Chinese financier Bao Fan has resigned as chairman and CEO of investment bank China Renaissance Holdings, citing “health reasons” and the desire to “spend more time with family”, an exchange filing on Friday showed.
Bao had no disagreement with the board and “there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders of the company”, the filing said.
China Renaissance is one of the largest investment banks in China, with more than 400 employees in Shanghai, Hong Kong and New York.
The resignation went into effect on Friday.
“The Board expresses its deep gratitude for Mr. Bao’s efforts and dedication to the company during the tenure of his service,” the company said in the filing.
Xie Yijing, the co-founder of the group who has been acting CEO since October, has been appointed as the chairman and CEO. He will also take over Bao’s roles as the chairman of the nomination committee and the executive committee, as well as a member of the remuneration committee, the filing said.
A Shanghai native, Bao worked for Morgan Stanley and Credit Suisse in London, New York and Hong Kong before striking out on his own in 2005 to establish China Renaissance.
He took the firm public in 2018, naming it Huaxing in Chinese in a nod to his belief that China is in a period of its cultural, political and economic renaissance.
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