Bao Fan resigns from China Renaissance Holdings following 2023 investigation, disappearance
Chinese financier Bao Fan resigns as chairman and CEO of China Renaissance Holdings due to "health reasons" and a desire to "spend more time with family," according to an exchange filing.
Bao Fan, 53, has been under an unspecified investigation by mainland authorities since February 2023, leading to his sudden disappearance and a subsequent decline in the company's shares.
The resignation, effective immediately, is stated to have no disagreement with the board, and there are no additional matters requiring shareholder attention, as per the filing.
China Renaissance is a major investment bank in China, operating with over 400 employees across Shanghai, Hong Kong, and New York.
The board expresses gratitude for Bao Fan's contributions during his tenure, according to the filing.
Xie Yijing, the co-founder, and acting CEO since October, succeeds Bao as the new chairman and CEO, taking on additional roles in various committees.
Bao Fan, a former employee of Morgan Stanley and Credit Suisse, founded China Renaissance in 2005 after working in London, New York, and Hong Kong.
The abrupt resignation comes amid ongoing investigations and signifies a change in leadership for one of China's prominent investment banks.
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