China Renaissance shares extend loss after chairman goes missing
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Dealmaker Bao Fan has gone missing, in the latest disappearance of a top business executive in the country.
PHOTO: BLOOMBERG
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MELBOURNE - Shares of China Renaissance Holdings reversed early gains to fall as much as 5 per cent on Monday, following a record low hit in the previous session that was triggered by the boutique investment bank saying it could not contact its chairman.
The Hong Kong-listed stock, which climbed as much as 3.5 per cent early on Monday, gave up all those gains and fell to as low as HK$6.82. It hit an all-time low of HK$5 initially on Friday, but later recovered some ground to close at HK$7.18, down 28 per cent.
It was the third-biggest percentage loser in the Hang Seng Composite Index on financials stocks.
Dealmaker Bao Fan, founder of China Renaissance, has gone missing,
The investment bank said last week it had no information that indicated Mr Bao’s “unavailability” was related to its business, and that its operations were continuing normally. REUTERS
