Bao Fan, the founder and executive director of China Renaissance Holdings Ltd., is a major figure in the Chinese tech industry and has played an important role in the emergence of a string of large domestic internet startups. The bank announced to the Hong Kong stock exchange last week that it had been unable to contact Bao, without giving further details. And the stock plunged 50% at one point after the statement.
China Renaissance has developed into a global financial institution, with more than 700 employees and offices in Beijing, Shanghai, Hong Kong, Singapore and New York. Bao founded the bank in 2005 after working at Morgan Stanley and Credit Suisse. He competed against Wall Street stalwarts to win mandates on huge deals and stock market listings. The group has supervised the initial public offerings of several domestic internet giants, including that of the leading e-commerce firm JD.com. Bao also facilitated a 2015 merger between the ride-hailing firm Didi and its main rival at the time, Kuaidi Dache.
This story is from the March 2023 edition of Indian Economy & Market.
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This story is from the March 2023 edition of Indian Economy & Market.
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