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☆ China bans Nomura senior investment banker from leaving mainland — sources
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: +3 min

Signage for Nomura Holdings Inc. displayed outside a Nomura Securities Co. branch in Tokyo, Japan, on Monday, April 24, 2023. Authorities in China have ordered a senior Nomura Holdings banker overseeing the firm's investment banking operations there not to leave the mainland, two sources with knowledge of the matter said. Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. A Reuters analysis has found an apparent surge of court cases involving such bans in recent years, and foreign business lobbies are voicing concern about the trend. In August last year, he was also appointed as chairman of Nomura Orient International Securities, the bank's majority-owned securities business headquartered in the commercial hub of Shanghai.

Persons: Charles Wang Zhonghe, Wang, Nomura, Bao Fan, Cong Lin, Bao, Cong, Nomura's Wang, Wang Wenbin, Mintz, Zhong Organizations: Nomura Holdings Inc, Nomura Securities Co, Nomura Holdings, Nomura, Financial Times, China Renaissance Holdings, ICBC, Commercial Bank of China Ltd, Reuters, Bain & Company, Group, Beijing, European Union, Deutsche Bank, Securities, Nomura Orient International Securities Locations: Tokyo, Japan, China, Hong Kong, Beijing, Shanghai

☆ China bans Nomura senior investment banker from leaving mainland -sources
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

The logo of Nomura Securities is pictured at the company's Otemachi Head Office in Tokyo, Japan, November 18, 2016. Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. Asked why the Nomura banker was barred from leaving, Chinese foreign ministry spokesperson Wang Wenbin said he did not have knowledge of the situation at a regular news briefing on Monday. A Reuters analysis has found an apparent surge of court cases involving such bans in recent years, and foreign business lobbies are voicing concern about the trend. In August last year, he was also appointed as chairman of Nomura Orient International Securities, the bank's majority-owned securities business headquartered in the commercial hub of Shanghai.

Persons: Toru Hanai, Charles Wang Zhonghe, Wang, Nomura, Bao Fan, Cong Lin, Bao, Cong, Nomura's Wang, Wang Wenbin, Mintz, Zhong, Selena Li, Kane Wu, Makiko Yamazaki, Liz Lee, Sumeet Chatterjee, Clarence Fernandez Organizations: Nomura Securities, REUTERS, Authorities, Nomura Holdings, Nomura, Financial Times, China Renaissance Holdings, HK, ICBC, Commercial Bank of China Ltd, Reuters, Bain & Company, Group, Beijing, European Union, Deutsche Bank, Securities, Nomura Orient International Securities, Thomson Locations: Tokyo, Japan, HONG KONG, China, Hong Kong, Beijing, Shanghai

☆ Nomura is merely first in line for new China risk
▼ + stars: | 2023-09-25 | by ( Una Galani | ) www.reuters.com time to read: +4 min

After all, Nomura is a minnow in China, ranking 82nd in investment banking in the country by net revenue in 2021, data from Dealogic shows. Like most of its more successful global investment banking peers, Nomura has an eye on deepening its business in China. It acquired a license for a majority-owned securities joint venture, Nomura Orient International Securities, in 2019. Follow @ugalani on TwitterCONTEXT NEWSAuthorities in China have barred Charles Wang Zhonghe, China investment banking chair at Nomura, from leaving the mainland, Reuters reported on Sept. 25 citing two sources with knowledge of the matter. Beijing’s investigation into Cong, former president of China Renaissance Holdings, resulted in the investment bank’s founder Bao being taken away by Chinese authorities in February.

Persons: Charles Wang Zhonghe, Nomura, Goldman Sachs, Morgan Stanley, Wang, Bao Fan, hasn’t, Xi Jinping, Banks, Cong Lin, Bao, Cong, Nomura’s Wang, Antony Currie, Oliver Taslic Organizations: Reuters, Financial Times, UBS, HK, China Securities, Nomura, Commercial Bank of China, China, Apple, Nomura Orient International Securities, Authorities, China Renaissance Holdings, ICBC, Commercial Bank of China Ltd, Thomson Locations: MUMBAI, China, Hong Kong, It’s, Singapore, People’s Republic

☆ Chinese star banker Bao Fan detained by country’s top anti-graft body, state media says
▼ + stars: | 2023-06-01 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The mysterious disappearance of Bao has sent a chill through financial markets and China’s tech sector. Shares in China Renaissance had plunged more than 20% until they were suspended from trading in early April. China Renaissance had previously revealed only that Bao was “cooperating in an investigation” being carried out by certain authorities in the country. The specific agencies handling Bao’s case include the CCDI’s international cooperation bureau and Beijing’s municipal anti-graft authorities, the Economic Observer said. Cong has been detained by anti-corruption authorities since September for matters related to his tenure at ICBC Financial Leasing, the Economic Observer said.

Persons: Bao Fan, Bao, didn’t, Mike Blake, dealmaker, Xi, Cong Lin Organizations: Hong Kong CNN, Economic Observer, Central Commission, CNN, Communist Party, China Renaissance, Analysts, China’s, Industrial, Commercial Bank of China, Financial Leasing Locations: Hong Kong, China, Bao, Laguna Beach , California, Dianping

☆ Chinese bank says missing chairman is cooperating with Chinese authorities in an investigation
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Feb 26 (Reuters) - China Renaissance Holdings (1911.HK) said in an exchange filing on Sunday that its missing chairman and star dealmaker Bao Fan was currently cooperating with relevant Chinese authorities conducting an investigation. This is the first time the mainland China-based boutique bank has given a reason for the disappearance of its founder -- who was reported missing 10 days ago -- though no details about the investigation were shared. "The Board would like to reiterate that the business and operations of the Group are continuing normally," the bank said in the exchange filing. Reuters previously reported, citing sources, that authorities took Bao away earlier this month to assist in an investigation into a former colleague, Cong Lin, the company's former president. read moreBao's disappearance also comes against the backdrop of more than two years of sweeping regulatory crackdown on technology companies.

Though the reasons for Bao's disappearance are unclear, his case follows a series of incidents in which high-profile executives in China have gone missing with little explanation during a sweeping anti-corruption campaign spearheaded by President Xi Jinping. China Renaissance said on Thursday in a stock exchange filing that it had no information that Bao's "unavailability" was related to its business, and that its operations were continuing normally. A spokesperson for Beijing-based China Renaissance declined to comment on specific details and referred Reuters to its exchange filing made on Thursday. "What happened to China Renaissance highlighted the key man risk with some Chinese companies," Li Nan, professor of Finance at Shanghai Jiaotong University, said. key man risk generally refers to the threat posed to a company from over-reliance on a limited number of personnel for decision making.

HONG KONG, Feb 17 (Reuters Breakingviews) - The disappearance of Bao Fan is a chilling dampener on the reopening of the world's second largest economy. China Renaissance was valued at $2.3 billion in its own IPO in 2018 when it was ranked second on China tech deals per Dealogic. Entities including China International Capital Corp (3908.HK) and Citic Securities (600030.SS), also have to grapple with President Xi Jinping’s common-prosperity campaign, making it unclear whether these firms’ erstwhile generosity will resume when advisory activity picks up. It also noted that in September Chinese authorities took Cong Lin, the bank’s president and chairman of its Hong Kong securities unit, into custody. Column by Yawen Chen in Hong Kong and Una Galani in Mumbai.

☆ China Renaissance CEO Bao Fan goes missing
▼ + stars: | 2023-02-17 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —One of China’s top investment bankers has become unreachable, according to his company. China Renaissance, an investment bank and private equity firm based in Beijing, said in a Thursday filing to the Hong Kong stock exchange that it “has been unable to contact” Bao Fan, its chairman and CEO. Shares of the company plunged as much as 50% in Hong Kong on Friday following the news. Bao did not immediately respond to messages from CNN on WeChat on Friday, while China Renaissance hasn’t yet responded to a request for comment. Chinese authorities detained Cong Lin, the company’s president, in September, it reported, citing unidentified sources.

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