Chinese billionaire Bao Fan, the bank’s leader China Renaissance, disappeared according to the firm itself, in the midst of a historic fall in the company’s shares on the Hong Kong stock market. In addition to his role within the financial industry, he is also one of the most important players within the technology environment, especially in various domestic SMEs within the Internet.
According to comments from Fan’s company, they have not been able to contact him since Tuesday, which caused the shares to fall by up to 50%, although during the day they managed to stabilize at 30%. This alarmed specialists on the subject, who fear that it is the campaign against the financial industry of Chinawhich is one of the most important fights that the Xi Jinping government has had over the years.
Wang Wenbin, spokesman for the Ministry of International Relations of Chinaaffirmed that from the state “they are not aware of any relevant information”, but they indicated that the Asian nation “is a country guided by legality” and that the government “protects the rights of citizens in accordance with the law”. Some people point out that this case resembles that of businessman Xiao Jianhua, who was arrested in 2017 and received a 13-year sentence for corruption in August 2021.
The businessman is recognized for being one of the people behind several gigantic operations within the local industry, such as the merger of the “Chinese uber”, Didi with Kuaidi, one of the most important food delivery companies. He was also the one who oversaw the first public offerings of several domestic Internet giants such as JD.com.
The Jack Ma Case
Another of the most famous billionaires of the asian nation to disappear at the time was Jack Ma, the former owner of Bilibili and one of the richest men in all of China. In his case, little by little he began to escape from the public eye to finally reappear outside his country.
In the last month, the magnate appeared again, but this time it was in Hong Kong, where he finally ceded control of the Ant Group company, after the Xi Jinping government cited “serious problems” over the regulation of the firm. . Many specialists saw this situation as a way for Beijing to humiliate a company that had gained a lot of power.
