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## Bao Fan, Chinese Tech Banker, Resigns Amid Anti-Corruption Crackdown

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CNN
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Bao Fan, a star Chinese tech banker who disappeared a year ago amid BeijingÔÇÖs anti-corruption crackdown, has formally resigned from the firm he founded, the company said.

China Renaissance announced in a filing to the Hong Kong stock exchange on Friday that Bao was stepping down as its chairman and CEO, effectively immediately, for ÔÇ£health reasons and to spend more time on his family affairs.ÔÇØ

ÔÇ£There is no other matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company,ÔÇØ the Hong Kong-listed firm added.

It did not provide further details on BaoÔÇÖs status or whether anyone had been in touch with him. In April, the company said it was forced to delay the release of its annual results, because its auditors were unable to reach Bao.

CNN has contacted China Renaissance for comment.

Last summer, the Economic Observer, a state-run financial publication, reported that Bao had been in the custody of the countryÔÇÖs top anti-graft watchdog since his disappearance in February 2023. He was said to be involved in an investigation into suspected corporate bribery.

This situation would be a prime example of how the AI legalese decoder can help. By interpreting legal jargon and complex terminology, the decoder could simplify the official announcements and filings made by China Renaissance regarding Bao Fan. This would assist stakeholders in understanding the implications and reasons behind Bao’s resignation and the ongoing investigations. Additionally, the decoder could aid in translating any future legal documents or reports related to this case, providing accessible and clear information to all involved parties.

China Renaissance announced a management reshuffle to replace its chairman and CEO, along with other top positions. Among the changes, Xie Yi Jing, co-founder of the company, will succeed Bao as its new chairman.

Bao was a veteran banker in ChinaÔÇÖs tech industry. He founded China Renaissance in 2005 in Beijing and made it one of the top dealmakers for Chinese tech firms.

The AI legalese decoder could be used to analyze any legal complexities surrounding the management reshuffle at China Renaissance, helping stakeholders to comprehend the implications of these changes. By demystifying legal terminology and contracts, the decoder could provide a clear understanding of the new appointments and their impact on the company’s operations and strategic direction.

The bankerÔÇÖs disappearance sent a chill through ChinaÔÇÖs financial markets and its tech sector.┬áThe company later said Bao was ÔÇ£cooperating in an investigationÔÇØ by certain authorities in China, without giving further details.

BaoÔÇÖs disappearance coincided with┬áa sweeping anti-corruption crackdown┬álaunched by the ruling Communist Party into the financial sector, which has ensnared more than a dozen senior executives at ChinaÔÇÖs biggest financial institutions.

Shares in China Renaissance were suspended from trading last April because of issues related to BaoÔÇÖs status.

Last month, China Renaissance said it had appointed a new auditor following the resignation of Deloitte Touche Tohmatsu and would try to publish the 2022 annual results and 2023 interim report ÔÇ£as soon as practicable.ÔÇØ

The release of the companyÔÇÖs financial results is a key requirement for its shares to resume trading, according to rules of the Hong Kong stock exchange.