Core Viewpoint - The article discusses the unexpected "disappearance" of Sun Junbao, a prominent figure in the capital market and chairman of CICC Capital, highlighting the rapid decline of his career and the ensuing crisis within CICC Capital [2][20]. Group 1: Background and Career Highlights - Sun Junbao was a key player in the real estate finance sector, actively participating in discussions about the industry's future at the Tsinghua University Real Estate Finance Summit in 2018 [3][8]. - Under his leadership, CICC Capital's assets under management grew to over 560 billion yuan by 2021, reflecting his significant influence in the private equity space [14]. - CICC Capital was involved in various real estate projects, including a 10 billion yuan fund established with New China Life Insurance, which acquired multiple Wanda Plaza projects [12][13]. Group 2: Crisis and Regulatory Issues - In 2025, a regulatory storm hit CICC Capital, leading to the replacement of Sun Junbao and the investigation of several high-ranking executives for alleged misconduct related to fund operations [15][20]. - The financial performance of CICC Capital deteriorated significantly, with a 48.97% drop in revenue and a 329.82% decline in net profit in the first half of 2025 compared to the previous year [20]. - The trust crisis led to local government funds withdrawing investments and a halt in new collaborations, with reports of 11 funds failing to meet redemption requests, directly linked to Sun Junbao's management [20].