China Renaissance Suffers Further Blow as Founder's Disappearance Deepens Mysterious Circumstances Surrounding Top Dealmaker.
China Renaissance, one of the country's most influential tech industry dealmakers, has announced that it will suspend trading in its shares and delay releasing its annual results due to the unavailability of its founder. Bao Fan, 52, has been unreachable since mid-February, sparking a significant plunge in the company's stock price.
The boutique investment bank had initially reported that Bao was cooperating with an investigation by certain authorities, but no further details were provided. Speculation is rife as to what might be happening, with some Chinese media outlets suggesting that Bao may be assisting in an investigation into a former executive at China Renaissance.
As the situation continues to unfold, auditors have been unable to complete their work on the company's annual results due to Bao's absence, and the board has also failed to provide an estimate for when it will approve its audited results or dispatch its annual report by April 30 as required by Hong Kong's listing rules. Trading in China Renaissance shares was therefore suspended from Monday.
Bao Fan is a veteran dealmaker known for his close ties with top technology companies in China, including Meituan and Dianping. His team has also played a significant role in helping Chinese electric vehicle makers Nio and Li Auto complete their secondary listings on the US stock exchange.
In recent weeks, China's anti-graft watchdog has launched an investigation into several high-ranking officials, including Liu Liange, former party secretary and chairman of Bank of China, who is suspected of serious violations of discipline and law. The news comes as part of a broader financial crackdown led by President Xi Jinping.
The latest developments have left investors and analysts scrambling for answers, with many speculating about the reasons behind Bao's disappearance and its potential impact on China Renaissance's operations and reputation.
China Renaissance, one of the country's most influential tech industry dealmakers, has announced that it will suspend trading in its shares and delay releasing its annual results due to the unavailability of its founder. Bao Fan, 52, has been unreachable since mid-February, sparking a significant plunge in the company's stock price.
The boutique investment bank had initially reported that Bao was cooperating with an investigation by certain authorities, but no further details were provided. Speculation is rife as to what might be happening, with some Chinese media outlets suggesting that Bao may be assisting in an investigation into a former executive at China Renaissance.
As the situation continues to unfold, auditors have been unable to complete their work on the company's annual results due to Bao's absence, and the board has also failed to provide an estimate for when it will approve its audited results or dispatch its annual report by April 30 as required by Hong Kong's listing rules. Trading in China Renaissance shares was therefore suspended from Monday.
Bao Fan is a veteran dealmaker known for his close ties with top technology companies in China, including Meituan and Dianping. His team has also played a significant role in helping Chinese electric vehicle makers Nio and Li Auto complete their secondary listings on the US stock exchange.
In recent weeks, China's anti-graft watchdog has launched an investigation into several high-ranking officials, including Liu Liange, former party secretary and chairman of Bank of China, who is suspected of serious violations of discipline and law. The news comes as part of a broader financial crackdown led by President Xi Jinping.
The latest developments have left investors and analysts scrambling for answers, with many speculating about the reasons behind Bao's disappearance and its potential impact on China Renaissance's operations and reputation.
... I mean, who disappears without a word? like, Bao Fan just stops showing up and everyone's all confused 
. and now the company's stock price is plummeting 
... I was thinking maybe he just needed some time off or something, but nope, that's not what's going on 
.
and all these rumors about the investigation into Liu Liange are just adding fuel to the fire 
... I don't think anyone really knows what's going on here, but it's definitely not good 
.
I dunno, man, it just feels like too much for one guy to handle 
"
.
. It's like the government is trying to send a message that anyone with too many strings to their bow will be held accountable. But is it really that simple? I think we're just seeing another example of how politics and business intersect in ways that are hard to untangle 
. If he's not cooperating with an investigation, what exactly is going on? And if he is being investigated, was it due to his own misdeeds or just a convenient target to distract from bigger issues? We need more transparency here, folks! 
I'm totally surprised by this development... Bao Fan was like a mentor to so many people in the industry 
and his team had done some amazing deals that helped Chinese companies go global 
But now, with all these questions swirling around him, it's getting really weird 
I mean, if he is involved in an investigation, shouldn't he be cooperating openly with authorities? 
then we should be supporting the company and its team during this tough time 
Not just speculating about his disappearance like everyone's doing 
It's gonna be a wild ride for China Renaissance now, I can feel it 
like isn't he like 52 or something? a bit old to be dealing with all this drama... i guess if his team is too scared to do audited results it's not the end of the world for china renaissance lol 
... Found out about them through my mate's cousin's brother-in-law who works in finance, but honestly can't say I'm surprised. Corruption is rife in this country, just waiting for something to blow up.