Bao Fan, Former Chairman and CEO of China Renaissance, Resigns amid Ongoing Anticorruption Crackdown
Last year, Bao Fan, the former Chairman and CEO of Beijing-based financial company China Renaissance, disappeared amidst Beijing's crackdown on alleged corruption in the country's finance sector. Now, nearly twelve months later, Bao has resigned from his positions.
In a regulatory filing released on Friday, China Renaissance announced that Bao Fan had resigned from his positions "for health reasons and to spend more time on his family affairs." The company's filing thanks Bao for his service and states that he will be replaced by interim CEO and company co-founder Xie Yi Jing.
Bao's resignation comes more than six months after China Renaissance disclosed that Bao was still cooperating with Chinese anti-corruption authorities in their investigation of him. In a filing from August, the company stated that "no disagreement with the Board" or any issue linked to his resignation "needs to be brought to the attention of the shareholders."
Bao's sudden disappearance made international headlines and sparked concerns about Beijing's crackdown on China's tech and financial sectors. Bao is a prominent investment banker who has played a role in several major Chinese tech transactions, including the merger of ride-hailing giants Didi and Kuaidi and delivery platforms Meituan and Dianping.
At this time, Bao's whereabouts remain unknown, and there have been no further updates on the alleged anti-corruption investigation into him.