China Renaissance Holdings CEO Resigns Amid Uncertainty
Xie Yi Jing, the chief executive officer of China Renaissance Holdings, has resigned from his position, less than 10 months after taking over from co-founder Bao Fan, who has been absent from the public eye since early last year.
Reason for Resignation
Xie has quit the position for personal and family reasons, the firm said in a Hong Kong exchange filing on Friday (Nov 29). He will remain employed by the firm until January 31 next year and will be succeeded by veteran investment banker Wang Lixing.
Succession Plan
Wang, 44, has been with China Renaissance since 2007 and has climbed the ranks within the firm. He is currently the co-president of the investment banking division and will take over as CEO on February 1, 2024.
Impact on the Firm
The announcement follows an earlier appointment of Bao’s wife as new chairperson in October, and adds to a slew of staff departures since Bao’s absence. China Renaissance’s total number of employees has dropped 31 per cent from end-2022 to 521 as of end-June.
Background
Bao, the once go-to banker for China’s technology startups, has been under investigation by Chinese authorities since last year. His disappearance has dented China Renaissance’s business growth, with shares of the firm tumbling 60 per cent since trading resumed in September following a 17-month suspension.
Conclusion
The resignation of Xie Yi Jing as CEO of China Renaissance Holdings adds to the uncertainty surrounding the firm’s future. The appointment of Wang Lixing as the new CEO may bring some stability, but the firm’s struggles to recover from Bao’s disappearance and the ongoing investigation remain a concern.
FAQs
Q: Why did Xie Yi Jing resign as CEO of China Renaissance Holdings?
A: Xie resigned due to personal and family reasons.
Q: Who will succeed Xie Yi Jing as CEO of China Renaissance Holdings?
A: Wang Lixing, a veteran investment banker, will take over as CEO on February 1, 2024.
Q: What is the current situation at China Renaissance Holdings?
A: The firm is struggling to recover from Bao’s disappearance and the ongoing investigation, with shares tumbling 60 per cent since trading resumed in September.
