According to financial magazine Caixin, the founder of a Chinese private equity fund and former Wall Street banker has gone missing after Chinese authorities launched an inquiry into alleged financial wrongdoing at his firm.
Wang Chaoyong, 56, widely known as the “The Golden Boy of Wall Street,” last appeared at Chinaequity Investment Co’s office in Beijing on Nov. 29.
According to Reuters, Chinaequity Investment, the organization he founded, also announced its trading’s suspension on Dec. 17.
Wang’s disappearance is related to Chinaequity Investment’s private equity fund’s participation in the backdoor listing.
Earlier this year, unspecified regulators discovered the company had misappropriated money from the fund, pledged property from the fund to finance linked parties, and was in breach of contract, according to Caixin.
From 1987 to 1998, Wang Chaoyong held important positions in the financial business industry in China such as, at JPMorgan Chase Bank, Standard & Poor’s, Morgan Stanley, and was the head of Morgan Stanley China. He is known as the “Chinese Prodigy of Wall Street.”
From 1998 to 1999, Wang Chaoyong worked as a senior advisor of the China Development Bank.
In 1999, Wang founded Chinaequity Investment, one of China’s earliest venture capital/private equity firms.
According to the company website, in 2015, the firm was rated by Forbes as one of the top 25 venture capital/private equity firms in China with an equity value of over $3 billion.