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Messing with the government in China is like calling one’s own shame. Whether you are a laborer or a billionaire business man. The story of Alibaba founder Jack Ma was not old in China that now his story is being repeated with another billionaire banker. Bao Fan, one of China’s most high-profile investment bankers, has suddenly gone missing. His company itself has reported him missing.
According to the news of BBC, the company has reported this in the stock market on Thursday. Since then, the company’s shares have fallen by 50 percent. The firm told the stock exchange that Bao Fan, CEO of China Renaissance Holdings, could not be contacted. However, the company did not say how long Bao had been missing. The Chinese news agency Caixin cited sources as saying that the staff had not been able to contact them for two days.
who is bao fan
Bao Fan is one of the most popular figures in China’s banking sector. He is a big dealbroker in China. Bao’s personality can be gauged from the fact that his clients include China’s top technology companies Didi and Meituan. Due to this disclosure of Bao Fan’s company, the sword of the Chinese government’s action has started hanging on senior officials of other trade and technology companies.
shares of company falling upside down
Bao’s disappearance sent shockwaves among the company’s investors, and shares of China Renaissance plunged 50 percent on the Hong Kong Stock Exchange on Friday after the company’s notice to the stock market. The BBC reported that the company said it was “not aware of any information that indicates there may be a larger conspiracy” behind Bao’s disappearance.
what happened to jack ma
After listening to Bao’s story, the story of Jack Ma spontaneously comes to everyone’s mind. Jack Ma, the founder of Chinese giant Alibaba, also suddenly disappeared in 2020. After several months of disappearance, he has sometimes appeared in Japan and sometimes in Thailand. But he is out of public life since 2020.
Corruption investigation underway
According to a Bloomberg report, Bao had been being questioned for months in a corruption case related to Kong Lin, the president of his company. The same information has also been given to his family members. The news has once again raised concerns of a possible government crackdown on business and tech giants in the country.
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