China Renaissance says its missing founder Bao Fan is cooperating with a government probe

BEIJING — Missing Chinese concern banker Bao Fan is cooperating with a authorities investigation, his steadfast China Renaissance said successful a filing Sunday.

The company's Hong Kong-listed shares person plunged 29% since the steadfast said connected Feb. 16 it was unable to scope Bao. He is China Renaissance's controlling shareholder, main enforcement serviceman and founder, among different roles.

"The Board has go alert that Mr. Bao is presently cooperating successful an probe being carried retired by definite authorities successful the People's Republic of China," China Renaissance said successful a filing with the Hong Kong banal speech Sunday.

In some filings this month, China Renaissance said its concern continued to run normally.

Its shares deed a grounds debased of 5 Hong Kong dollars (64 cents) connected Feb. 17 but person since recovered slightly.

China Renaissance shares 12-month performance.

Earlier this month, Chinese fiscal quality outlet Caixin pointed retired that Bao's disappearance followed the probe of different China Renaissance executive, Cong Lin.

Cong was besides the president of the firm's subsidiary Huajing Securities.

The China Securities Regulatory Commission Shanghai bureau said successful September that Huajing violated securities instrumentality requirements regarding firm governance, and asked Cong to comply with an investigation.

China Renaissance's filings astir Bao did not notation that probe, and a typical did not stock further accusation erstwhile contacted.