According to his bank, billionaire technology investor Bao Fan is cooperating with Chinese authorities conducting an investigation.
He went missing 10 days ago, according to China Renaissance Holdings.
Mr. Bao is the CEO and founder of China Renaissance Holdings, a leading Chinese deal broker whose clients include top technology companies Didi and Meituan.
Since Mr Bao’s disappearance, the company’s stock has dropped nearly 30%.
“The Board has become aware that Mr Bao is currently cooperating in an investigation being conducted by certain authorities in the People’s Republic of China,” the bank said in a Hong Kong Stock Exchange filing.
“If and when made, the Company will duly cooperate and assist with any lawful request from the relevant PRC authorities,” it added.
The announcement is the first time China Renaissance has given a reason for its founder’s disappearance, though no details about the investigation were provided.
According to Reuters, authorities detained Mr Bao earlier this month to assist in an investigation into a former colleague, Cong Lin, the company’s former president.
Mr. Bao’s disappearance comes amid a Chinese government crackdown on leading technology companies.
In late 2020, Alibaba founder Jack Ma also vanished from public view for three months after criticizing market regulators. He was set to publicly list his digital payments firm Ant Financial, which would have made him China’s richest man.
Mr. Bao’s disappearance follows a string of high-profile Chinese executives who have gone missing as part of Chinese President Xi Jinping’s anti-corruption campaign.
At least five executives, including Fosun Group Chairman Guo Guangchang, became unreachable in 2015. Later, the company stated that he was assisting with personal investigations.
Xiao Jianhua, a Chinese-Canadian businessman, was also apprehended in 2017. He was one of China’s wealthiest people before being imprisoned for corruption last year.