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Renaissance CEO's absence sparks fears of renewed sector crackdown


The missing founder of boutique bank China Renaissance has sparked worries about a renewed crackdown in the financial sector. According to an exchange filing, Bao Fan, founder, chairman, CEO, and controlling shareholder of China Renaissance, could not be contacted. The firm was reportedly not aware of any information to indicate that Bao’s unavailability may be related to Renaissance’s business, adding that operations were continuing normally. In late 2021, Beijing launched a broad anti-corruption drive targeting China’s financial sector, which resulted in the fall of dozens of officials as well as bankers. Bao is a renowned investment banker who was involved in various marquee technology mergers, such as the tie-up of ride-hailing firms Didi and Kuaidi. Previously, he worked at Credit Suisse and Morgan Stanley.

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