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Though the reasons for Bao's disappearance are unclear, his case follows a series of incidents in which high-profile executives in China have gone missing with little explanation during a sweeping anti-corruption campaign spearheaded by President Xi Jinping. China Renaissance said on Thursday in a stock exchange filing that it had no information that Bao's "unavailability" was related to its business, and that its operations were continuing normally. A spokesperson for Beijing-based China Renaissance declined to comment on specific details and referred Reuters to its exchange filing made on Thursday. "What happened to China Renaissance highlighted the key man risk with some Chinese companies," Li Nan, professor of Finance at Shanghai Jiaotong University, said. key man risk generally refers to the threat posed to a company from over-reliance on a limited number of personnel for decision making.

☆ Police in China arrest gang who laundered $1.7 billion via crypto even after Beijing's crackdown
▼ + stars: | 2022-12-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The gang are said to have used various different cryptocurrency trading accounts to convert the money back into Chinese yuan. Police in China arrested 63 people accused of laundering as much as 12 billion Chinese yuan ($1.7 billion) via cryptocurrency, amid Beijing's intense crackdown on the trading of digital coins. The authorities said more than 130 million Chinese yuan worth of proceeds was confiscated from the gang. Chinese users have typically turned to overseas-based exchanges to trade cryptocurrencies, but this became harder as the crackdown from authorities intensified last year. The authorities said two of the suspects had fled to Bangkok, Thailand, but were persuaded to return to China.

☆ Covid protests escalate in Guangzhou as China lockdown anger boils
▼ + stars: | 2022-11-30 | by ( ) www.nbcnews.com time to read: +6 min

TwitterSocial media posts said the clashes took place on Tuesday night and were caused by a dispute over lockdown curbs. China Dissent Monitor, run by U.S. government-funded Freedom House, estimated at least 27 demonstrations took place across China from Saturday to Monday. In Zhengzhou, the site of a big Foxconn factory making Apple iPhones that has been the scene of worker unrest over Covid, officials announced the “orderly” resumption of businesses, including supermarkets, gyms and restaurants. Data on Wednesday showed China’s manufacturing and services activity for November posting the lowest readings since Shanghai’s two-month lockdown began in April. Chinese stocks were steady, with markets weighing endemic economic weakness against hopes that the public pressure could push China to eventually reopen.

Two protesters told Reuters that callers identifying themselves as Beijing police officers asked them to report to a police station on Tuesday with written accounts of their activities on Sunday night. "We are all desperately deleting our chat history," said another person who witnessed the Beijing protest and declined to be identified. Simmering discontent with stringent COVID prevention policies three years into the pandemic ignited into protests in cities thousands of miles apart over the weekend. Officials say the COVID policy has kept the death toll in the thousands, avoiding the millions of deaths elsewhere. In an editorial that did not mention the protests, People's Daily, the Party's official newspaper, urged citizens to "unswervingly implement" COVID policies.

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