Feb. 7, 2024
China Renaissance Becomes a Buyout Target With Departure of its Founder Bao Fan
BEIJING, February 7 (AsianFin) – China Renaissance, a boutique Chinese investment bank, has become a realistic target for takeover since its founder and CEO Bao Fan resigned last Friday.  Bao, a star investment banker involved in a number of big deals in Chinese tech industry, has disappeared from public view since December 2022. China Renaissance disclosed in February 2023 that he was assisting a criminal probe into a former ICBC executive. His company was in limbo due to his disappearance.  About 100 executives and employees resigned or lost their jobs, accounting for one third of the total staff in Hong Kong, according to a source familiar with the matter. An unlisted Hong Kong firm held talks with China Renaissance. However, no decision could be possibly made by China Renaissance since Bao, a director of the board, had been away from the company. 
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