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Hong Kong
CNN
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Missing Chinese star tech banker Bao Huang A year ago, the company announced that he had officially resigned from the company he founded amid the Chinese government’s crackdown on corruption.
China Renaissance announced filing On Friday, the company announced to the Hong Kong Stock Exchange that Mr. Bao had stepped down as chairman and CEO with effective immediate effect “for health reasons and to devote more time to family matters.” .
“There are no other matters to inform our shareholders regarding his resignation,” the Hong Kong-listed company added.
No further details were disclosed. Regarding Mr. Bao’s situation and whether anyone has contacted him. The company announced in April that it had been forced to postpone the publication of its annual results because its auditors were unable to contact Bao.
CNN has reached out to China Renaissance for comment.
Last summer, the state-run Economic Observer newspaper reported that Bao had been detained by the country’s top anti-corruption watchdog since his disappearance in February 2023. He is said to be involved in an investigation into allegations of corporate bribery, the report said.
China Renaissance announced a management reshuffle, replacing its chairman and chief executive officer (CEO) and other executives. The changes include the company’s co-founder Xie Yi Jing becoming the new chairman, replacing Bao. He was also “reappointed” from acting CEO to CEO of the company, the filing states.
Mr. Bao was a veteran banker in China’s high-tech industry. He founded China Renaissance in Beijing in 2005, making the company one of China’s top deal makers for high-tech companies. He helped broker the merger of his Meituan and Dianping, the country’s leading food delivery services, in 2015. Currently, the combined company’s “super app” platform is widely popular in China.
The banker’s disappearance sent chills through China’s financial markets and tech industry. The company later said Bao was “cooperating with investigations” by certain Chinese authorities, but did not provide further details.
Bao’s disappearance coincides with a wide-ranging corruption crackdown launched by the ruling Communist Party on the financial industry, with more than a dozen executives from China’s largest financial institutions being detained.
China Renaissance’s shares were suspended from trading in April last year due to issues related to Bao’s position.
Last month, China Renaissance Said It had appointed a new auditor following Deloitte Touche Tohmatsu’s resignation and planned to publish its 2022 annual results and 2023 interim report “as soon as practicable.”
According to Hong Kong Stock Exchange rules, the publication of the company’s financial results is a key requirement for the company’s shares to resume trading.