Bao Fan has resigned from his position as president and CEO effective February 2, the company announced in its stock exchange filing on Friday. The company's co-founder, Hsieh Jie Jing, will take over, while Jason Lam has been appointed managing director and vice president. – Announce Bloomberg news agency.
The company said Bao resigned “for health reasons and to spend more time with his family.”
The announcement comes less than a year after Bao disappeared in February 2023. He was later detained by Chinese authorities for an unspecified investigation as part of a broader anti-corruption campaign in the financial sector. The China Renaissance newspaper previously reported that Bao was still “cooperating” in the investigation in August.
Bao, a former banker at Morgan Stanley and Credit Suisse, founded Chinese Renaissance in 2005. The company rose to fame through mergers that created the delivery service Didi Global Inc. and food delivery giant Meituan. His talent for closing complex deals and spotting rising tech stars has made him one of China's most influential financiers.
Bao's detention is likely linked to the former president of the Renaissance China, Kong Lin, who was arrested in September 2022. Chinese authorities extended their detention last year, according to local media.
Chinese President Xi Jinping has tightened his grip on China's $61 trillion financial sector under the pretext of launching a comprehensive crackdown on corruption. Earlier this month, he pledged to deepen anti-corruption efforts in the sector and show “no mercy” in this battle.
The campaign targeting the sector brought down more than 100 officials and financial managers last year alone. The investment banking community is also involved, with bankers from brokerage firms such as Everbright Securities Co. being investigated. And Guotai Junan Securities Co., Ltd.
In China, the sudden disappearance of a boss indicates a government crackdown or investigation. In many cases, this person is said to assist in bribery cases. Listed companies typically announce that they have lost contact with the leader and must investigate what happened themselves within the country's murky legal system.