Shares of China Renaissance Holdings rose as much as 9 per cent on Monday after the boutique bank said its missing chairman was cooperating with Chinese authorities in an investigation.
China Renaissance shares climbed to as much as HK$7.74 in early trade on Monday, the highest since Feb. 22, before trimming gains to HK$7.34, still up 3.4 per cent, compared to a 0.8 per cent decline in the benchmark Hang Seng Index. "We can only say the negative factor affecting the share price has been digested," said Alex Wong, director of Alex KY Wong Asset Management Company Ltd in Hong Kong.
Reuters reported on Feb. 20, citing two sources familiar with the matter and some media reports, that authorities took Bao away earlier this month to assist in an investigation into a former colleague, Cong Lin, the company's former president, .
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