China Renaissance Suspends Trading Amid Founder's Disappearance
In a stunning turn of events, China Renaissance, one of the country's top dealmakers in the tech industry, has suspended trading of its shares and delayed releasing its annual results due to the founder's unavailability. Bao Fan, 52, who co-founded the boutique investment bank in 2005, has been unreachable since mid-February.
The sudden disappearance of Bao has sent shockwaves through the market, causing China Renaissance's shares to plummet by as much as 50%. The company cited that it still couldn't get in touch with its founder, which is a major concern for investors and auditors alike.
Bao Fan is known as a veteran dealmaker who works closely with top technology companies in China. He has brokered several high-profile mergers and investments, including the 2015 merger between Meituan and Dianping, two of the country's leading food delivery services. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto.
However, Bao's disappearance has raised suspicions that he may be involved in an investigation related to a former executive at China Renaissance. The Central Commission for Discipline Inspection and the State Supervision Commission have launched an investigation into Liu Liange, former party secretary and chairman of Bank of China, which is state-owned and one of the country's four biggest lenders.
Liu is suspected of "serious violations of discipline and law," according to a statement by the commission. He is among the most senior financial executives targeted in a broader financial crackdown by President Xi Jinping.
China Renaissance has suspended trading of its shares as a result, and auditors have been unable to complete their work due to Bao's absence. The board has also failed to provide an estimate for when it will be able to approve its audited results or dispatch its annual report by April 30 deadline.
The sudden disappearance of Bao Fan has left investors and analysts scrambling to understand the implications of his unavailability on China Renaissance's financials and operations. As the situation continues to unfold, one thing is clear: Bao's disappearance has sent shockwaves through China's tech industry and beyond.
In a stunning turn of events, China Renaissance, one of the country's top dealmakers in the tech industry, has suspended trading of its shares and delayed releasing its annual results due to the founder's unavailability. Bao Fan, 52, who co-founded the boutique investment bank in 2005, has been unreachable since mid-February.
The sudden disappearance of Bao has sent shockwaves through the market, causing China Renaissance's shares to plummet by as much as 50%. The company cited that it still couldn't get in touch with its founder, which is a major concern for investors and auditors alike.
Bao Fan is known as a veteran dealmaker who works closely with top technology companies in China. He has brokered several high-profile mergers and investments, including the 2015 merger between Meituan and Dianping, two of the country's leading food delivery services. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto.
However, Bao's disappearance has raised suspicions that he may be involved in an investigation related to a former executive at China Renaissance. The Central Commission for Discipline Inspection and the State Supervision Commission have launched an investigation into Liu Liange, former party secretary and chairman of Bank of China, which is state-owned and one of the country's four biggest lenders.
Liu is suspected of "serious violations of discipline and law," according to a statement by the commission. He is among the most senior financial executives targeted in a broader financial crackdown by President Xi Jinping.
China Renaissance has suspended trading of its shares as a result, and auditors have been unable to complete their work due to Bao's absence. The board has also failed to provide an estimate for when it will be able to approve its audited results or dispatch its annual report by April 30 deadline.
The sudden disappearance of Bao Fan has left investors and analysts scrambling to understand the implications of his unavailability on China Renaissance's financials and operations. As the situation continues to unfold, one thing is clear: Bao's disappearance has sent shockwaves through China's tech industry and beyond.
china renaissance just suspended trading and it's all cuz of bao fan not being reachable since mid-Feb... like what even is going on? 
50% drop in shares? that's wild... i mean we know bao's a big deal, but does he need to disappear for weeks? 
also this whole thing with liu liange and china renaissance just got super suspicious... hope everything gets sorted out soon! 
... China's tech industry is a hotbed for corruption and cronyism 
. The fact that Bao Fan's disappearance is linked to an investigation into Liu Liange, a former top executive at Bank of China, raises serious questions about the influence of money in politics 
. Xi Jinping's government has been cracking down on financial malfeasance, but this case smacks of cover-up 
. I'm surprised China Renaissance didn't just quietly fold its tent and avoid scrutiny 
. The fact that they're suspending trading and delaying their annual results suggests they don't want to draw attention to the mess 
... or hide their own dirty laundry 
... One thing's for sure, this is a perfect storm of crony capitalism and authoritarianism 
!
50% drop in shares already? that's insane... i think china renaissance needs to be transparent about what's going on with bao fan... is he okay? or is there something fishy going on with the investigation into liu liange? 
i mean, president xi jinping's crackdown on financial executives is getting more and more intense... but this is taking it to a whole new level 
meanwhile, liu liange's "serious violations" are just vague enough to keep us guessing 
! I mean, what happens when the bad guy (or in this case, the founder) just disappears? 
The market freaks out, shares tank... it's like a real-life rollercoaster ride! And now there's all this drama about an investigation and someone being suspected of "serious violations" 
anyone else keeping an eye on this situation? 
. Can't help but think of that movie Where Eagles Dare, you know, the one with Richard Burton? When they were chasing down some dude for espionage, it was all about who knew what and when. Same vibe here, but instead of spies, it's high-stakes finance and a missing founder 
that's like, major red flag 
something fishy is definitely going on here. like, why did they delay releasing their annual results? what's China doing to look into this whole thing? 
️ This whole thing smells like a classic case of corporate governance gone awry. I mean, 50% drop in shares? That's crazy talk! You'd think Bao Fan just needed to step out for a sec to grab a snack or something, but nope... now we're talking about investigations and suspensions. Someone needs to get on the bottom of this ASAP, stat! 
Their financials are now more unstable than ever 
It's like, what's gonna happen to the company? Is Bao just on some wild vacation or is there something more going on that we don't know about? 
. I mean, think about it, if they're being transparent enough with us about not knowing where Bao is, maybe that's just the first step in showing accountability 
. And who knows, this could be a chance for them to implement some new policies or practices that'll actually benefit investors and stakeholders 
. Of course, there are risks involved too, but I'm always on the lookout for silver linings 
. Maybe this is just the wake-up call China Renaissance needed to become an even stronger player in the tech industry 
!
across the market. 50% drop in shares is crazy talk 
. china renaissance needs to get back on track ASAP so their investors don't lose their shirts 
!