One year ago, Bao Fan, renowned dealmaker and founder of China Renaissance Holdings, disappeared under mysterious circumstances, leaving colleagues and clients concerned about the future of the boutique investment bank. Despite officially resigning from executive positions due to health and family reasons, Bao retains a substantial stake in the company and remains involved in key decision-making remotely, according to sources.

Speculations about Bao’s disappearance abound, with reports suggesting he was assisting authorities in an investigation into a former colleague. His continued detention without explanation adds to the uncertainty.

Bao’s situation reflects a broader pattern of high-profile executives in China, particularly in finance, going missing amid President Xi Jinping’s anti-corruption campaign.

The resignations announced by China Renaissance indicate efforts to distance the firm from Bao amidst the ongoing investigation. However, his significant ownership stake ensures continued influence. The bank has experienced a significant reduction in headcount, with staff leaving voluntarily or facing layoffs since Bao’s disappearance.

Despite hopes for Bao’s release, the situation remains grim as Xi’s anti-graft campaign persists. Bao’s connections and expertise, developed during his tenure at Credit Suisse and Morgan Stanley, are irreplaceable.

The suspension of China Renaissance’s stock trading and its subsequent decline underscore the uncertainty surrounding Bao’s absence and its impact on the bank’s market valuation.

Reports of rival interest in China Renaissance’s securities unit hint at potential shifts in the industry landscape. However, Bao’s stance on a potential sale remains unclear. Amidst the uncertainty, Xi’s unwavering commitment to the anti-corruption campaign suggests a challenging road ahead for Bao and others ensnared in its grip.