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.

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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.

Undated photograph of Hui Yin-ching. Photo: Sina alt=Undated photograph of Hui Yin-ching. Photo: Sina>

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.

Renaissance shares rose 1.6 per cent in an advancing market in Hong Kong to HK$3.76 in recent trading.

Bao, who founded Renaissance in 2005, disappeared from public view in February 2023. The banker was "cooperating in an investigation carried out by certain authorities" on the mainland, Renaissance said in a statement then, 10 days after failing to make contact with him.

Portrait of Bao Fan, founder of China Renaissance investment bank, at the bank's office at ICC, West Kowloon, on 28 May 2019. Photo: Nora Tam alt=Portrait of Bao Fan, founder of China Renaissance investment bank, at the bank's office at ICC, West Kowloon, on 28 May 2019. Photo: Nora Tam>

Bao, 53, was born in Shanghai and attended high school in the United States before returning to his hometown to get a degree from Shanghai Fudan University. He worked for Morgan Stanley and Credit Suisse in London, New York, and Hong Kong before striking out on his own to establish Renaissance, taking the company public in 2018.

Widely recognised as one of China's best-connected "rainmakers," Renaissance brokered deals including the merger of the ride-hailing firms Didi and Kuaidi to form Didi Chuxing, helped to combine the food delivery giants Meituan and Dianping, as well as Ctrip's takeover of Qunar to form Trip.com.

Bao later expanded into private equity to support start-ups and tech companies, managing US$8.8 billion worth of assets at the end of 2020.

Bao stepped down in February as the chairman and CEO of Renaissance, close to the anniversary of his disappearance. The bank cited "health reasons" and the desire "to spend more time on his family affairs," as the reason for his resignation.

Shares of the boutique investment firm dropped by as much as 72 per cent to a record low on September 8 when trading resumed after a 17-month suspension due to the Bao's role in the undisclosed investigation. The firm's management team pledged that they would not sell any shares of the group for six months, "showing their unwavering confidence in and support for the group."

Renaissance's net loss widened by 9.8 per cent to 472 million yuan (US$66.8 million) last year, while its revenue dropped 37 per cent to 1 billion yuan over the same period.

The company's Hong Kong and mainland offices, which had more than 700 employees before Bao's disappearance, has since declined by a third, Reuters reported in February.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved.

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