According to the company, CEO Bao Fan of the investment bank China Renaissance, who was initially missing in China, is working with Chinese authorities in an ongoing investigation. The company gave a reason for the disappearance of the company founder for the first time on Sunday, without giving any further details. “The board would like to emphasize once again that the group’s business operations are continuing as normal,” the bank said. Its shares plummeted last week after the company said it had no contact with Bao.
Reuters reported that authorities picked up Bao earlier this month to help investigate Cong Lin, the company’s former president. In recent years, several high-ranking managers have temporarily disappeared from the scene as the Chinese government launched an anti-corruption campaign.