Bao Fang, a billionaire and top executive of the commercial bank China Renaissance Holdings, has been missing for almost a year. Now the bank he founded has announced his resignation without further explanation.
This is reported by UNN with reference to the press service of China Renaissance Holdings.
Details
Billionaire Chinese banker Bao Fan, who has been missing for almost a year, has resigned from his bank, China Renaissance Holdings Ltd, "for health reasons and to devote more time to his family affairs.
It is noted that Bao Fang "resigned" from his duties, including as chairman and chief executive officer of the company.
There are currently no details about Bao Fan's personal situation, and in particular about the investigation against him.
For reference
Bao Fang is the founder of China Renaissance, a Hong Kong-based investment bank that specializes in financing online startups.
Together with his bank, Bao has helped found a number of Internet startups in China, including the leading e-commerce company JD.com. China Renaissance also supported the merger of two Chinese taxi companies. The financial house's clients also include Alibaba and Baidu.
The businessman disappeared in February last year. China Renaissance initially said it had lost contact with Mr. Bao, but later said he was cooperating with the investigation conducted by the Chinese authorities.
In its latest statement, the company said that its co-founder Xie Yi Jing will take over Mr. Bao's top positions. It also said that Bao Fang has "no disagreements with the board of directors" and that there are no other matters related to the resignation "that need to be brought to the attention of shareholders.
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