Bao Fan, the CEO of China Renaissance, has actually stepped down from his position after a year of working together with a continuous examination and running out the general public eye.
China Renaissance annouced today, pointing out health issues and Bao’s requirement to dedicate more time to his household, that Bao Fan has actually relinquished his functions as the executive director, chairman of the board, CEO, chairman of the election committee, chairman of the executive committee, and a member of the settlement committee. His resignation worked on February 2, 2024.
Bao Fan is a considerable figure in China’s financial investment sector. He has actually effectively managed a number of prominent offers, consisting of the merger of Meituan and Dianping, Tencent‘s financial investment in JD.comand the debt consolidation of 58. com and Ganji. He likewise developed a fund that bought a range of business, such as Huada Intelligent Manufacturing, Beehive Energy, Li AutoFeipeng Bio, Pop Mart, Gatland, and so on.
Market experts have actually recommended that Bao Fan’s participation in the examination may be connected to a probe into Cong Lin, the previous president of China Renaissance. This examination mainly relates to a loan gotten prior to China Renaissance’s listing in Hong Kong. ICBC Financial Leasing gave China Renaissance a $200 million loan, with a yearly rate of interest of 7.62% and the business’s shares as security, in October 2017. China Renaissance repaid this loan in September 2018, the very same month it was noted in Hong Kong. What makes this circumstance interesting is that Cong Lin, who was the chairman and CEO of ICBC International at the time, handled this loan. Less than 2 years after the loan was released and paid back, Cong Lin signed up with China Renaissance as the group president, reporting straight to Bao Fan.
In September 2022, Cong Lin was taken in for questioning by authorities, triggering Bao Fan to start working together with the examination. A year later on, in October 2023, China Renaissance selected Xie Yijing, the Group Executive Director and Co-Founder, as the business’s acting CEO.
China Renaissance validated in its most current statement that Bao Fan’s resignation did not originate from any disputes with the board of directors. The business revealed its deep gratitude for Bao Fan’s contributions and efforts throughout his period, acknowledging his management in assisting the business through many difficulties and towards considerable accomplishments.
The business’s monetary report for the very first half of 2023 revealed an income of 563 million yuan, marking a 6.7% decline from the 603 million yuan reported in the very same duration the previous year. A considerable part of this decrease can be credited to the 51.5% drop in financial investment banking company earnings, which fell from 232 million yuan in the previous year to 113 million yuan. The business associated this decrease to an uninspired monetary market environment, identified by a slow IPO market in Hong Kong, diminishing fundraising for U.S. noted Chinese stocks, and a weak financial investment belief in the domestic personal funding market.
Since completion of the reporting duration, China Renaissance had a labor force of 639 staff members, a 15% reduction from completion of 2022. Presently, trading of China Renaissance shares stays suspended. Prior to the suspension, the business’s share cost stood at 7.27 Hong Kong dollars, offering it a market price of 4.132 billion Hong Kong dollars.
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