China Renaissance says detained chairman cooperating with authorities in probe

China Renaissance Holdings

09/08/2023 16:28

Aug 9 (Reuters) - China Renaissance Holdings  1911.HK 
said on Wednesday that investigations against its chairman Bao
Fan by certain authorities is being carried out with his
cooperation.
    His detention was extended for three months from May 7 after
Bao was taken away by disciplinary officials on Feb. 7,
according to a source-based report by Economic Observer, a
Chinese financial publication. 
    The probe is the latest in a series of high-profile Chinese
executives going missing with little explanation during a
sweeping anti-corruption campaign spearheaded by President Xi
Jinping.
    The disappearance of Bao in February saw shares of the
investment bank plunge as much as 50% and led the bank to
suspend trading in the stock from April. 
    China Renaissance also said it would delay its audited
annual results. Its shares were down about 10.5% so far this
year.  
    The company said that business and operations are continuing
normally under the supervision of its Executive Committee, which
includes Executive Directors Xie Yi Jing and Wang Lixing.  

 (Reporting by Roushni Nair in Bengaluru; Editing by Arun
Koyyur)
 ((Roushni.Nair@thomsonreuters.com;))