The Chinese billionaire chairman of the investment bank China Renaissance has disappeared, the company said, as shares in the company plunged in Hong Kong on Friday.
Bao Fan, who is also the bank’s executive director, is a leading figure in the Chinese technology industry and has played a key role in the emergence of various domestic internet startups.
“The company has been unable to contact Mr. Bao,” China Renaissance said in an announcement to the Hong Kong Stock Exchange, without giving further details.
Shares in the company fell as much as 50 percent at one point after the statement before retreating to around 30 percent.
According to financial news outlet Caixin, the 52-year-old dealmaker had been unreachable for two days until Thursday evening.
China Renaissance was not immediately available for comment after being contacted by AFP.
Bao’s disappearance now raises concerns about the possibility of renewal in China’s financial industry as President Xi Jinping continues his long-standing crusade against corruption.
Willer Chen, a senior analyst at Forsyth Barr Asia, told Bloomberg that the executive’s continued absence “could be a long-term overhang on the stock, as Bao is a key person for the company”.