BackChina Renaissance unable to contact CEO Bao Fan, shares plunge by 50% in early trade
One of the leading tech deal makers of China and the CEO of China Renaissance, Bao Fan, has lost touch with his company
PremiumOne of China's high-profile tech dealmakers and the Chairman and CEO of China Renaissance, Bao Fan has gone missing as his company is unable to contact him for a while.
The boutique investment bank on Sunday said, "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."
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After the company said that it lost contact with the CEO, China Renaissance's share plunged by as much as 50% in early trade on Friday, reported Reuters. However, the company stock showed some improvement and was trading 26.50% lower at Hong Kong Stock exchange at 10:37 pm(IST).
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Bao Fan is known to be one of the prominent dealmakers in China who has carved out a career working on high profile tech transactions. The China Renaissance Holdings' stock filing on Thursday said it was not possible for the investment bank to contact Bao Fan.
The company's board also informed that it isn't aware of any information to indicate that Bao's unavailability will be related to the company’s business or operations. The board also assured that the bank is operating normally under the executive committee.
The stock filing used the term ‘out of contact’ to inform about the loss of touch with the CEO. The phrase also denotes that the person is under investigation by the authorities or assisting with some governmental probes.
Any of the company officials didn't respond to the Bloomberg queries about the issue. The company CEO was absent from the office and other public venues for quite a long time, reported Bloomberg citing a Caixin report. The company's president, Cong Lin is already under investigation for months.
Bao Fan has been an early invester in big names like Didi Global Inc, Meituan, and on JD.com Inc. The bank was a top underwriter for Kuaishou Technology’s Hong Kong listing in 2021. Kuaishou Technology was the biggest internet IPO since Uber Technologies Inc's debut.
The company stock has jumped 23% this year in Hong Kong and its market value has reached HK$ 5.68 billion. As per the latest interim report, China Renaissance has about $7.1 billion under its investment management at the end of June 2022.
(With agency inputs)
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