Shares in boutique investment bank China Renaissance fell 72% to a record low on Monday as the firm resumed trading after a 17-month suspension while its then-Chairman and CEO Bao Fan was investigated.
Greg Baker | AFP | Getty Images
Boutique Investment Stocks China Renaissance On Monday, the company resumed trading after a 17-month suspension while then-Chairman and CEO Bao Fan was under investigation, and its stock price fell as much as 72%, hitting a record low.
Trading was suspended on April 3, 2023 due to delays in the release of 2022 results due to mainland Chinese authorities requiring Mr. Bao to cooperate with investigations.
The star dealmaker founded China Renaissance in 2005 and has not been seen in public since before the suspension. A Chinese financial publication reported last May that he was detained by disciplinary inspection and supervision officials. The authorities have so far given no explanation for his absence.
Bao is one of several prominent Chinese financial industry executives who have disappeared in recent years with little explanation amid a massive anti-corruption campaign led by President Xi Jinping.
China Renaissance, which this year appointed Xie Yijing to succeed Mr Bao as chairman and chief executive, released long-overdue financial results last week, allowing it to resume trading.
The investment bank last week reported an attributable loss of 471.9 million yuan ($66.55 million) in 2023, and a loss of 73.8 million yuan in the six months ended June 30.
