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China Renaissance shares plunge larger than 20% after it says founder Bao Fan is missing!

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BEIJING — Prominent Chinese funding banker Bao Fan is missing, his agency China Renaissance Holdings
talked about late Thursday.

China Renaissance talked about it “has been unable to contact Mr. Bao Fan,” consistent with a submitting with the Hong Kong stock commerce.

The Beijing-based fund supervisor and funding monetary establishment is working often, the submitting talked about.

Bao is the company’s controlling shareholder, along with chairman, govt director and CEO. He did not immediately reply when contacted by CNBC in regards to the info.

Shares of China Renaissance plunged by larger than 20% in Hong Kong shopping for and promoting Friday.

Alibaba-affiliate Ant Group was one amongst three primary patrons in China Renaissance primary as a lot as its private itemizing in Hong Kong in 2018. In late 2020, Chinese authorities abruptly suspended Ant’s plans for a big preliminary public offering.

China Renaissance has carried out an crucial perform in China’s net tech world beforehand decade. The funding monetary establishment instructed Meituan and Dianping
of their big merger, and subsequent IPO in Hong Kong.

China Renaissance was moreover advisor to the merger that turned Didi, and was an underwriter of the ride-hailing huge’s U.S. IPO in June 2021.

Chinese authorities began to tighten their scrutiny on overseas listings that summer season.

Days after Didi’s IPO, authorities launched a cybersecurity consider into the company, halting new particular person registrations. The agency delisted later that 12 months. Didi talked about remaining month it obtained approval to register new prospects as soon as extra.

Despite higher warning on China investing after Didi’s IPO, China Renaissance’s Huaxing Growth Capital launched in October 2021 it obtained virtually $550 million in a fund closing.

Chinese financial info outlet Caixin recognized that Bao’s disappearance adopted the investigation of Cong Lin.

Cong was the chairman of China Renaissance’s subsidiary Huajing Securities until earlier this month, consistent with enterprise information database Tianyancha.

The China Securities Regulatory Commission Shanghai bureau talked about in September that Huajing violated securities regulation requirements regarding firm governance, and requested Cong to regulate to an investigation.

China Renaissance’s submitting about Bao Fan did not level out the probe, and a advisor did not share additional information when contacted.

The agency’s official WeChat account consists of bulletins dated this week and remaining month with quotes from Bao. A put up from early December reveals Bao attending a contemporary event in Beijing.

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