Top Chinese Dealmaker China Renaissance Suspend Trading Amid Founder's Disappearance. A leading boutique investment bank in China, China Renaissance, has put its shares on hold and delayed the release of its annual results after its founder, Bao Fan, went missing.
Bao, 52, started China Renaissance in 2005 and was known as a veteran dealmaker who worked closely with top technology companies in China, including brokering a significant merger between two food delivery services in 2015. His team has also invested in US-listed Chinese electric vehicle makers Nio (NIO) and Li Auto.
However, Bao's whereabouts are currently unknown, and the company claims it is unable to get in touch with him. As a result, auditors were unable to complete their work or sign off on the report because of his absence. The board was also unable to provide an estimate about when it would be able to approve its audited results for 2022.
The shares' suspension from trading began as a result. This is not the first time that Bao's disappearance has had an impact on China Renaissance. In late February, the company said it had learned that Bao was "cooperating in an investigation" being carried out by certain authorities in the country. However, no further details were provided.
Chinese media have reported that Bao might be assisting in an investigation related to a former executive at China Renaissance. The incident has led to increased scrutiny of the company's activities and its founder's involvement in China's tech industry.
In a broader context, President Xi Jinping's government has been conducting a crackdown on financial executives who are suspected of serious violations of discipline and law. Several high-ranking officials have already faced charges, including former party chief and chairman of China Life Insurance, Wang Bin.
The situation highlights the challenges facing China Renaissance as well as other companies in the country's tech industry. The company's shares have plunged since Bao went missing, dropping by as much as 50%.
Bao, 52, started China Renaissance in 2005 and was known as a veteran dealmaker who worked closely with top technology companies in China, including brokering a significant merger between two food delivery services in 2015. His team has also invested in US-listed Chinese electric vehicle makers Nio (NIO) and Li Auto.
However, Bao's whereabouts are currently unknown, and the company claims it is unable to get in touch with him. As a result, auditors were unable to complete their work or sign off on the report because of his absence. The board was also unable to provide an estimate about when it would be able to approve its audited results for 2022.
The shares' suspension from trading began as a result. This is not the first time that Bao's disappearance has had an impact on China Renaissance. In late February, the company said it had learned that Bao was "cooperating in an investigation" being carried out by certain authorities in the country. However, no further details were provided.
Chinese media have reported that Bao might be assisting in an investigation related to a former executive at China Renaissance. The incident has led to increased scrutiny of the company's activities and its founder's involvement in China's tech industry.
In a broader context, President Xi Jinping's government has been conducting a crackdown on financial executives who are suspected of serious violations of discipline and law. Several high-ranking officials have already faced charges, including former party chief and chairman of China Life Insurance, Wang Bin.
The situation highlights the challenges facing China Renaissance as well as other companies in the country's tech industry. The company's shares have plunged since Bao went missing, dropping by as much as 50%.
Missing founder = halted deals 
Shares tanked 50% already? 
China Renaissance needs to get its act together ASAP 
Can't let a CEO's disappearance hold back the economy 
. The shares suspension is just the beginning, it's going to be really hard for them to get back on track now. 
It's all so mysterious and confusing. I feel bad for his team, they must be freaking out right now 
. And it's not just China Renaissance that's affected, the whole industry is being scrutinized too.
, you don't see this kind of thing happening in real life! The government crackdown on financial executives is also a big concern, it's like they're cleaning house or something. 
. Fingers crossed that Bao turns up soon and everything goes back to normal 
.
. i wonder if china renaissance was really ready for the scrutiny of the authorities 
. seems like they were playing with fire 
by having bao at the helm in the first place 
. it's gonna be interesting to see how this whole thing plays out 
