China Renaissance Holdings, a Beijing-based investment bank, reported on Friday (Feb. 17) that it had been unable to get in touch with Bao Fan, its founder and controlling shareholder who also acts as its chairman and CEO, and that this had caused an almost 50% decline in the value of its shares.
China Renaissance (also known as “CR”), a reputable financial organization established in 2005, offers a comprehensive variety of dependable services, including investment management, private placement, M&A advising, equity underwriting, sales & trading, research, and wealth management.
The unequaled track record of client service that CR has established over the past 17 years makes it the partner of choice for the most inventive and disruptive leaders in China’s rapidly expanding Smart Economy ecosystem.
With more than 700 people worldwide, CR has offices in Beijing, Shanghai, Hong Kong, Singapore, and New York.
The three main business segments that comprise CR’s operations today are investment banking, investment management, and wealth management.
By advising top corporations in the technology, medical, business services, and other high-growth sectors, CR’s Investment Banking section has maintained its leadership position in the private placement market for 17 years since its founding in 2005.
The boutique investment bank experienced its busiest trading day on Friday, with close to 30 million shares changing hands.
The disappearance of Bao, a well-known dealmaker who had previously worked at Morgan Stanley and Credit Suisse Group, is the most recent in a string of instances in which prominent Chinese executives have vanished mysteriously during a broad anti-corruption effort led by President Xi Jinping.
Bao’s disappearance occurred after China’s border was reopened, a renewed emphasis was placed on bolstering the faltering economy, and a regulatory crackdown on technological companies was loosened, all of which had improved the outlook for transactions.
He had been involved in significant mergers in the technology sector, such as those between Didi and Kuaidi, Meituan and Dianping, and Ctrip and Qunar, two big players in food delivery.
In a late-Thursday filing, the company stated that it had no information that Bao’s absence was or would be connected to the group’s business or activities, which are proceeding smoothly.