China Renaissance Holdings Limited (1911.HK) has appointed an acting Chief Executive Officer to formally take charge of the management of the company. The move comes after the boutique investment bank was rocked by the disappearance of its chief executive and controlling shareholder.
Mr Xie, 53, will act as chief executive of Bao Fan, who went missing in February. Mr Xie is a co-founder of China Renaissance and has been leading the company's executive committee since Mr Bao disappeared, the company said in a regulatory statement.
China Renaissance's Hong Kong-listed shares have been suspended from trading for months because auditors were unable to complete the audit without speaking to Mr Bao. China Renaissance Capital said it has made progress on an alternative plan that may enable the company to issue audited financial statements for 2022.
Mr. Bao has been implicated in an investigation by Chinese authorities. The Wall Street Journal...
China Renaissance Holdings Limited (1911.HK) has appointed an acting Chief Executive Officer to formally take charge of the management of the company. The move comes after the boutique investment bank was rocked by the disappearance of its chief executive and controlling shareholder.
Mr Xie, 53, will act as chief executive of Bao Fan, who went missing in February. Mr Xie is a co-founder of China Renaissance and has been leading the company's executive committee since Mr Bao disappeared, the company said in a regulatory statement.
China Renaissance's Hong Kong-listed shares have been suspended from trading for months because auditors were unable to complete the audit without speaking to Mr Bao. China Renaissance Capital said it has made progress on an alternative plan that may enable the company to issue audited financial statements for 2022.
Mr. Bao has been implicated in an investigation by Chinese authorities. The Wall Street Journal reported earlier that he was taken away to assist in a corruption investigation involving former China Renaissance president Jungle. Mr. Jungle worked for a subsidiary of China's largest state bank.
The investigation is still ongoing. The Wall Street Journal reported last week that a senior Nomura investment banker in Hong Kong who had worked with Mr Cong in the past had recently been barred from leaving China because he was co-operating with an investigation.