- Chinese investment bank China Renaissance said earlier this month that it could not reach its founder and controlling shareholder Bao Fan.
- The company said on Sunday it has learned Bao is cooperating with a government investigation.
- Business operations will remain normal, the company said.
China Renaissance said this month it was unable to contact founder and CEO Bao Fan. This photo is from 2016.
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BEIJING — Missing Chinese investment banker Bao Fan is cooperating with a government investigation, his company China Renaissance said in a filing on Sunday.
The company’s Hong Kong-listed shares are down 29% since the company said on Feb. 16 that it could not reach Bao. Among other things, he is the controlling shareholder, chief executive officer and founder of China Renaissance.
“The Board is aware that Mr. Bao is currently cooperating with an investigation being conducted by certain authorities in the People’s Republic of China,” China Renaissance said in a filing with the Hong Kong Stock Exchange on Sunday.
In both filings this month, China Renaissance said the company continued to operate normally.
Shares hit a record low of 5 Hong Kong dollars (64 cents) on Feb. 17, but have since recovered slightly.
China Renaissance Shares Achievement Over 12 Months.
Earlier this month, Chinese financial news outlet Caixin pointed out that Bao’s disappearance followed the investigation of another China Renaissance executive, Cong Lin.
Cong also served as the chairman of the company’s subsidiary Huajing Securities.
The China Securities Regulatory Commission office in Shanghai said in September that Huajing violated securities law requirements related to corporate governance and asked Cong to cooperate with an investigation.
The China Renaissance documents on Bao did not mention that research, and a representative did not share additional information when contacted.
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