Chinese billionaire banker Bao Fan, who has been gone for almost a year, has quit all his jobs at his company, China Renaissance Holdings.
“He resigned because of his health and to spend more time with his family,” the bank said in a statement.
Last year in February, Mr. Bao disappeared and this surprised China’s business and investing community.
A few days after, China Renaissance announced that they were working with the authorities who were doing an investigation.
In the new document, the company announced that co-founder Xie Yi Jing will take over Mr. Bao’s top positions.
Mr Bao is not arguing with the Board and there is nothing else about his resignation that the shareholders need to know.
However, it didn’t say where Mr Bao Fan is.
He was a very important banker in China, and he worked with big internet companies like Tencent, Alibaba, and Baidu.
In February, China Renaissance said: “The board found out that Mr. Bao is helping with an investigation by authorities in China. ”
The company will help the Chinese authorities if they ask for it.
This was the first time China Renaissance said why its founder disappeared.
He went missing while the Chinese government was taking strong action against big technology companies.
In the end of 2020, Jack Ma, who started Alibaba, was not seen in public for three months. He had said some negative things about market regulators before this happened. He was supposed to make his digital payments firm Ant Financial go public, which would have probably made him the richest man in China.
Tag: Banker
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China’s billionaire banker quits all positions after getting missing
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Nigeria: Richest banker Jim Ovia earns $26m a day as NGX surges
In a spectacular turn of events, Jim Ovia, Nigeria’s wealthiest banker and the founder of Zenith Bank Plc, has seen his net worth skyrocket in just 24 hours.
The surge can be attributed to the remarkable increase in his stake in the Lagos-based financial services group, as the Nigerian Equities rallied to an impressive 5.2-percent gain on Tuesday.
According to data tracked by Billionaires.Africa, Ovia, who holds a prominent position among Nigeria’s richest businessmen, witnessed the market value of his stake in Zenith Bank soar by a staggering N13.69 billion ($29.64 million) in just one day.
This significant surge in his stake can be directly attributed to the recent bullish pressures in the Nigerian Equities market, which saw stocks gain N1.5 trillion ($3.2 billion) in a single day — a record on the local bourse.
Investors responded positively to Nigerian President Bola Ahmed Tinubu’s inaugural speech, which unveiled a range of policies aimed at addressing critical issues such as high-interest rates, multiple exchange rates, slow GDP growth, and the repatriation of foreign investors’ dividends.
Bolstered by the anticipation of these policy shifts, Nigerian equities rallied right from the opening sessions, culminating in one of the most impressive one-day returns in recent memory.
During today’s trading session, Zenith Bank’s shares on the Nigerian Exchange surged by 10 percent, rising from N27 ($0.0584) at the morning’s opening to N29.7 ($0.0643) at the close.
Consequently, Ovia’s 16.2-percent stake in the leading financial services group soared by an astounding N13.69 billion ($29.64 million) within the same trading session, increasing his total stake from N136.95 billion ($296.42 million) to N150.64 billion ($326.06 million).
This recent spike has further solidified Ovia’s position as one of the most affluent investors on the Nigerian Exchange, with his stake in Zenith Bank surging by an impressive N28.91 billion ($62.58 million) since the beginning of the year.