China Renaissance chairman's detention extended by 3 months -report (updated)

China Renaissance Holdings

31/05/2023 12:59

(Rewrites throughout with detail about Bao, context)
       BEIJING, May 31 (Reuters) - The detention of Bao Fan,
chairman of investment bank China Renaissance Holdings
 1911.HK , has been extended for another three months beginning
May 7, Chinese financial publication Economic Observer reported
on Wednesday, citing sources. 
    Bao was taken away by disciplinary and supervision officials
on February 7 and detained, the report said. 
        Among the agencies handling the case are the
international cooperation bureau of the Central Commission for
Discipline Inspection, China's anti-graft watchdog, and
anti-graft authorities in the capital city of Beijing, per the
report, identifying Bao's alleged crime as organizational
bribery. 
  
        China Renaissance did not immediately respond to a
Reuters request for comment.
        The bank has said it would 
    delay
     its audited annual results and suspended its stock trading
from April 3, after mainland authorities took away its chairman
to co-operate with an investigation. 
  
        Late in February, the bank said in an exchange filing
that Bao, its star dealmaker, was co-operating with authorities
in their investigation.
    Bao's disappearance in February saw shares in the investment
bank plunge as much as 50%. Its shares are down about 10% this
year.
    Bao is known to be well connected in the corporate world and
was involved in a string of high-profile tech mergers including
the tie-up of ride-hailing firms Didi and Kuaidi, and food
delivery giants Meituan  3690.HK  and Dianping.
    

 (Reporting by Beijing Newsroom; editing by Andrew Heavens and
Jason Neely)
 ((qiaoyi.li@thomsonreuters.com;))