Troubled investment bank China Renaissance suspends share trading / Photo: © AFP/File
RYCEF
0.4000
The China Mail - Troubled investment bank China Renaissance suspends share trading
USD
-
AED 3.672504
AFN 65.000368
ALL 81.093924
AMD 362.340403
ANG 1.789785
AOA 917.000367
ARS 1517.769404
AUD 1.441016
AWG 1.80125
AZN 1.70397
BAM 1.737184
BBD 2.014096
BDT 123.013106
BGN 1.747831
BHD 0.378215
BIF 2992.951961
BMD 1
BND 1.279251
BOB 11.674683
BRL 5.076904
BSD 0.999987
BTN 94.90991
BWP 13.69981
BYN 3.011418
BYR 19600
BZD 2.0112
CAD 1.415875
CDF 2313.50392
CHF 0.824445
CLF 0.024993
CLP 983.670396
CNY 6.691204
CNH 6.68619
COP 3180.71
CRC 454.426349
CUC 1
CUP 23.999751
CVE 97.94238
CZK 21.666304
DJF 177.720393
DKK 6.65702
DOP 61.341138
DZD 134.59804
EGP 53.445704
ERN 15
ETB 163.338263
EUR 0.890504
FJD 2.26765
FKP 0.754433
GBP 0.751025
GEL 2.590391
GGP 0.754433
GHS 11.677347
GIP 0.754433
GMD 73.503851
GNF 8797.182486
GTQ 7.640687
GYD 209.212677
HKD 7.84805
HNL 26.844726
HRK 6.709804
HTG 130.951694
HUF 323.51104
IDR 18074
ILS 3.09465
IMP 0.754433
INR 94.936104
IQD 1515.928036
IRR 1795877.503816
ISK 121.303814
JEP 0.754433
JMD 158.956162
JOD 0.70904
JPY 158.042504
KES 129.750385
KGS 87.450384
KHR 4064.466561
KMF 440.00035
KPW 899.999961
KRW 1335.265039
KWD 0.31087
KYD 0.833322
KZT 452.525504
LAK 22500.033308
LBP 89547.588277
LKR 331.200064
LRD 170.494162
LSL 16.438047
LTL 2.95274
LVL 0.60489
LYD 6.422014
MAD 9.715273
MDL 17.939255
MGA 4500.539585
MKD 54.760329
MMK 2099.795777
MNT 3598.409679
MOP 8.084042
MRU 39.978149
MUR 47.230378
MVR 15.460378
MWK 1733.994173
MXN 18.496445
MYR 4.083204
MZN 63.903729
NAD 16.437609
NGN 1331.520377
NIO 36.800007
NOK 9.43758
NPR 151.850816
NZD 1.770995
OMR 0.384501
PAB 0.999951
PEN 3.43973
PGK 4.540711
PHP 63.084504
PKR 276.827454
PLN 3.891404
PYG 5711.26576
QAR 3.65521
RON 4.741804
RSD 104.563038
RUB 83.068025
RWF 1475.944949
SAR 3.752528
SBD 8.064647
SCR 14.026038
SDG 601.503676
SEK 9.921865
SGD 1.28021
SHP 0.754745
SLE 24.680371
SLL 20969.504398
SOS 571.476789
SRD 37.794504
STD 20697.981008
STN 21.762012
SVC 8.750105
SYP 13001.999685
SZL 16.431068
THB 33.443038
TJS 9.214897
TMT 3.51
TND 2.983182
TOP 2.40776
TRY 49.524604
TTD 6.788709
TWD 32.455504
TZS 2639.998038
UAH 44.854439
UGX 4130.267757
UYU 40.255282
UZS 12055.266629
VES 878.910604
VND 25894.5
VUV 119.436793
WST 2.780879
XAF 584.1324
XAG 0.017517
XAU 0.00024003639
XCD 2.70255
XCG 1.80225
XDR 0.707052
XOF 584.1324
XPF 105.932147
YER 236.150363
ZAR 16.48027
ZMK 9001.203584
ZMW 20.019452
ZWL 321.999592
SSP 5790.440039
MXV 2.088432
- UN climate panel fails to agree date for global warming update: envoy
- Figueroa loses title at weigh-in but Kameda can win it
- Macron calls for calm amid fears of violence at France protests
- Stocks struggle to bounce back from AI angst-fueled rout
- Deforestation in Brazil Amazon hits nearly four-decade low
- Clashes grip Tirana as Albanian PM blames 'foreign hands'
- US budget deficit grows to nearly $2 trillion, highest since 2021
- End of a dynasty? Dodgers digest playoff drubbing
- Bend grieves after mass shooting: 'Who would do this to little kids?'
- Troyes sack sporting director Blanchard amid sexism claims
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.Fung--ThChM
