinese public.
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