Chinese bank says missing chairman is cooperating with Chinese authorities in an investigation (updated)

China Renaissance Holdings

26/02/2023 12:49

(Adds context)
       BEIJING, Feb 26 (Reuters) - China Renaissance Holdings
 1911.HK  said in an exchange filing on Sunday that its missing
chairman and star dealmaker Bao Fan was currently cooperating
with relevant Chinese authorities conducting an investigation.
    This is the first time the mainland China-based boutique
bank has given a reason for the disappearance of its founder,
though no details about the investigation were shared. 
    "The Board would like to reiterate that the business and
operations of the Group are continuing normally," the bank said
in the exchange filing. 
    Reuters previously reported, citing sources, that
authorities took Bao away earlier this month to assist in an
investigation into a former colleague, Cong Lin, the company's
former president. 
    Shares of the company slumped last week after it said in an
exchange filing the company had been unable to contact Bao.
    The dealmaker's disappearance is the latest in a series of
cases of high-profile Chinese executives going missing with
little explanation during a sweeping anti-corruption campaign
spearheaded by President Xi Jinping. 


 (Reporting by Eduardo Baptista; Editing by Frank Jack Daniel
and Raissa Kasolowsky)
 ((Eduardo.MonteiroBaptista@thomsonreuters.com;))