(Yicai Global) Feb. 27 -- Shares of China Renaissance Holdings, one of the country's leading investment banks, jumped after it said missing chairman and legendary dealmaker Bao Fan is cooperating in an investigation by Chinese authorities.
After soaring by as much as 9 percent in the morning, China Renaissance [HKG: 1911] ended 2.1 percent higher today at HKD7.25 (92 US cents) a share.
The bank has been trying to locate Bao and ascertain his situation since Feb. 16, China Renaissance said yesterday, without disclosing further details regarding the investigation he is helping with.
China Renaissance's business operations will remain normal under the supervision of its executive committee, the investment bank said, adding that it will cooperate and assist with any legal request from the authorities.
Bao is also co-founder, controlling shareholder, executive director, and chief executive officer of China Renaissance, a unit of China Investment, the country's sovereign wealth fund. He is well-known for brokering major tech sector mergers, including those of ride-hailing service providers Didi Dache and Kuaidi Dache.
Insiders previously told Yicai Global that Bao's disappearance was likely connected with an ongoing investigation into Cong Lin, China Renaissance's former president. Cong was involved in improper activities in the ship leasing business, TMTpost reported, citing a source close to the bank.
Founded in 2005, China Renaissance deals mainly with the country's new economy sector, including placements, mergers and acquisitions, securities underwriting and issuance, securities research, securities sales and trading, private equity investment, brokerage asset management, and other services. It provides financial services across the Chinese mainland, Hong Kong, and the United States for Chinese new economy entrepreneurs and investors.
Editor: Martin Kadiev