Description
e Economic Observer, a well regarded financial publication, reported that Bao Fan — founder and CEO of Hong Kong-listed China Renaissance, a boutique investment bank -— was taken away on February 7 by officials from the Central Commission for Discipline Inspection (CCDI) in an investigation into suspected corporate bribery.
It said, citing an unnamed source, that his detention was extended on May 7 for three months.
The mysterious disappearance of Bao has sent a chill through financial markets and China’s tech sector. Shares in China Renaissance had plunged more than 20% until they were suspended from trading in early April. The company also delayed the release of its annual results, because its auditors were unable to reach Bao.
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