BEIJING: China Renaissance Holdings Ltd (1911.HK) saw its shares plummet by as much as 50% on Friday after the investment bank said it is unable to contact its Chairman and Chief Executive Bao Fan, in the latest disappearance of a top business executive.
The disappearance of Bao, the company’s founder and controlling shareholder, drove China Renaissance’s Hong Kong-listed stock to hit a record low of HK$5 in early trade, wiping off HK$2.8 billion ($357 million) in market value.
The stock regained some ground later in the day to be off by 28% in the Hong Kong market which was down 0.7%. Nearly 30 million shares of the boutique investment bank changed hands on Friday, the highest on record.
“The board is not aware of any information that indicates that Mr. Bao’s unavailability is or might be related to the business and/or operations of the Group which is continuing normally,” the mainland China-based bank said in a late-Thursday filing.
A China Renaissance spokesperson referred Reuters’ request for comment on Friday to the investment bank’s public filing.
The well-known dealmaker’s disappearance is the latest in a series of cases of high-profile Chinese executives going missing with little explanation during a sweeping anti-corruption campaign spearheaded by President Xi Jinping.
In 2015 alone, at least five executives became unreachable without prior notice to their companies, including Fosun Group Chairman Guo Guangchang, who Fosun later said was assisting with...
Read Full Story: https://news.google.com/rss/articles/CBMiaWh0dHBzOi8vcHJvZml0LnBha2lzdGFudG9kYXkuY29tLnBrLzIwMjMvMDIvMTcvY2hpbmVzZS1pbnZlc3RtZW50LWJhbmstc2hhcmVzLXBsdW5nZS1hcy1jZW8tZ29lcy1taXNzaW5nL9IBAA?oc=5
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
