China Renaissance says its lacking founder Bao Fan is cooperating with a authorities probe

BEIJING — Lacking Chinese language funding banker Bao Fan is cooperating with a authorities investigation, his agency China Renaissance mentioned in a submitting Sunday.

The corporate’s Hong Kong-listed shares have plunged 29% for the reason that agency mentioned on Feb. 16 it was unable to reach Bao. He’s China Renaissance’s controlling shareholder, chief govt officer and founder, amongst different roles.

“The Board has grow to be conscious that Mr. Bao is at the moment cooperating in an investigation being carried out by sure authorities within the Individuals’s Republic of China,” China Renaissance mentioned in a submitting with the Hong Kong inventory change Sunday.

In each filings this month, China Renaissance mentioned its enterprise continued to function usually.

Its shares hit a file low of 5 Hong Kong {dollars} (64 cents) on Feb. 17 however have since recovered barely.

China Renaissance shares 12-month efficiency.

Earlier this month, Chinese language monetary information outlet Caixin identified that Bao’s disappearance adopted the investigation of one other China Renaissance govt, Cong Lin.

Cong was additionally the chairman of the agency’s subsidiary Huajing Securities.

The China Securities Regulatory Fee Shanghai bureau mentioned in September that Huajing violated securities legislation necessities concerning company governance, and asked Cong to comply with an investigation.

China Renaissance’s filings about Bao didn’t point out that probe, and a consultant didn’t share extra data when contacted.