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Understanding China's Type 055 Destroyer: Is it the World's Strongest?
- Thread starter LaoTze
- Start date
China Renaissance Crashes as Trading Resumes After Bao Fan Exit
- Shares resume trading in Hong Kong after 17-month suspension
- Ex-chair Bao was replaced amid unspecified government probe
By Lulu Yilun Chen
September 9, 2024 at 9:43 AM GMT+8
Updated on
September 9, 2024 at 11:07 AM GMT+8
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China Renaissance Holdings Ltd.’s shares fell as much as 73% after resuming trading in Hong Kong on Monday, 17 months after the stock was suspended following the detention of its former Chairman Bao Fan.
The company said it has fulfilled requirements for the trading resumption, releasing its earnings for the first half and for last year and 2022.
The company replaced Bao in February, a year after he vanished from the public eye due to an investigation by Chinese authorities. Shares of China Renaissance were down 63% as of 11:00 a.m., wiping out about HK$2.6 billion ($334 million) of its market value.
