By CHEN Jing
China Renaissance’s stock price has dropped by over 30 percent since February when its Chairman BAO Fan began his participation in an investigation.
China Renaissance Holdings announced that Bao Fan continues to cooperate with authorities in an undisclosed investigation. Business is continuing normally under the supervision of the executive committee, which includes executive directors XIE Yijing and WANG Lixing.
This announcement comes almost six months after CR’s initial statement confirming Bao’s unavailability. The company emphasized that operations were unaffected during this period.
The stock price of CR has fallen from HK.19 (about US.3) to HK.27 since February. Bao, who founded the company in 2005, played a vital role in tech company mergers. The implications of this situation remain unclear.
It's worth noting that China Renaissance Securities (Hong Kong) Ltd., a subsidiary of CR, recently underwent leadership changes. Prior to Bao’s participation, CONG Lin, President of CR Group and Chairman of CR Securities, was put under investigation in September 2020.
