China Renaissance shares plunge after CEO disappears
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Shares of Chinese investment firm China Renaissance collapsed on the Hong Kong stock exchange after the management of the company informedthat can not contact the founder, CEO and largest shareholder of the company, Fan Bao.
At the beginning of the trading day, shares of China Renaissance collapsed by 50%, from 10 to 5 Hong Kong dollars. Later, their price corrected, and now they are trading in the region of 7.2 Hong Kong dollars.
The report says that the company’s management has no information on whether Mr. Bao’s disappearance is related to his professional activities. The company itself temporarily came under the control of the executive committee.
China Renaissance has been behind some of China’s biggest IT sector deals in the past decade. Thus, the investment firm advised Meituan and Dianping on their large-scale merger and subsequent IPO of the combined company. In addition, China Renaissance was an advisor on the merger of Didi Taxi and Kuaidi Taxi that created Didi, and was the underwriter of the U.S. taxi aggregator IPO in June 2021.
Previous mysterious disappearances of the leaders of large Chinese companies, perhaps the most notorious of which was the case with Guo Guangchang, the head of the country’s largest private conglomerate Fosun Group, were explained quickly enough. Later they were found in a prison or police station.
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