China Renaissance, a prominent investment bank in China's tech sector, has suspended trading of its shares and delayed the release of its annual results due to the disappearance of its founder, Bao Fan. The 52-year-old entrepreneur vanished in mid-February and has been unreachable since then.
As news of his disappearance spread, shares in China Renaissance plummeted by as much as 50%. The company's board was unable to complete its audit work or sign off on its financial report because of Bao's absence. In a filing on Sunday, the company stated that auditors could not proceed with their work due to Bao's unavailability.
The reason for his disappearance is unclear, but Chinese media have speculated that he may be cooperating in an investigation related to a former executive at China Renaissance. The company had previously stated that Bao was "cooperating in an investigation" being carried out by certain authorities in the country, but gave no further details.
Bao Fan's disappearance has sent shockwaves through China's business community, with many of his colleagues and clients expressing concern about his whereabouts. He is a well-known veteran dealmaker who has worked closely with top technology companies in China, including Meituan and Dianping, which he helped broker the merger between in 2015.
The incident has also highlighted the ongoing crackdown on corruption in China's financial sector, led by President Xi Jinping. Several high-ranking officials have been charged with taking bribes or hiding assets in recent months, including former party chief Wang Bin and Bank of China chairman Liu Liange.
As news of his disappearance spread, shares in China Renaissance plummeted by as much as 50%. The company's board was unable to complete its audit work or sign off on its financial report because of Bao's absence. In a filing on Sunday, the company stated that auditors could not proceed with their work due to Bao's unavailability.
The reason for his disappearance is unclear, but Chinese media have speculated that he may be cooperating in an investigation related to a former executive at China Renaissance. The company had previously stated that Bao was "cooperating in an investigation" being carried out by certain authorities in the country, but gave no further details.
Bao Fan's disappearance has sent shockwaves through China's business community, with many of his colleagues and clients expressing concern about his whereabouts. He is a well-known veteran dealmaker who has worked closely with top technology companies in China, including Meituan and Dianping, which he helped broker the merger between in 2015.
The incident has also highlighted the ongoing crackdown on corruption in China's financial sector, led by President Xi Jinping. Several high-ranking officials have been charged with taking bribes or hiding assets in recent months, including former party chief Wang Bin and Bank of China chairman Liu Liange.
50% drop in shares is crazy!! i can imagine how stressful it must be for his colleagues & clients who are worried sick about him 
what's going on with this investigation tho? 
hopefully he's safe and gets to the bottom of whatever is happening 
china's tech sector is already a disaster but now one of the biggest players just vanished into thin air? 50% drop in shares is no joke, what's next? another major player going down? and it's all because some dude who helped make billions disappear? meanwhile, xi Jinping's cracking down on corruption and now someone else gets caught up in it? the game is getting more and more insane 
this is getting out of hand... first it's the founder, now shares are tanking like 50% just because he vanished? what's going on?! 
the business community should be worried about the rule of law here. can't even do audits without some dude being AWOL. 
. The whole system is so corrupt it's hard to even imagine what's really going on behind closed doors. I mean, you've got high-ranking officials getting charged with bribery and asset hiding, but this just seems like a smokescreen for something way bigger... 
. And now China Renaissance shares are plummeting like 50%? That's just the beginning 
. The fact that auditors can't even do their job because Bao Fan is "cooperating in an investigation" is just suspicious as hell 
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anyway i feel bad for his family and colleagues they must be going thru hell 
through China's business world. I'm not sure what to make of the whole investigation thing, but it does seem like there's some pretty serious stuff going on behind the scenes 
. Guess you could say this is another example of China's crackdown on corruption 
... but I'd love to see more concrete evidence before drawing any conclusions 
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. I think it's getting serious with the crackdown on corruption under Xi Jinping 
. It's like, one wrong move and you're caught up in an investigation or worse 
. But, at the same time, we need to know what happened to Bao Fan - was he actually involved in something shady or is this just a case of bad timing? The fact that auditors can't do their job due to his unavailability is super concerning 
. I just hope that everything gets resolved soon and there are no more twists and turns 
.
But at the same time, we have to remember that Bao Fan's disappearance could be unrelated to all this 
. Until more information comes out, let's just keep our fingers crossed for his safe return 
His disappearance is causing a HUGE ripple effect on the market and it's not just about the shares of China Renaissance, it's also about the whole corrupt thing going down in China right now. I mean, President Xi Jinping has been cracking down on corruption for ages but this is taking it to a whole new level! 
I need more info on this one! 
what if he was just trying to escape some shady deal? idk... one thing for sure, this whole investigation thing has everyone on edge 
anyway, can't wait to see how this all plays out