Chinese businessman Bao Fang, a prominent tech entrepreneur who has been missing for two weeks, is “cooperating” with an investigation by authorities, his company said, after speculation that he would be the latest victim of a campaign to target Chinese billionaires. , launched by Beijing, reports AFP.

Bao Fang, 52, is the founder of China Renaissance, a large Chinese private commercial bank that specializes in technology investments.

The group has overseen the IPOs of several digital giants, including JD.com, the e-commerce giant. He was also behind the 2015 merger between Didi’s VTC and its then-competitor Kuaidi Dache.

Bao Fang’s disappearance, which sparked fears of a new wave of financial sector takeovers by Chinese authorities, sent the group’s shares tumbling in Hong Kong.

China Renaissance reported on Sunday evening that Bao was “currently cooperating with the investigation being conducted by the authorities” in China.

“The company will duly cooperate and respond to any legal requests from relevant authorities in the People’s Republic of China, if necessary,” the group added.

Bao Fang has been reported missing since February 16

China Renaissance announced Bao Fang’s disappearance on February 16, saying it “could not be contacted (CEO) Bao Fang”.

In a statement on Sunday, China Renaissance did not specify the exact nature of the investigation and did not respond to AFP’s request for comment.

According to Caixin, in September of last year, the Chinese authorities detained the chairman of China Renaissance, Cun Lin, after an investigation into his activities at the state-owned bank ICBC was launched.

Founded in 2005, China Renaissance is represented in Singapore and the United States.

Chinese President Xi Jinping has led an anti-corruption crusade in recent years that has jailed many business leaders, particularly in the financial and technology sectors.

Another mysterious disappearance

Bao Fang’s disappearance echoed that of Canadian-born Chinese tycoon Xiao Jianhua, who disappeared in 2017 from a hotel in Hong Kong.

He was believed to be close to China’s top communist leaders, and was kidnapped by Beijing agents, according to media reports.

At the time of his arrest, Xiao Jianhua was one of China’s richest men, worth $6 billion.

Last year, the former businessman was finally sentenced to 13 years in prison for fraud. (source news.ro)