Missing Chinese banker was working to set up Singapore family office
包凡失联前正致力于建立新加坡家族办公室｜金融时报
链接：Subscribe to read | Financial Times
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华兴投资银行的创始人兼董事长、亿万富翁包凡在失踪前的几个月里，正准备将他的一些财富从中国和香港转移到新加坡。
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他正在这个城市国家建立一个家族办公室来管理他的个人财富。
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由于中国的技术镇压和大流行病，这是中国富人的常见举措。
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在摩根士丹利和瑞士信贷工作过的包凡，自本月失踪以来一直无法联系。
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华兴资本表示，它未能联系到作为其董事长、首席执行官和控股股东的包凡氏。
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中国的官员们没有对包拯的失踪作出回应。
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去年9月，华兴资本高管丛林被中国证券监管机构上海分局叫去参加 “监督讨论”，之后他被拘留。
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目前还不清楚这是否与包拯的失踪有关。
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在中国政府试图塑造一个更加友好的商业形象的时候，包凡的失踪给中国的国际金融和商业界带来了寒意。
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包凡曾使华兴资本成为中国的顶级金融机构之一，经常从华尔街的大型竞争对手那里赢得技术交易。
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然而，中国国家主席习近平出台的政策打击了科技行业和富豪们。
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急于确保其家庭财富的中国公民在新加坡设立的家庭办公室数量激增，同期，许多来自大陆的家庭办公室也迁往新加坡。
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在新加坡设立家族办公室，个人不需要亲自到场，它提供了一条获得居留权的途径。
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设立家族办公室基金和申请税收优惠的需求上升，导致了漫长的等待时间。
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虽然将资金从中国大陆转移出去很困难，但许多富人在香港等地拥有资产，在那里转移资金比较容易。
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目前还不清楚包凡是否成功建立了一个基金，或者这个过程是否仍在进行。
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政府门户网站的搜索结果显示，没有任何一个家族办公室的董事是由包凡担任的。
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新加坡政府已采取措施，提高该市作为财富管理中心的吸引力。
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根据新加坡数据分析公司Handshakes的数据，家族办公室的数量已经从2018年的少数几个增长到去年年底的约1500个。
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Bao Fan, the billionaire founder and chair of investment bank China Renaissance, was preparing to move some of his fortune from China and Hong Kong to Singapore in the months leading up to his disappearance.
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He was establishing a family office in the city-state to manage his personal wealth.
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This is a common move among wealthy Chinese due to the tech crackdown in China and the pandemic.
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Bao, a veteran of Morgan Stanley and Credit Suisse, has been unreachable since his disappearance this month.
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China Renaissance said it had not been able to contact Bao, who is its chair, chief executive and controlling shareholder.
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Officials in China have not addressed Bao’s disappearance.
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China Renaissance executive Cong Lin was detained in September last year after the Shanghai branch of China’s securities regulator called him in for a “supervisory discussion”.
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It is unclear if this is related to Bao’s disappearance.
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Bao’s disappearance has sent a chill through international financial and business circles in China at a time when Beijing is trying to project a more business-friendly image.
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Bao had made China Renaissance one of China’s top financial institutions, often winning tech deals from larger Wall Street rivals.
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However, China’s president Xi Jinping has introduced policies that have hit the tech sector and wealthy tycoons.
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The number of family offices launched in Singapore by Chinese nationals eager to secure their family wealth has jumped and many from the mainland have relocated to the city over the same period.
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An individual does not need to be physically present to set up a family office in Singapore, which offers a path to residency.
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The rise in demand to set up the family office funds and apply for tax incentives has led to long wait times.
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While getting capital out of mainland China is difficult, many wealthy individuals have assets in places such as Hong Kong, where it is easier to shift money.
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It is unclear if Bao was successful in setting up a fund or if the process is still ongoing.
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A government portal search showed no family office with Bao listed as director.
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Singapore’s government has taken steps to boost the city’s appeal as a wealth management centre.
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The number of family offices has grown from a handful in 2018 to an estimated 1,500 by the end of last year, according to Singaporean data analysis firm Handshakes.
China’s Tech Rainmaker Vanishes, and So Does Business Confidence
中国的科技雨人消失了，商业信心也消失了｜纽约时报
链接：https://www.nytimes.com/2023/02/22/business/fan-bao-china-renaissance.html
*造雨人（rainmaker）：在企业界，能为公司带来新商机并赢得新客户的人物被称之为造雨人
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2015年，中国科技行业的造雨者包凡成功地管理了中国最大的两家叫车公司的合并，这些公司得到了科技巨头阿里巴巴和腾讯的支持。他的投资银行华兴资本后来为中国许多最成功的科技公司提供咨询和投资，使它们在香港和纽约上市。包凡已经成为该行业不可或缺的一员，以至于他经常被称为衡量成功的标准。
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2021年的情人节，开始有传言说包凡失踪了。华兴资本后来在一份监管文件中证实了这一点，中国媒体报道说他被当局传唤，协助调查其公司的一名前高管。
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包凡在中国科技界享有很高的声望，他几乎认识或曾与该行业的每一个推动者和摇摆者合作过。他的失踪引发了许多猜测，尤其是考虑到最近政府和科技巨头马云之间的矛盾。
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包凡先生的失踪给中国政府在结束 "动态清零 "政策后恢复商业信心的努力带来了阻碍。
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这也显示了中国的科技行业是如何与政府纠缠在一起的。
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商人和科技创始人害怕报复，担心自己的安全。
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人们用中国的成语来形容这个行业的情绪，如 “兔死狐悲，怕下一个就是它；唇亡齿寒”。
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企业家们就像 “惊弓之鸟”，没有信心，就不会有人对未来进行投资。
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人们担心当局可以在没有法律程序的情况下让任何人消失，而且这种情况随时随地都可能发生在任何人身上。
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包凡先生出生于20世纪60年代和70年代，比他的许多同龄人更早接触到外面的世界。
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从挪威毕业后，他曾在摩根士丹利和瑞士信贷工作，之后创立了华兴资本，专注于互联网行业。
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他成为需要融资和咨询的科技公司的首选银行家，并在2015年帮助促成了大型合并。
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包凡先生一举成名，是会议上的热门发言人。
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他相信自由市场，希望政府的干预最小化。
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然而，中国政府加强了对经济的控制，科技公司不得不进行调整。
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华兴资本也不例外，在2017年从工银国际获得了2亿美元的信贷额度。
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包凡先生以其公司的股份来支持这笔贷款，并承诺在第二年公司在香港上市后偿还贷款。
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该公司兑现了他们的承诺。
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2020年，包凡先生聘请丛林担任华兴资本组建的一家经纪企业的董事长。去年9月，丛先生成为政府调查的对象并离开了公司。2021年对包凡先生来说是糟糕的一年，由于政府监管部门的打击和封锁，导致华兴资本的收入下降了40%，公司损失了2300万美元。
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包凡先生已经开始改变他的风格以适应政府，并保持较低的媒体形象。去年10月的国庆节，他张贴了一张红色的数字卡片，庆祝中华人民共和国的成立。商业阶层对包凡先生产生了敌意，一些人声称他贪婪，缺乏判断力。
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在中国前最高领导人邓小平逝世26周年之际，一些人写文章或在社交媒体上发帖纪念他。一篇关于包凡先生的流行文章是怀旧的，问他是否愿意留在2016年，这是他职业生涯的高峰，也可能是中国科技行业的高峰。
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In 2015, Bao Fan, the rainmaker of China’s tech industry, successfully managed the merger between two of China’s biggest ride-hailing start-ups, which were backed by the tech giants Alibaba and Tencent. His investment bank China Renaissance went on to advise and invest in many of the country’s most successful tech companies, taking them public in Hong Kong and New York. Bao Fan has become so integral to the industry that he is often referred to as the measure of success.
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On Valentine’s Day 2021, rumors began to swirl that Bao Fan had gone missing. China Renaissance later confirmed this in a regulatory filing, and Chinese media reported that he had been summoned by the authorities to assist in an investigation of a former senior executive of his company.
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Bao Fan is highly respected in China’s tech world, knowing or having worked with nearly every mover and shaker in the industry. His disappearance has sparked much speculation, particularly in light of the recent fall-out between the government and tech giant Jack Ma.
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Mr. Bao’s disappearance has put a damper on Beijing’s efforts to restore business confidence after ending its “zero-Covid” policy.
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It also shows how China’s tech industry has become entangled with the government.
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Businesspeople and tech founders are afraid of reprisal and fear for their own safety.
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People are using Chinese idioms to describe the mood in the industry, such as “when the rabbit dies, the fox grieves for fear it would be the next; when the lips are dead, the teeth will be cold”.
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Entrepreneurs are like “frightened birds” and without confidence, nobody will invest in the future.
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People are concerned that the authorities can make anyone disappear without legal processes, and that it can happen to anyone anytime and anywhere.
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Mr. Bao was born in the 1960s and 1970s and was exposed to the outside world before many of his peers.
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After graduating from Norway, he worked for Morgan Stanley and Credit Suisse, before founding China Renaissance to focus on the internet industry.
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He became a go-to banker for tech companies needing financing and advice and helped put together mega-mergers in 2015.
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Mr. Bao became famous and was a sought-after speaker at conferences.
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He believed in the free market and wanted minimal government intervention.
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However, the Chinese government increased their control over the economy and tech companies had to adjust.
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China Renaissance was no exception and received a $200 million credit line from ICBC International in 2017.
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Mr. Bao backed the loan with shares in his firm and promised to repay it after the firm went public in Hong Kong the next year.
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The firm delivered on their pledge.
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In 2020, Mr. Bao hired Cong Lin as chairman of a brokerage business China Renaissance had formed. Last September, Mr. Cong became the target of a government investigation and left the company. 2021 was a bad year for Mr. Bao due to government regulatory crackdowns and lockdowns, causing China Renaissance’s revenue to fall by 40 percent and the firm to lose $23 million.
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Mr. Bao had started to change his style to accommodate the government and kept a lower media profile. On National Day last October, he posted a red digital card in celebration of the founding of the People’s Republic of China. The business class has become hostile towards Mr. Bao, with some people claiming he was greedy and lacked judgement.
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On the 26th anniversary of the death of China’s former paramount leader, Deng Xiaoping, some people wrote articles or social media posts to commemorate him. One popular article about Mr. Bao was nostalgic, asking if he would have wanted to remain in the year of 2016, which was the peak of his career and possibly the peak of China’s tech industry.