Missing Investment Banker Cooperating With Chinese Authorities In An Investigation

One of China's high-profile investment bankers who went missing is currently cooperating with relevant Chinese authorities conducting an investigation.

What Happened: China Renaissance Holdings Ltd CSCHF, in an exchange filing on Sunday, said that its missing chairman Bao Fan is under the purview of an investigation by Chinese authorities, reported Reuters.

See Also: Pinebridge Is Loading Up On Indian Stocks As Adani-Hindenburg Saga Brings Fresh Opportunity

This came as the first update on the reason for the disappearance of its founder from the mainland China-based boutique bank since Fan went missing 10 days ago. However, no details about the investigation were shared by the bank.

“The Board would like to reiterate that the business and operations of the Group are continuing normally,” the bank said in the exchange filing.

Bao's disappearance was one of the latest in a series of cases of top Chinese executives going missing without apparent explanation as Beijing cracked down on business and tech leaders amid President Xi Jinping‘s sweeping anti-corruption campaign.

Bao is a leading Chinese deal broker whose clients include top tech giants, including Didi and Meituan.

Last week, Financial Times reported that Bao was preparing to move some of his fortunes from China and Hong Kong to Singapore in the months leading to his disappearance.

Check out more of Benzinga’s Europe and Asia coverage by following this link.