China Renaissance posts record drop after failing to contact chairman

China Renaissance Holdings

17/02/2023 02:32

** Shares of China Renaissance Holdings  1911.HK  plunges as
much as 50% to HK$5 apiece, their biggest daily pct drop and
their lowest since debut in September 2018, after the boutique
investment bank said it failed to contact its chairman 
    ** China Renaissance, with current market valuation of
HK$4.013 billion ($511.35 million), trims losses later but still
down 29.3% at HK$7.07; biggest pct loser on the Hong Kong bourse
    ** The Beijing-based group says it had been unable to
contact Chairman, Chief Executive and controlling shareholder
Bao Fan and the board is not aware of any information that
indicates Bao's unavailability is or might be related to its
business or operations 
    ** Says its business and operations continue normally   
    ** Stock is the biggest pct decliner in Hang Seng Composite
Index  .HSCI  and Hang Seng Composite Index on financials stocks
 .HSCIF  
    ** The Hang Seng Composite Index tracking financials stocks
 .HSCIF  and the Hang Seng Finance Index  .HSNF  both slip 0.3%
    ** The Hang Seng Composite Index  .HSCI  eases 0.4% and the
Hang Seng Index  .HSI  slides 0.6%
    ** As of last close, the stock had risen 23.2% this year
($1 = 7.8479 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))