Troubled investment bank China Renaissance suspends share trading / Photo: GREG BAKER - AFP/File
-
'New one' Klopp promises fresh approach as Germany reign begins
-
Australia PM says draft social media rules about taking back control
-
Milne returns to New Zealand squad for India T20 series
-
Voting opens in Alaska's annual Fat Bear Week
-
US-led Americas coalition backs sanctions against crime groups
-
MLS coach axed for telling female ref 'It's a man's game'
-
'Star Wars' fans and art lovers line up for new Lucas museum
-
US refuses to give Sudan's de facto leader visa for UN
-
Trump renames AI 'super intelligence' as leaders jostle over dangers
-
Man City hold Bayern to start Women's Champions League, Arsenal win late
-
Oil prices retreat as markets welcome US-Iran talks
-
Trump threatens Iran with 'hell' but reveals fresh talks
-
US refusing to give Sudan's de facto leader visa for UN: diplomatic sources, UN
-
Trump signs security deal with Greenland, Denmark at UN
-
Macron urges world to choose UN over 'law of the jungle'
-
Trump threatens Iran with 'hell' but unveils fresh talks
-
All-rounder Jacks stars as England beat Sri Lanka in 1st ODI
-
Chile's Atacama Desert blossoms with life after El Nino rains
-
Man City peg back Bayern to start Women's Champions League
-
Sri Lanka hands 220-year jail terms to 15 convicted of Easter bombings
-
Trump beats 'America first' drum at UN as allies tread carefully
-
Typhoon Dujuan leaves 7 dead in Japan from landslides, flooding: media
-
Snedeker backs Spaun for Ryder Cup after Presidents snub
-
Ganna and Borghini lead Italy to mixed relay gold at cycling worlds
-
French prosecutors probe secret filming of women with smart glasses
-
Drug cocktail killed former child star Hayden Panettiere: coroner
-
Trump renames AI "super intelligence," rejects international oversight
-
Moldova declares energy, water emergency
-
Trump rejects international regulation of AI
-
French Holocaust denier jailed for eight months
-
How is the EU approaching record fuel prices?
-
Oil prices slide, AI stock buzz fades
-
Sri Lanka's Colombage strikes on debut as England dismissed for 265 in first ODI
-
Trump threatens to 'annihilate' Iran in bombastic UN speech
-
Hurricane Polo strengthens to top category 5 off Mexico
-
Prada's skirts take centre stage as Milan Fashion Week begins
-
11 hurt as teen opens fire outside school in western Turkey
-
Quoin Pharmaceuticals Announces FDA Fast Track Designation for QRX003 for the Treatment of Peeling Skin Syndrome
-
UN chief says 'Big Oil' treats atmosphere as open sewer
-
Brazil's Flavio Bolsonaro turns scandal into poll gains
-
Tunisia says 2026 summer hottest on record
-
Republican senator seeks probe of Trump Jr Russian-funded wedding
-
England's Rashid out of Sri Lanka ODIs with hand injury
-
Memoir by Diana's brother goes on sale after rocking UK monarchy
-
Houthis accuse Saudi Arabia of deadly strikes as thousands flee
-
Newcomers South Korea face holders Italy in Davis Cup finals
-
Stocks climb as oil slides, AI buzz returns
-
Japan's Kojima sounds Marchand warning with Asian Games gold
-
India cricketers win in style as Afghan savours 'special' Games silver
-
England rugby star Pollock signs new Northampton deal
Troubled investment bank China Renaissance suspends share trading
Investment bank China Renaissance suspended trading in its Hong Kong-listed shares on Monday, saying the disappearance of its chairman meant it was unable to publish its annual results.
Bao Fan, the group's billionaire chairman and executive director, went missing in February and was later revealed to be "cooperating" in an official investigation -- sparking fears of a renewed crackdown on China's finance sector.
The bank, which specialises in the Chinese tech industry, announced Sunday that Bao's absence made it impossible to publish its audited 2022 results.
"At the request of the Company, trading in the shares of the Company on the Stock Exchange will be suspended with effect from 9:00 a.m. on Monday, 3 April 2023, pending the publication of the 2022 Annual Results," the bank said in a stock exchange filing.
Chinese authorities have not given any details on Bao's detention or the reasons for the investigation.
According to financial news outlet Caixin, China Renaissance president Cong Lin was taken into custody last September as authorities launched a probe into his work at the financial leasing unit of state-owned bank ICBC.
No further details have been shared about his case.
China Renaissance has become a global financial institution since its founding in 2005, with more than 700 employees and offices in Beijing, Shanghai, Hong Kong, Singapore and New York.
The group has supervised the IPOs of several domestic tech giants, including e-commerce firm JD.com.
In 2015, Bao appeared on the Bloomberg Markets 50 Most Influential list, described as a "fast-talking" banker who had the ability to "arrange practically anything in China's vibrant tech scene".
Bao is not the first high-profile Chinese financier to fall foul of the authorities in recent years, with President Xi Jinping leading an aggressive crackdown on alleged corruption.
In 2017, Chinese-Canadian businessman Xiao Jianhua was arrested by mainland authorities, receiving a 13-year jail sentence for corruption last August.
Known to have close ties to top Chinese Communist Party leaders, the billionaire was reportedly abducted from his Hong Kong hotel room by plainclothes police officers from Beijing.
G.Machado--PC