China Renaissance, a prominent player in China's tech industry, has suspended trading of its shares and delayed the release of its annual results due to its founder's disappearance. The company, which was founded by Bao Fan in 2005, is known for its role in several high-profile deals involving top technology companies.
Bao, 52, went missing in February, prompting China Renaissance to say that auditors could not complete their work or sign off on the report due to his absence. The company's board was also unable to estimate when it would be able to approve its audited results for 2022 or dispatch its annual report by an April 30 deadline.
Shares in China Renaissance have plummeted since Bao's disappearance, falling as much as 50% at one point. His team has invested in several major Chinese companies, including Nio and Li Auto, and helped Chinese internet giants like Baidu and JD.com complete their secondary listings on the Hong Kong Stock Exchange.
Chinese authorities have launched an investigation into former Bank of China executive Liu Liange, who is suspected of "serious violations of discipline and law." This is part of a broader crackdown by President Xi Jinping aimed at rooting out corruption in the financial sector. In January, another prominent figure, Wang Bin, was charged with taking bribes and hiding overseas savings.
The disappearance of Bao Fan has caused significant uncertainty for China Renaissance, which is now facing a delayed release of its annual results. The company's shares were suspended from trading on Monday as a result, leaving investors uncertain about the future outlook of the business.
Bao, 52, went missing in February, prompting China Renaissance to say that auditors could not complete their work or sign off on the report due to his absence. The company's board was also unable to estimate when it would be able to approve its audited results for 2022 or dispatch its annual report by an April 30 deadline.
Shares in China Renaissance have plummeted since Bao's disappearance, falling as much as 50% at one point. His team has invested in several major Chinese companies, including Nio and Li Auto, and helped Chinese internet giants like Baidu and JD.com complete their secondary listings on the Hong Kong Stock Exchange.
Chinese authorities have launched an investigation into former Bank of China executive Liu Liange, who is suspected of "serious violations of discipline and law." This is part of a broader crackdown by President Xi Jinping aimed at rooting out corruption in the financial sector. In January, another prominent figure, Wang Bin, was charged with taking bribes and hiding overseas savings.
The disappearance of Bao Fan has caused significant uncertainty for China Renaissance, which is now facing a delayed release of its annual results. The company's shares were suspended from trading on Monday as a result, leaving investors uncertain about the future outlook of the business.
. I mean, Bao Fan's disappearance is super suspicious and it's causing so much uncertainty for investors and employees alike. It's like, what's going on behind closed doors? The fact that his team has invested in other major companies just makes things even more confusing.
. I'm worried that this might be a case of someone who was getting too close to the truth or questioning authority, and now they're being silenced.
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... 52-year-old founder of China Renaissance goes missing and now the whole company is in shambles 
. Like, how do you even get to this point? Shares have dropped like a stone 50% in one day... investors are going to be so screwed 
. It's not just the shares that are affected, it's the whole financial sector, and I think we're seeing some serious ripple effects 
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. The investigation into Liu Liange is definitely interesting... I mean, who doesn't love a good scandal? 
But at the same time, it feels like we're just scratching the surface of something much bigger 
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That's what I want to see more of... some real answers and accountability 
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. all dat drama wif Liu Liange & Wang Bin gotta be some kinda background noise, you feel? anyway, Bao Fan's disappearance is a major red flag, no doubt bout it 
Bao Fan was supposed to be this genius investor and leader, but now he's just... missing 
. I don't get it. His team was doing so well, making money with those big tech deals 
First, the company's shares get suspended from trading, then they delay their annual results... it's like a never-ending nightmare 
. Can someone please just tell us what's going on? 
. also, what's with all the investigations and crackdowns by xi Jinping? is this a coincidence or is there more to it than meets the eye? 
baidu and JD.com affected by bao fan's team investments