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after bao fan, the founder and chairman of china renaissance capital holdings co., ltd. (referred to as "china renaissance capital holdings", 01911.hk), lost contact for 17 months due to cooperating with the investigation, bao fan's wife ms. hui yin ching was appointed as the company's non-executive director.

on september 6, huaxing capital holdings issued a "replacement of non-executive director" announcement stating that sun qianhong resigned as non-executive director and xu yanqing was newly appointed as non-executive director for a term of three years, effective from september 6.

the announcement shows that xu yanqing and bao fan are husband and wife. xu yanqing, 54 years old, is the founder, chairman and ceo of china aviation technology (tianjin) co., ltd. china aviation technology co., ltd. provides global business jet leasing business and is committed to serving high-end customers with internet solutions. in the past three years, xu yanqing has not served as a director of any other listed company.

"xu yanqing is deemed to be interested in a total of 276,879,165 shares of the company, representing approximately 48.71% of the total issued share capital of the company. such interests also represent bao fan's interests in the company under the securities and futures ordinance," the announcement disclosed.

huaxing capital holdings emphasized that no adverse factors were found in the background investigation and litigation investigation of xu yanqing; xu yanqing has not participated in the financial services industry that the group and bao fan have been operating. in addition, xu yanqing confirmed that he has not received any investigation notice or court proceedings related to such events (as defined in the resumption announcement). the board of directors and the nomination committee unanimously believe that the events involving bao fan will not have an adverse impact on xu yanqing's eligibility to be appointed as a non-executive director.

on the evening of february 16, 2023, china renaissance capital holdings announced on the hong kong stock exchange that the group's board of directors learned that the company was temporarily unable to contact bao fan. in the same month, china renaissance capital holdings issued another announcement stating that bao fan was cooperating with the investigation of relevant chinese authorities.

bao fan's loss of contact has had a huge impact on the listed company. because the auditors were unable to contact bao fan and could not issue the audit report and the 2022 annual financial report, huaxing capital issued a suspension announcement on april 3, 2023. the hong kong stock exchange reminds that if huaxing capital fails to correct the problems that led to its suspension, implement the resumption of trading guidelines and fully comply with the listing rules to the satisfaction of the hong kong stock exchange within 18 consecutive months of suspension (that is, before october 2, 2024), and fails to resume stock trading, the hong kong stock exchange's listing department will recommend that the listing committee proceed to cancel the company's listing qualifications.

the paper noted that in february this year, china renaissance capital holdings issued an announcement stating that due to health reasons and the desire to spend more time on family affairs, bao fan resigned from the company's executive director, chairman of the board, ceo, chairman of the nomination committee, chairman of the executive committee, and member of the compensation committee, effective february 2, 2024. xie yijing was appointed chairman of the board and changed from acting ceo to ceo.

after xie yijing took office, huaxing capital holdings announced its 2022 annual results, 2023 annual results and 2024 interim results on september 5, 2024, and announced that it had met the resumption of trading guidelines and would resume trading from 9 a.m. on september 9.

according to the financial report, in the first half of this year, huaxing capital holdings achieved operating income of approximately rmb 329 million, compared with rmb 537 million in the same period last year; operating profit fell from rmb 32 million in the same period last year to a loss of rmb 88 million; the net loss attributable to the owners of the company was rmb 74 million, compared with rmb 180 million in the same period last year. as of june 30, huaxing capital holdings had 521 employees, a decrease of 8% from the end of 2023.

it is worth mentioning that in the 2023 financial report, china renaissance capital holdings stated that it would need to pay a restricted amount of rmb 77.669 million for bao fan's cooperation in the investigation, and the company would include this amount in "other receivables" in the 2023 fiscal year. in addition, china renaissance capital holdings emphasized that the company was not aware of and had no reliable information about the status of any investigation that bao fan was cooperating with. to date, china renaissance capital holdings has not received any notice that it is under investigation, nor has it entered any court proceedings related to such incidents.