Shares of the corporate that operates one in every of China’s high funding banks, China Renaissance, plunged Friday after the agency mentioned it had misplaced contact with its founder Bao Fan, one of many nation’s most high-profile bankers

HONG KONG — Shares of the corporate that operates one in every of China’s high funding banks, China Renaissance, plunged Friday after the agency mentioned it had misplaced contact with its founder Bao Fan, one of many nation’s most high-profile bankers and a high tech-sector dealmaker.

China Renaissance Holdings mentioned in a submitting to Hong Kong’s inventory trade Thursday that it had been unable to contact Bao, who has labored on main offers together with e-commerce firm JD.com’s $2 billion preliminary public providing and the general public itemizing of brief video platform Kuaishou in Hong Kong..

The corporate mentioned that it was “not conscious of any info that signifies Mr. Bao’s unavailability” was associated to the enterprise of the group.

Bao’s disappearance follows a crackdown on massive know-how corporations prior to now two years that officers in China mentioned had been wrapped up.

Shares in China Renaissance fell as a lot as 50% Friday in Hong Kong. They had been down about 28% within the afternoon.

China Renaissance didn’t instantly reply to emailed requests for remark Friday.

Bao’s disappearance comes months after former China Renaissance president Cong Lin was taken away by Chinese language authorities in September final 12 months, in response to Chinese language information media outlet Caixin, which first reported the information.

Anti-graft investigations in China concentrating on the monetary sector have ensnared dozens of officers and finance executives at establishments equivalent to Everbright Securities, China Development Financial institution and main financial institution ICBC.

Bao earlier labored at Credit score Suisse and Morgan Stanley. He based China Renaissance in 2005 and took it public in 2018, elevating $346 million.