(Bloomberg) — In the go-go years when China minted a billionaire every two days, banking rainmaker Bao Fan almost reached that milestone himself.

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His skill in advising tech giants like Alibaba Group Holding Ltd. made him one of the country’s most sought-after financiers, helping him amass a fortune worth more than $800 million through his ownership stake in China Renaissance Holdings Ltd.

Bao’s career came crashing down last year when he vanished from public view after being detained by authorities amid a broader crackdown. The extent of his financial freefall was revealed Monday when Renaissance shares tumbled after a 17-month halt. His stake is now worth $55 million, down 93% from its peak in February 2021, based on a filing and calculations by the Bloomberg Billionaires Index. Bao beneficially owns a roughly 35% stake directly in the firm, through two holding vehicles and a trust.

A spokesperson for China Renaissance had no immediate comment when contacted by Bloomberg News.

Bao’s sudden comedown cast a pall on China’s financial sector, which has become a frequent target of President’s Xi Jinping’s “common prosperity” drive. More than a hundred financial executives and officials were ensnared in the anti-corruption push in 2023 alone, while bankers face pay cuts and belt-tightening to curb what officials consider “hedonistic” lifestyles.

“The lack of transparency about the reason why all of these financial sector stars — some of them not even stars — are detained is really not going to help the return of capital into China,” said Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis.

The crackdowns and relentless job losses are forcing bankers to reconsider their careers, as they try to navigate Beijing’s dramatic shift to high-end manufacturing and renewables, and away from finance and real estate that drove China’s economy for decades.

Bao, 53, is one of the most high-profile losers to follow that pivot. The former banker at Morgan Stanley and Credit Suisse founded China Renaissance in 2005, making a name for himself after brokering mergers that led to the creation of ride-hailing service Didi Global Inc. and food-delivery giant Meituan.

His ability to spot rising tech stars made him one of China’s most influential bankers, persuading billionaire Jack Ma to become a cornerstone investor when his firm went public in 2018. He later branched into private equity to back startups and tech firms, managing more than $8.8 billion in assets at the end of 2020.

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That all began to unravel when Bao was detained in February last year without any official explanation. China Renaissance said only that it had lost contact with him. He was later placed under detention for an unspecified investigation by Chinese authorities amid a broader sweep of the financial sector. Earlier this year, the former chairman and chief executive officer resigned “for health reasons and to spend more time on his family affairs,” according to a company statement.

The company offered no clues as to the founder’s whereabouts Monday when it released earnings that had been delayed for more than a year. His current legal status is unclear.

The turmoil has taken its toll on the business, which has also been hit by a slump in deals as China’s economy slips into a deflationary spiral. The company recorded a loss of nearly 74 million yuan ($10.4 million) in the six months to June as revenue dropped 39% to 329 million yuan. It posted a loss of 471.9 million yuan for all of 2023, the second year in a row in the red.

Almost a third of staff in Hong Kong, which includes investment banking, private equity and wealth management teams, either resigned or lost their jobs, Bloomberg News reported in February.

China Renaissance’s shares plunged 66% in Hong Kong Monday, its first day of trading since March last year, reducing the firm’s market value to HK$1.39 billion ($178 million).

Elsewhere, there were at least 130 investigations and penalizations of financial executives and officials in 2023 alone. China has appointed a new head to crack down on financial corruption, indicating the probes aren’t finished.

In the absence of Bao, the firm has pledged to “usher in a new era.”

“Despite all kinds of difficulties and challenges, China Renaissance still actively seeks growth and forges ahead with determination in the midst of adjustments,” according to the earnings report.

–With assistance from Pei Yi Mak, Cathy Chan and Lulu Yilun Chen.

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