Shares of boutique investment bank China Renaissance Holdings Ltd fell by as much as 50% on Friday after the firm said it had been unable to contact Chairman and Chief Executive Bao Fan.
FILE PHOTO-Fan Bao, founder, Chairman and CEO of China Renaissance Group, an investment bank led by one of the country’s most famed rainmakers, holds a news conference on its IPO in Hong Kong, China September 13, 2018. REUTERS/Bobby Yipfell by as much as 50% on Friday after the firm said it had been unable to contact Chairman and Chief Executive Bao Fan.
"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 Hong Kong-listed company said in a filing on Thursday. China Renaissance shares slid by 50% in early trade to hit a record low of HK$5 each. The stock then regained some ground to be off by 28%.
A spokesman for the firm referred Reuters' request for comment on Friday to the company's public filing. Bao is a well-known dealmaker in China who has carved out a career working on high-profile tech transactions. He started China Renaissance in 2005 and the exchange filing showed he is its controlling shareholder.
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