Bao Fan, once a rising star in the Chinese business world with a fortune estimated at $800 million in 2021, has been missing for over a year. His disappearance began in 2023 when he was detained by China’s anti-corruption body, and his wealth has since plummeted to a mere $50 million. Bao is not an isolated case, as a disturbing trend of Chinese businesspeople and politicians vanishing without explanation has emerged in recent years.
The lack of transparency surrounding these disappearances has fueled concerns about the Chinese Communist Party’s (CPC) tactics and its use of intimidation against those who pose a threat or challenge its authority. Bao’s investment firm, China Renaissance, has been left in the dark about his whereabouts, adding to the mystery surrounding his case.
Adding fuel to the fire, Chinese regulators demanded a $11 million payment from China Renaissance shortly after Bao’s detention, without disclosing the reason for this demand. This has led to speculation that these disappearances might be a ploy to extract ransom from wealthy individuals, raising questions about the CPC’s motives.
Bao’s case is just one example of a pattern that has played out repeatedly. In 2020, Jack Ma, the co-founder of Alibaba, disappeared after criticizing the Chinese government’s financial regulations. Guo Guangchang, dubbed China’s Warren Buffett, vanished in 2015 and was later confirmed to be part of a government investigation. Fashion mogul Zhou Chengjian vanished in 2016, and Chinese-Canadian billionaire Xiao Jianhua was taken from Hong Kong in 2017 and sentenced to 13 years in prison for corruption in 2022.
Real estate mogul Ren Zhiqiang disappeared in 2021 after criticizing the CPC’s handling of the Covid-19 pandemic and was later jailed for 18 years on corruption charges. Qu Dejun, director and co-president of real estate developer Seazen Group, also disappeared in 2023, further solidifying the trend.
These disappearances have sent a wave of fear through the Chinese business community, as they highlight the CPC’s power and its willingness to silence those who challenge its authority. Nick Marro, Lead Analyst for Global Trade at The Economist Intelligence Unit, aptly described the chilling effect these incidents have: “When someone like Bao Fan disappears, someone that high profile who suddenly vanishes without explanation, that inevitably sends a chilling kind of feel through the rest of the market. I mean, how can you feel like you can do business in a place where, you know, an important leader of the industry can suddenly disappear?”
