Bao is the founder and chairman of China Renaissance, the country's top investment bank. The disappearance of Bao Fan remains a mystery, although a rumour later circulated that he was 'cooperating' with an investigation by 'certain authorities'. Bao Fan is not the first Chinese billionaire to vanish. He follows in the footsteps of Jack Ma, founder of the e-commerce giant Alibaba and former controlling shareholder of Ant Group. Ant Group was a financial services powerhouse scheduled to go public in Hong Kong in November 2020 in the biggest initial public offering (IPO) ever. Jack Ma disappeared shortly after he delivered a speech in Shanghai which was highly critical of the Chinese banking sector and its regulators. The IPO was put on hold and Ant Group has been subjected to extensive restructuring. Jack Ma unexpectedly reappeared in mainland China in late March 2023, presumably as a part of the government's initiative to improve sentiment among the private sector.