Chinese Banker Was Reportedly Moving Wealth To Singapore Before Going Missing Amid Potential Xi Jinping's Crackdown

Bao Fan, China's missing high-profile investment banker, was working to set up a Singapore family office before he went missing, sparking concerns about a potential Beijing crackdown. 

What Happened: Bao, the chief executive of China Renaissance Holdings Ltd CSCHF, went missing last week without apparent explanation. He was preparing to move some of his fortunes from China and Hong Kong to Singapore in the months leading up to his disappearance, according to a Financial Times report.

See Also: Xi Jinping Planning To Meet Putin In April To Broker Peace Talks With Ukraine: WSJ

Bao is a leading Chinese deal broker whose clients include top tech giants, including Didi and Meituan. He was reportedly establishing a family office in the city-state to manage his personal wealth in the final months of 2022, the people aware of the developments told the publication.

"Like many wealthy Chinese since the tech crackdown in China and during the pandemic lockdown, he was trying to diversify his wealth in Singapore," said one of the people, according to the report.

Since the re-election of President Xi Jinping in China's top office, many of the country’s rich have been moving away from Beijing and setting up family offices in Singapore.

Bao's disappearance renewed concerns of a potential regulatory assault on business and tech leaders amid Xi's sweeping anti-corruption campaign. It is also one of the latest in a series of cases of top Chinese executives going missing without apparent explanation.

Check out more of Benzinga’s Europe and Asia coverage by following this link.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsPoliticsGlobalGeneralBao FanChinaEurasiaXi Jinping
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...