© Reuters. FILE PHOTO-Fan Bao, founder, Chairman and CEO of China Renaissance Group, an investment bank led by one of the country’s most famed rainmakers, holds a news conference on its IPO in Hong Kong, China September 13, 2018. REUTERS/Bobby Yip
SYDNEY (Reuters) -Shares of boutique investment bank China Renaissance Holdings Ltd slumped 25% on Friday after the firm said it had been been unable to contact its 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 15% at the open and then sold off further in early trade.
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.
Bao is also China Renaissance’s controlling shareholder, according to the exchange filing.
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 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 China’s biggest tech initial public offerings including JD (NASDAQ:).Com Inc, Kuaishou Technology and 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.