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Renaissance shares tumble after its founder Bao Fan became ‘uncontactable’, sending a cloud over the deal maker behind Didi, Meituan and Kuaishou

  • China Renaissance said that it had been ‘unable to contact’ its founder and chairman Bao Fan, a key figure in the fundraising and mergers of Didi, Meituan and Trip.com
  • Shares of one of China’s largest private investment banks plunged as much as 50 per cent to an intraday low of HK$5, before clawing back some losses to close at HK$7.18

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Bao Fan, founder and chairman of China Renaissance Holdings Limited, in Causeway Bay on 21 May 2012. Photo: May Tse.
Iris Ouyang

China Renaissance Holdings Limited’s shares plunged, after the investment bank and deal maker behind the initial public offerings (IPO) of Didi and Meituan said it could not reach its founder and chairman.

Bao Fan, born in 1970, could not be contacted, according to Renaissance’s statement to the Hong Kong stock exchange (HKEX), released late last night. Its stock plunged as much as 50 per cent to an intraday low of HK$5.00, before clawing back some of the loss to close at HK$7.18 in Hong Kong, its lowest level since its 2018 listing.

The company’s board “is not aware of any information that indicates that Bao’s unavailability is or might be related to the business and/or operations of the group which is continuing normally”, according to the statement.

Renaissance did not reply to an emailed request for clarification from the South China Morning Post.

Bao Fan, founder and chairman of China Renaissance Holdings Limited at the International Commerce Centre (ICC) in West Kowloon on 26 January 2018. Photo: Xiaomei Chen.
Bao Fan, founder and chairman of China Renaissance Holdings Limited at the International Commerce Centre (ICC) in West Kowloon on 26 January 2018. Photo: Xiaomei Chen.

Renaissance’s investment banking head Wang Lixing told employees on Friday morning to “believe in the group, believe in the executive committee, not lose our heads”, and “not to spread or believe rumours”, according to a report by the Financial Times, citing a message to staff. “The available information is limited”, he said.

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