The bank released a statement stating that he resigned “for health reasons and to spend more time on his family affairs.”
China’s business and investment sector was taken aback by Mr. Bao’s mysterious disappearance in February of last year.
Bao, the chairman, “has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders” , it stated.
It did not, however, include any information regarding Mr. Bao’s location.China Renaissance said a few days later that he was assisting the police in their probe.
The business stated in its most recent filing that co-founder, Xie
Yi Jing will take on Mr. Bao’s most important positions.
Bao, the chairman, “has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders” , it stated.
It did not, however, include any information regarding Mr. Bao’s location.
He was one of the most well-known bankers in China, having clients that included Tencent, Alibaba, and Baidu, three of the biggest online companies.
Why do billionaires in China keep disappearing?
In February, China Renaissance reported: “The board has become aware that Mr Bao is currently cooperating in an investigation being carried out by certain authorities in the People’s Republic of China.”
“The company will duly cooperate and assist with any lawful request from the relevant PRC authorities, if and when made,” it stated.
This declaration marked the first time China Renaissance had provided an explanation for its founder’s disappearance.
The effects of China’s crackdowns on business
The Chinese government’s crackdown on top technological businesses coincided with his abduction.
Jack Ma, the founder of Alibaba, too vanished from the public eye for three months in late 2020 following remarks he made critical of market regulators. He was scheduled to go public with his digital payments company, Ant Financial, making him the richest man in China.
