CHINA Renaissance Holdings’ chief executive officer Xie Yi Jing has resigned, less than 10 months after assuming the duties from co-founder Bao Fan, a star banker who has vanished from the public eye since early last year.
Xie, also a China Renaissance co-founder who replaced Bao as chairman and CEO in February, has quit the position for personal and family reasons, the firm said in a Hong Kong exchange filing on Friday (Nov 29). Xie will remain employed by the firm until Jan 31 next year and be succeeded by veteran investment banker Wang Lixing.
The announcement followed an earlier appointment of Bao’s wife as new chairperson in October, and added to a slew of staff departures since the absence of Bao, who was placed under an investigation by Chinese authorities last year. China Renaissance’s total number of employees has dropped 31 per cent from end-2022 to 521 as of end-June.
Wang, 44, started his investment banking career at China Renaissance in 2007. He has climbed the ranks within the firm and was most recently its co-president of investment banking division.
The disappearance of Bao, the once go-to banker for the country’s technology startups, has dented China Renaissance’s business growth. Shares of the firm has tumbled 60 per cent since trading resumed in September following a 17-month suspension. BLOOMBERG
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