The recent disappearance of China Renaissance Holdings, a major investor in China's technology industry, has caused a stir not only in the country but also among those concerned about the whereabouts of billions of dollars worth of assets managed by the firm. China Renaissance Holdings, founded by Bao Fan, is known for its prominent position in the country's technology sector and its clients include large internet companies such as Alibaba, Tencent and Baidu. The incident occurred on the same day the company announced its involvement in "investigations against some officials in the People's Republic of China". However, according to Chinese tradition, it is still not clear which government agency is investigating the company's disappearance and where the missing individuals are. The incident has caused increased speculation and concern among those involved in the tech industry.In recent years, after the disappearance of several Chinese business leaders, now the issue of the disappearance of Jack Ma, the founder of Alibaba, has come to light. While the disappearance of billionaires receives a lot of attention worldwide, the Chinese government's crackdown on dissent or support for human rights campaigns is also cited as a reason behind the disappearance of Chinese citizens.
The disappearance of Jack Ma has reinforced the belief that this is also a part of those actions that President Xi Jinping is taking to tighten his grip on the economy of China. This incident has come to light after the annual session of the National People's Congress (NPC), where last week the parliament announced the largest reform program in China's financial regulatory system.
Under this, a new financial regulatory watchdog has been proposed to oversee most of the financial services industry in the country. The authorities claim that this will help eliminate the existing loopholes of these numerous agencies that oversee various aspects of the multi-trillion-dollar financial services industry in the country.
In just 2015, there were at least five executives who were inaccessible. Among them is also Guo Guangchang, the chairman of Fosun International, whose fame is also due to being the owner of the English Premier League football club Wolverhampton Wanderers.
Guo Guangchang is also playing the game..
The actual location of Jake Ma is still unclear, even though he has been seen in Japan, Thailand, and Australia at different times in recent months. The Chinese government claims that the actions against some of the country's wealthiest individuals are purely based on legal grounds. The government has announced to eradicate corruption, but some of the measures taken in the world's second-largest economy appear to be part of decades-long liberalization. Many observers wonder how some of China's billionaires, who are considered powerful and influential, are dealing with the current situation of their disappearance from the public eye.
Some analysts believe that under President Xi Jinping's leadership, the Chinese Communist Party wants to regain power and is using methods that cannot be easily seen through. This theory had been previously observed that the big businesses, especially the technology industry, had been increasing their power under the policies of Jiang Zemin and Hu Jintao. Before this, Beijing's focus had remained on traditional centers of power, including the military, heavy industry, and local governments.
President Xi Jinping focused on strengthening these sectors to maintain his control over the economy. Their joint-happiness policy has also become a significant cause of the severe downturn in most parts of the economy, especially in the technology sector.
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