Prominent investment banker Bao Huang has resigned as chairman and CEO of China Renaissance Holdings after disappearing nearly a year ago as part of an investigation by Chinese authorities, the company said Friday. Announced.
Bao, a banker for Chinese internet giants Alibaba and Tencent, went missing in February last year. China Renaissance initially announced that it had lost contact with Bao, but she later said she was cooperating with an investigation being conducted by Chinese authorities.
Bao’s disappearance signaled an intensification of the Chinese government’s crackdown on business elites as part of an anti-corruption campaign. This has stoked concerns about how far Chinese authorities will go to bring the country’s economic heavyweights to their knees while expanding their control over the financial regulatory system.
China Renaissance said in a filing to the Hong Kong Stock Exchange that Bao was resigning for “health reasons and to spend more time with his family.” The company did not explain the nature of the investigation Mr. Bao was undergoing.
In addition to relinquishing his position as chief executive officer, Bao also resigned from the company’s board of directors, the company said.
“Mr. Bao has confirmed that he has no disagreements with the board of directors and that there are no other matters that need to be communicated to shareholders regarding his resignation,” China Renaissance said.
Before founding China Renaissance in 2004, Bao was a well-connected banker at Morgan Stanley and Credit Suisse. The firm has invested in many of the country’s most successful technology companies, helping them go public in Hong Kong and New York.
Xie Yijing, who had served as interim chief executive during Bao’s absence, was appointed chairman and the permanent head of China Renaissance, according to the filing.
Before Bao’s disappearance, another China Renaissance executive, Gong Lin, was detained by authorities in 2022 as part of an investigation into pre-joining transactions.
China has targeted financial companies as part of its efforts to rein in companies and executives in the name of strengthening national security. Over the past year, Chinese authorities have targeted multiple consulting firms with foreign ties in raids. In November, China’s Ministry of State Security said China is a “resolute guardian of financial security.”
In an article posted on the ministry’s WeChat page on Tuesday titled “10 Cups of Tea” (a nod to being called “to tea” as a euphemism for being interrogated), the ministry said China’s anti-espionage laws We have listed 10 acts that may raise suspicions based on the following: . Changes to the law last year expanded the definition of espionage, raising concerns that employees of foreign companies could be involved in normal business activities, such as gathering information about their industry or competitors.