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SYDNEY (Reuters) -Shares of boutique investment bank China Renaissance Holdings Ltd fell by as much as 50% on Friday after the firm said it had been unable to contact Chairman and Chief Executive Bao Fan.
“The board is not aware of any information that indicates that Mr. Bao’s unavailability is or might be related to the business and or operations of the Group which is continuing normally,” the Hong Kong-listed company said in a filing on Thursday.
China Renaissance shares slid by 50% in early trade to hit a record low of HK$5 each. The stock then regained some ground to be off by 28%.
A spokesman for the firm referred Reuters’ request for comment on Friday to the company’s public filing.
Bao is a well-known dealmaker in China who has carved out a career working on high-profile tech transactions. He started China Renaissance in 2005 and the exchange filing showed he is its controlling shareholder.
China Renaissance was listed on the Hong Kong Stock Exchange in 2018 after it raised $346 million.
Bao worked on China’s major technology mergers including the tie-up of ride-hailing champions Didi and Kuaidi, food delivery giants Meituan and Dianping and travel devices platforms Ctrip and Qunar. He previously worked at Credit Suisse Group AG and Morgan Stanley (NYSE:MS) and has been described as one of China’s best-connected bankers.
China Renaissance has advised some of China’s biggest tech initial public offerings including those of JD (NASDAQ:JD).Com Inc and Kuaishou Technology as well as Didi’s listing in New York in 2021.
China Renaissance is also an active investor in the tech sector. In 2019, it raised more than 6.5 billion yuan ($945 million) in a yuan-denominated fund.
