Business
China Renaissance Shares Plunge upon Market Return after 17-Month Suspension Amid Founder Bao Fan’s Investigation
China Renaissance Holdings' shares take a nosedive in Hong Kong's stock market as trading resumes following a 17-month hiatus due to the disappearance of Chinese financier Bao Fan.
Stocks of China Renaissance Holdings, a company founded by Bao Fan who has been under investigation by Beijing for over a year, experienced a sharp drop in Hong Kong when they returned to trading following a 17-month hiatus.
The shares fell sharply by up to 73 per cent, plummeting to HK$1.98 on Monday, but later slightly recovered, limiting the drop to 66 per cent. The Hang Seng Index also experienced a decrease, sliding by 2 per cent. The latest trading of these shares took place on March 31, 2023.
The board believes the company has met all the necessary criteria outlined in the Resumption Guidance, prompting them to submit an application to the stock exchange, according to the announcement. It's recommended that current shareholders and prospective investors proceed with caution when trading this company's shares.
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