Trading in the stock of investment bank China Renaissance was suspended on the HKEX on Monday due to the delay of its financial report.
The company will delay release of its 2022 earnings report and cannot estimate when it will receive approval from its auditors to issue the report.
The auditing process cannot be completed without BAO Fan, the founder and CEO of China Renaissance. Bao has been out of reach since February 16 as he cooperates with authorities in an investigation.
The company’s 2022 Management Report reveals a significant decline in its overall revenue and net investment returns, resulting in a loss of 564 million yuan (US$82 million) for the year. China Renaissance's investment banking division suffered a 61.6 percent decrease in revenue.
