Star Banker’s Disappearance Unnerves China’s Business Elite

February 17, 2023

Most Read from BloombergHis sudden disappearance this week — linked to a Chinese government investigation — is now sending chills through the country’s business elite and raising fresh doubts about whether President Xi Jinping’s crackdown on the private sector has run its course. Bao UpbeatEven after China’s yearlong crackdown on the tech sector, Bao was upbeat. China Renaissance declined to comment beyond what it disclosed in an exchange filing. China Renaissance tanked 28% on Friday in Hong Kong. The government recently eased its stance toward the private sector, lauding Ant Group Co. for following the Communist Party’s leadership and resuming ride-hailing service Didi in app stores.