(Yicai) Feb. 2 -- The troubled co-founder and chairman of China Renaissance Holdings has suddenly stepped down from all positions at the leading Chinese investment bank, almost one year after the bank lost touch with him, but he remains controlling shareholder.
Bao Fan is standing down as chairman, chief executive officer, executive director and all other posts with immediate effect for health reasons, Beijing-based CR Holdings said today, adding that Bao wanted to spend more time with his family.
He will be replaced by Xie Yijing, who helped set up CR Holdings with Bao in 2005, the firm said. 54-year-old Xie has been running the company since Bao disappeared in February last year and in October 2023 was appointed acting CEO.
CR Holdings said it was unable to get in touch with Bao on Feb. 16 last year. Then 10 days later it said Bao was co-operating with Chinese authorities conducting an investigation, without going into more details.
As a result of Bao’s detainment, CR Holdings was unable to complete its annual audit and was forced to postpone the release of its 2022 financial report. This resulted in its shares being suspended from trading from April 3 last year.
CR Holdings has also appointed a new vice chair of the board, an executive director and non-executive director. The non-executive director is a relative of Bao’s, Sun Chinhung. 33-year-old Sun joined the company in July 2015 and serves as director of the CEO’s office, assisting the CEO in strategic investment and development.
Editors: Shi Yi, Kim Taylor