China Renaissance Shares Nosedive After Founder’s Disappearance

Shares of China Renaissance Holdings Ltd., one of the country’s top investment banks, plunged to a record low Friday after the company said its founder and chairman was unreachable.

China Renaissance’s Hong Kong-traded shares took a nosedive following reports of the disappearance of billionaire Bao Fan, who is also the chief executive officer and controlling shareholder. The stock plummeted as much as 50% in early trading to hit a record low of HK$5 ($0.63) apiece, wiping out HK$2.8 billion ($357 million) of market value.