China Renaissance said this month it was unable to contact its founder and CEO Bao Fan. This picture is from 2016.
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BEIJING – Missing Chinese investment banker Bao Fan is cooperating with a government investigation, his company said Chinese Renaissance said in a filing Sunday.
Shares of the Hong Kong-listed company have fallen 29% since the company on February 16 failed to reach Bao. He is China Renaissance’s controlling shareholder, chief executive officer and founder, among other roles.
“The board has become aware that Mr. Bao is cooperating in the investigation carried out by certain authorities in the People’s Republic of China,” China Renaissance said in a filing with the Hong Kong stock exchange Sunday.
In two filings this month, China Renaissance said its business is continuing to operate as normal.
The stock hit a record low of 5 Hong Kong dollars (64 cents) on February 17 but has since recovered slightly.
China Renaissance shows its 12-month performance.
Earlier this month, Chinese financial news outlet Caixin pointed out that Bao disappeared following an investigation into another China Renaissance executive, Cong Lin.
Cong is also chairman of Huajing Securities subsidiary.
China’s Shanghai Securities Regulatory Commission Bureau said in September that Huajing violated securities law requirements on corporate governance, and asked Cong to submit to an investigation.
China Renaissance’s filing about Bao did not mention the probe, and representatives did not share additional information when contacted.