According to the firm, a missing Chinese billionaire is assisting authorities

According to his bank, billionaire technology investor Bao Fan is cooperating with Chinese authorities conducting an investigation.

Mr Bao went missing 11 days ago, according to China Renaissance Holdings.

Mr Bao is the CEO and founder of China Renaissance Holdings, a leading Chinese deal broker whose clients include the top technology companies of Didi and Meituan.

The company’s stock dropped after Mr Bao went missing but recovered on Monday.

“The Board has become aware that Mr Bao is currently cooperating in an investigation being conducted by certain authorities in the People’s Republic of China,” the bank said in a Hong Kong Stock Exchange filing.

“If and when made, the Company will duly cooperate and assist with any lawful request from the relevant PRC authorities,” it added.

The announcement marked the first time China Renaissance explained the disappearance of its founder. It did not, however, provide any information about the investigation or Mr Bao’s whereabouts.

According to Reuters, authorities detained Mr Bao earlier this month to assist in an investigation into a former colleague, Cong Lin, the company’s former president.

Mr Bao’s disappearance comes amid a Chinese government crackdown on leading technology companies.

In late 2020, Alibaba founder Jack Ma also vanished from public view for three months after criticising market regulators.

Mr Bao’s disappearance follows a string of high-profile Chinese executives. Who have gone missing as part of Chinese President Xi Jinping’s anti-corruption campaign.

At least five executives, including Fosun Group Chairman Guo Guangchang, became unreachable in 2015. Later, the company stated that he was assisting with personal investigations.

Xiao Jianhua, a Chinese-Canadian businessman, was also apprehend in 2017. Before being imprisone for corruption last year, he was one of China’s wealthiest people.

Mr Bao is regard as a titan in China’s technology industry, having executed many transactions. That have shaped the country’s online consumer economy. After working at Morgan Stanley and Credit Suisse, he founded China Renaissance in 2005.