By CHEN Jing

After months of internal upheaval, China Renaissance (CR) Group has made an announcement regarding its leadership. 

Co-founder Kevin Xie became acting CEO on October 2. Aged 53, Xie holds the positions of managing director, co-president of investment banking, and head of healthcare. Prior to the founding of CR Group in December 2005, he had a notable career at Credit Suisse. 

Since the investigation into former CEO BAO Fan came to light in February, an executive committee, led by WANG Lixing and Xie, has been overseeing the group's operations.

CR Group garnered widespread attention in February of this year when Chairman and CEO Bao, went "missing." Bao's last public appearance was at the Future Science Prize Award Ceremony 2022. Additionally, in September of the previous year, CONG Lin, the then president of CR Group and chairman of CR Securities, was detained by the police.

In the first half of 2023, CR Group reported a revenue of 563 million yuan (US$77 million), a 6.7-percent year-on-year decrease. The workforce has declined by 15 percent this year. 

As of now, CR Group's shares remain suspended on the HKEX. Prior to the suspension, the share price was HK$7.27 (6.78 yuan, US$0.93), with a market value of HK$4.13 billion.