© Reuters. FILE PHOTO-Fan Bao, founder, chairman and CEO of China Renaissance Group, an investment bank run by one of the country’s most famous rainmakers, holds a news conference on its initial public offering in Hong Kong, China , on September 13, 2018. REUTERS/Bobby Yip
SYDNEY (Reuters) – Shares of boutique investment bank China Renaissance Holdings Ltd fell 25% on Friday after the firm said it had been unable to contact its chairman and chief executive officer Bao Fan.
“The board is not aware of any information indicating that Mr. Bao’s unavailability is or could be related to the Group’s business and/or operations, which continue as normal,” the Hong Kong-listed company said in a statement. Thursday.
China Renaissance shares fell 15% at the open and then sold off further in early trading.
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 built a career working on high-profile technology deals. He started China Renaissance in 2005.
Bao is also the majority shareholder of China Renaissance, according to the bourse’s filing.
China Renaissance was listed on the Hong Kong Stock Exchange in 2018 after raising $346 million.
Bao has worked on major technology mergers in China, including bringing together ride-sharing champions Didi and Kuaidi, food delivery giants Meituan and Dianping, and travel device platforms Ctrip and Qunar. He had previously worked at Credit Suisse Group AG and Morgan Stanley (NYSE:) and had been described as one of the best-connected bankers in China.
China Renaissance has advised some of the largest technology IPOs in China, including JD (NASDAQ:).Com Inc, Kuaishou Technology and Didi’s New York listing in 2021.
China Renaissance is also an active investor in the technology sector. In 2019, it raised more than 6.5 billion yuan ($945 million) in a yuan-denominated fund.