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China Renaissance says its lacking founder Bao Fan is cooperating with a authorities probe

China Renaissance stated this month it used to be unable to contact its founder and CEO Bao Fan. This characterize is from 2016.

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BEIJING — Missing Chinese language investment banker Bao Fan is cooperating with a authorities investigation, his firm China Renaissance stated in a submitting Sunday.

The company’s Hong Kong-listed shares have plunged 29% for the reason that firm stated on Feb. 16 it used to be unable to reach Bao. He’s China Renaissance’s controlling shareholder, chief govt officer and founder, amongst masses of roles.

“The Board has change into wide awake that Mr. Bao is for the time being cooperating in an investigation being utilized by obvious authorities within the Other folks’s Republic of China,” China Renaissance stated in a submitting with the Hong Kong stock replace Sunday.

In each filings this month, China Renaissance stated its replace endured to characteristic in most cases.

Its shares hit a file low of 5 Hong Kong dollars (64 cents) on Feb. 17 but have since recovered a minute bit of.

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China Renaissance shares 12-month efficiency.

Earlier this month, Chinese language financial recordsdata outlet Caixin identified that Bao’s disappearance adopted the investigation of 1 other China Renaissance govt, Cong Lin.

Cong used to be also the chairman of the firm’s subsidiary Huajing Securities.

The China Securities Regulatory Price Shanghai bureau stated in September that Huajing violated securities legislation requirements regarding corporate governance, and requested Cong to conform with an investigation.

China Renaissance’s filings about Bao didn’t mention that probe, and a manual didn’t fragment extra recordsdata when contacted.

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