The World Opinion

Tag: China Renaissance Holdings Ltd

  • China Renaissance says its lacking founder Bao Fan is cooperating with a central authority probe

    China Renaissance mentioned this month it was once not able to touch its founder and CEO Bao Fan. This image is from 2016.

    Bloomberg | Bloomberg | Getty Photographs

    BEIJING — Lacking Chinese language funding banker Bao Fan is cooperating with a central authority investigation, his company China Renaissance mentioned in a submitting Sunday.

    The corporate’s Hong Kong-listed stocks have plunged 29% because the company mentioned on Feb. 16 it was once not able to succeed in Bao. He’s China Renaissance’s controlling shareholder, leader government officer and founder, amongst different roles.

    “The Board has turn out to be conscious that Mr. Bao is recently cooperating in an investigation being performed by means of sure government within the Folks’s Republic of China,” China Renaissance mentioned in a submitting with the Hong Kong inventory change Sunday.

    In each filings this month, China Renaissance mentioned its trade persisted to function typically.

    Its stocks hit a file low of five Hong Kong bucks (64 cents) on Feb. 17 however have since recovered moderately.

    Inventory Chart IconStock chart icon

    China Renaissance stocks 12-month efficiency.

    Previous this month, Chinese language monetary information outlet Caixin identified that Bao’s disappearance adopted the investigation of any other China Renaissance government, Cong Lin.

    Cong was once additionally the chairman of the company’s subsidiary Huajing Securities.

    The China Securities Regulatory Fee Shanghai bureau mentioned in September that Huajing violated securities regulation necessities relating to company governance, and requested Cong to agree to an investigation.

    China Renaissance’s filings about Bao didn’t point out that probe, and a consultant didn’t percentage additional info when contacted.

  • China Renaissance stocks plunge greater than 20% after it says founder Bao Fan is lacking

    Bao Fan, founder and leader government officer of China Renaissance, speaks at a convention in California in 2016.

    Bloomberg | Bloomberg | Getty Pictures

    BEIJING — Outstanding Chinese language funding banker Bao Fan is lacking, his corporate China Renaissance Holdings stated past due Thursday.

    China Renaissance stated it “has been not able to touch Mr. Bao Fan,” in line with a submitting with the Hong Kong inventory trade.

    The Beijing-based fund supervisor and funding financial institution is working generally, the submitting stated.

    Bao is the company’s controlling shareholder, in addition to chairman, government director and CEO. He didn’t in an instant reply when contacted via CNBC in regards to the information.

    Stocks of China Renaissance plunged via greater than 20% in Hong Kong buying and selling Friday.

    Inventory Chart IconStock chart icon

    China Renaissance inventory efficiency

    Alibaba-affiliate Ant Team used to be one among 3 primary traders in China Renaissance main as much as its personal list in Hong Kong in 2018. In past due 2020, Chinese language government unexpectedly suspended Ant’s plans for an enormous preliminary public providing.

    China Renaissance has performed the most important position in China’s web tech international up to now decade. The funding financial institution recommended Meituan and Dianping of their large merger, and next IPO in Hong Kong.

    China Renaissance used to be additionally guide to the merger that turned into Didi, and used to be an underwriter of the ride-hailing large’s U.S. IPO in June 2021.

    Chinese language government started to tighten their scrutiny on in a foreign country listings that summer season.

    Days after Didi’s IPO, government introduced a cybersecurity evaluation into the corporate, halting new person registrations. The corporate delisted later that yr. Didi stated remaining month it gained approval to sign in new customers once more.

    Learn extra about China from CNBC Professional

    Regardless of better warning on China making an investment after Didi’s IPO, China Renaissance’s Huaxing Enlargement Capital introduced in October 2021 it gained just about $550 million in a fund ultimate.

    Chinese language monetary information outlet Caixin identified that Bao’s disappearance adopted the investigation of Cong Lin.

    Cong used to be the chairman of China Renaissance’s subsidiary Huajing Securities till previous this month, in line with industry data database Tianyancha.

    The China Securities Regulatory Fee Shanghai bureau stated in September that Huajing violated securities legislation necessities referring to company governance, and requested Cong to agree to an investigation.

    China Renaissance’s submitting about Bao Fan didn’t point out the probe, and a consultant didn’t percentage more information when contacted.

    The corporate’s legitimate WeChat account comprises bulletins dated this week and remaining month with quotes from Bao. A submit from early December presentations Bao attending a contemporary match in Beijing.