Beijing Admits That China Star Banker Bao Fan Under Detention

One of China’s top tech bankers, who went missing in February, has been in the custody of the country’s top anti-graft watchdog since his disappearance and has had his detention extended, according to a state media report, Laura He reported for CNN.

Photo Insert: The mysterious disappearance of Bao sent a chill through financial markets and China’s tech sector.

The Economic Observer, a well-regarded financial publication, reported that Bao Fan — founder and CEO of Hong Kong-listed China Renaissance, a boutique investment bank -— was taken away on February 7 by officials from the Central Commission for Discipline Inspection (CCDI) in an investigation into suspected corporate bribery.

It said, citing an unnamed source, that his detention was extended on May 7 for three months.

The mysterious disappearance of Bao sent a chill through financial markets and China’s tech sector.

Shares in China Renaissance plunged more than 20% until they were suspended from trading in early April. The company also delayed the release of its annual results, because its auditors were unable to reach Bao.

CCDI is the top anti-graft body of the Communist Party and is responsible for investigating corruption. China Renaissance had previously revealed only that Bao was “cooperating in an investigation” being carried out by certain authorities in the country.

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