Shares of China Renaissance Holdings reversed early gains to fall as much as 5% on Monday, following a record low hit in the previous session that was triggered by the boutique investment bank saying it could not contact its chairman.
The Hong Kong-listed stock, which climbed as much as 3.5% early on Monday, gave up all those gains and fell to as low as HK$6.82. It hit an all-time low of HK$5 initially on Friday but later recovered some ground to close at HK$7.18, down 28%.
It was the third biggest percentage loser in the Hang Seng Composite Index on financials stocks.
Dealmaker Bao Fan, the founder of China Renaissance, has gone missing, in the latest disappearance of a top business executive in the country. The investment bank said last week it had no information that Bao’s “unavailability” was related to its business, and that its operations were continuing normally.
Reuters