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Troubled investment bank China Renaissance suspends share trading

By AFP - Apr 03,2023 - Last updated at Apr 03,2023

BEIJING — 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 9:00am 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.

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