(Yicai Global) Feb. 17 -- Shares of China Renaissance Holdings, one of the country’s leading investment banks, plunged after it said chairman and legendary dealmaker Bao Fan had disappeared.

After as much as halving in value in morning trade, China Renaissance [HKG: 1911] closed down 28 percent at HKD7.18 (92 US cents) a share today.

China Renaissance has been unable to get in touch with Bao, it said in a stock exchange filing yesterday. There is no information indicating that his disappearance is related to the bank’s business operations, which remain normal, with its executive committee continuing to manage daily operations, the Beijing-based bank added.

Bao is also co-founder, controlling shareholder, executive director, and chief executive officer of China Renaissance, a unit of China Investment, the country's sovereign wealth fund. He is well-known for brokering major tech sector mergers including those of ride-hailing service providers Didi Dache and Kuaidi Dache.

Yicai Global tried to contact Bao yesterday without success. A China Renaissance representative declined to comment.

Insiders told Yicai Global that Bao's disappearance is likely connected with an ongoing investigation into Cong Lin, the investment bank’s former president.

Cong became president of China Renaissance and chairman of its unit, China Renaissance Securities Hong Kong, in July 2020. He reported directly to Bao and was responsible for developing and managing the investment banking business.

Cong left the position after major senior management changes at China Renaissance Securities, leaving Xiang Wei as chairman. Cong has been under investigation by authorities since September, financial news outlet Caixin reported yesterday.

China Renaissance invests mainly in the country's new economy sector, including placement, mergers and acquisitions, securities underwriting and issuance, private equity investment, and other services. China Renaissance Securities is one of the first joint venture securities firms established under the Mainland and Hong Kong Closer Economic Partnership Arrangement.

Editor: Martin Kadiev