Renaissance names founder’s wife as chair of investment bank, as Bao Fan remains missing
Hui Yin-ching, also known as Xu Yanqing, was designated as the chairperson of the bank’s board and executive director effective October 9, Renaissance said.
China Renaissance Holdings, which arranged some of China’s largest technology mergers, has appointed the wife of founder Bao Fan as its new chairperson to head the privately owned firm, more than a year after the investment banker disappeared from public view.
Hui Yin-ching, also known as Xu Yanqing on the mainland, was designated as the chairperson and executive director effective October 9, according to a statement issued last night by the Beijing-based financial services group.
Hui, 54, will be in charge of the company’s strategic planning with a focus on the wealth management business, leading its expansion into emerging markets and managing the group’s investor relations, Renaissance said.
Hui “has been closely involved in the establishment of Renaissance, playing a key role in driving its growth and witnessing its journey to becoming the successful company it is today,” said the company.
Leveraging her management experience and network, Hui has introduced key clients and investors to the company, including several family offices to the wealth management division. Her appointment will help the group “achieve greater business success in the future,” it added.
China Renaissance shares dropped 1.1 per cent to HK$3.62 at the close of trading in Hong Kong on Thursday. They earlier surged as much as 9.3 per cent to HK$4. The company has lost half of its market value over the past 12 months, according to Bloomberg data.
