A third of China Renaissance's (1911) staff in Hong Kong have either resigned or lost their jobs and a Hong Kong-based financial group with a Middle East backer is looking to take over what remains of the boutique investment bank, a year after former chief executive Bao Fan disappeared from public view.
Including mainland China, about 100 staffers were said to have left the firm in the past year, involving investment banking, private equity and wealth management teams.
A couple of small Chinese brokerages have also shown interest in the firm but talks with prospective buyers have been difficult because Bao's detention has prevented the firm from making decisions on significant matters, sources said.
That hurdle may now be cleared after China Renaissance announced last week that Bao resigned as chairman and chief executive effective February 2, citing "health reasons and to spend more time on his family affairs."
Co-founder Xie Yi Jing will assume his duties.
