A CEO went missing. Then his bank got a mysterious bill for $11 million

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world.

A Chinese investment bank known for making some of the biggest deals in the country’s tech sector during its heyday has revealed it received a massive bill for 78 million yuan ($11 million) related to the disappearance of its star banker, Bao Fan.

The request for payment from unspecified Chinese authorities only deepens the mystery surrounding the whereabouts of Bao, who founded boutique investment bank China Renaissance in Beijing in 2005 and made it one of the top dealmakers for Chinese tech firms.

He helped broker the 2015 merger between two of the country’s leading food delivery services, Meituan and Dianping. Today, the combined company’s “super app” platform is ubiquitous in China.

The opaque nature of Bao’s disappearance has sent shockwaves through the Chinese financial services and tech sectors, further denting business confidence during a marked economic slowdown.

The case followed those of other high-profile business leaders in China, where it is not uncommon for executives to suddenly drop off the radar with little explanation.

In February 2023, China Renaissance reported him missing amid a wider anti-corruption crackdown. A year-and-a-half later, no official charges or allegations have been made against Bao.

Last summer, the Economic Observer, a state-run financial publication, reported that Bao had been in the custody of the country’s top anti-graft watchdog, the Central Commission for Discipline Inspection, since his disappearance. He was said to be involved in an investigation into suspected corporate bribery.

CNN has not been