(Reuters) – China Renaissance Holdings said on Wednesday that investigations against its chairman Bao Fan by certain authorities were being carried out with his cooperation.
His detention was extended for three months from May 7 after Bao was taken away by disciplinary officials on Feb. 7, according to a source-based report by Economic Observer, a Chinese financial publication.
The probe is the latest in a series of high-profile Chinese executives going missing with little explanation during a sweeping anti-corruption campaign spearheaded by President Xi Jinping.
The disappearance of Bao in February saw shares of the investment bank plunge as much as 50% and led the bank to suspend trading in the stock from April.
China Renaissance also said it would delay its audited annual results. Its shares were down about 10.5% so far this year.
The company said that business and operations are continuing normally under the supervision of its Executive Committee, which includes Executive Directors Xie Yi Jing and Wang Lixing.
(This story has been refiled to correct syntax in paragraph 1)
(Reporting by Roushni Nair in Bengaluru; Editing by Arun Koyyur)
