China Renaissance Shares Plunge 73% on Trading Resumption Following Bao Fans Detention

China Renaissance Holdings Ltd. resumed trading on the Hong Kong stock exchange after a 17-month suspension following former Chairman Bao Fan`s detention. The company`s shares plummeted upon their return, reflecting the impact of Bao`s absence and the ongoing investigation. Despite fulfilling requirements for trading resumption and replacing Bao, the company reported significant losses and a decline in revenue and employees. An internal review revealed no evidence of wrongdoing by Bao but highlighted the risks associated with doing business in China amid increased regulatory scrutiny. Bao`s wife, a majority shareholder, has been appointed as a non-executive director, while several executive directors have committed to holding their shares.