BOUTIQUE investment bank china Renaissance Holdings said it would delay its audited annual results and suspend its stock trading after the disappearance of its chairman, Bao Fan, reports Tokyo's Nikkei Asia.
In a filing to the Hong Kong stock exchange, the bank said auditors told it they were unable to complete their audit and sign off on the earnings report until Mr Bao, as controlling shareholder is available.
'While the company has used its best efforts to facilitate the requests of the auditors,' those requests are not matters within the control of China Renaissance, the bank said in the filing, adding that the board 'was not able to reasonably estimate when it would meet to approve' the 2022 annual results.
Mr Bao, who is also CEO, started the bank in 2005 with a two-man team, seeking to match capital-hungry startups with venture capitalists and private equity investors.
SeaNews Turkey
In a filing to the Hong Kong stock exchange, the bank said auditors told it they were unable to complete their audit and sign off on the earnings report until Mr Bao, as controlling shareholder is available.
'While the company has used its best efforts to facilitate the requests of the auditors,' those requests are not matters within the control of China Renaissance, the bank said in the filing, adding that the board 'was not able to reasonably estimate when it would meet to approve' the 2022 annual results.
Mr Bao, who is also CEO, started the bank in 2005 with a two-man team, seeking to match capital-hungry startups with venture capitalists and private equity investors.
SeaNews Turkey
