Bao Fan, a Chinese millionaire whose absence raised concerns about a new crackdown on the country’s financial services sector, is “cooperating in an inquiry,” according to his company, over two weeks after it was announced.
The chairman of China Renaissance became well-known for his role in the rise of some of the biggest internet companies in the nation, including successful IPOs and a historic merger between the dominant ride-hailing company Didi and its main rival at the time, Kuaidi Dache.
He was now “informed that Mr. Bao is currently assisting in an investigation being carried out by relevant authorities,” in mainland China, according to a filing made by his Hong Kong-listed company on Sunday.
