The disappearance China Renaissance chairman Bao Fan sparked fears of a renewed crackdown on the nation's financial services industry. Photo: Jade Gao / AFP/FileSource: AFPChinese billionaire Bao Fan is "cooperating in an investigation" by authorities, his company said, almost two weeks after his disappearance sparked fears of a renewed crackdown on the nation's financial services industry. His Hong Kong-listed firm said in a filing dated Sunday that it was now "aware that Mr. Bao is currently cooperating in an investigation being carried out by certain authorities" in mainland China. The firm did not provide further details about the nature of the investigation, nor did it reply to an AFP request for comment. At the time of his arrest, Xiao was one of China's richest men, with an estimated fortune of $6 billion.

Source: Daily Nation February 27, 2023 03:58 UTC