China's top dealmaker China Renaissance suspends trading and delays results after founder disappears.
The boutique investment bank, led by 52-year-old Bao Fan, who is considered a veteran dealmaker with close ties to major Chinese technology companies, has become unreachable since mid-February. As a result, shares in the company have plummeted, falling as much as 50%.
China Renaissance announced on Sunday that auditors couldn't complete their work due to Bao's absence and therefore couldn't give an estimate of when the annual results for 2022 would be approved or dispatched by April 30, as required by Hong Kong listing rules.
Trading in China Renaissance shares was subsequently suspended. The company is a key player in China's tech industry, having brokered high-profile mergers and investments, including the 2015 merger between Meituan and Dianping, two of the country's leading food delivery services.
Bao's disappearance has sparked speculation about whether he may be assisting in an investigation into former China Renaissance executive Liu Liange, who is suspected of "serious violations of discipline and law" by President Xi Jinping. The investigation follows a broader crackdown on financial executives by the president.
Wang Bin, former party chief and chairman of China Life Insurance, was charged in January with taking bribes and hiding overseas savings. These developments have led to increased scrutiny over the country's financial sector.
The disappearance of Bao Fan has raised concerns about the safety of high-profile individuals in China's business community, particularly those with close ties to government officials.
The boutique investment bank, led by 52-year-old Bao Fan, who is considered a veteran dealmaker with close ties to major Chinese technology companies, has become unreachable since mid-February. As a result, shares in the company have plummeted, falling as much as 50%.
China Renaissance announced on Sunday that auditors couldn't complete their work due to Bao's absence and therefore couldn't give an estimate of when the annual results for 2022 would be approved or dispatched by April 30, as required by Hong Kong listing rules.
Trading in China Renaissance shares was subsequently suspended. The company is a key player in China's tech industry, having brokered high-profile mergers and investments, including the 2015 merger between Meituan and Dianping, two of the country's leading food delivery services.
Bao's disappearance has sparked speculation about whether he may be assisting in an investigation into former China Renaissance executive Liu Liange, who is suspected of "serious violations of discipline and law" by President Xi Jinping. The investigation follows a broader crackdown on financial executives by the president.
Wang Bin, former party chief and chairman of China Life Insurance, was charged in January with taking bribes and hiding overseas savings. These developments have led to increased scrutiny over the country's financial sector.
The disappearance of Bao Fan has raised concerns about the safety of high-profile individuals in China's business community, particularly those with close ties to government officials.
something fishy is going on here... 52-year-old Bao Fan, a super experienced dealmaker, just vanishes into thin air? that's crazy! and now the company he led is basically in shambles 
shares have plummeted like 50% 
what's going on with these high-profile investigations? it's like they're targeting someone for no reason... 
and now people are worried about their safety? that's just not right 
. And what about Liu Liange? Suspended "serious violations" of discipline and law? Sounds like someone might've gotten themselves into a bit of trouble 
. Not exactly reassuring for China's business community...
i hope he's okay, but at the same time, we gotta think about the bigger picture here. xi jingping's crackdown on financial execs has been happening for a while now, and this seems like another step in that direction 
. let's keep an eye on this situation and see what unfolds 
this is like, some deep drama goin on 
. Can't we just get some answers already? 
50% drop in shares is crazy talk but I'm not surprised if some deep state stuff is going down... the way it's all connected to President Xi Jinping's crackdown on financial execs 
the fact that auditors can't do their job due to Bao's absence is suspicious too... 
. and let's be real, if it was me i'd probably just vanished too for the sake of my reputation 
. the whole thing reeks of some serious fishy business going on 
.
I've read that Bao Fan was close to President Xi Jinping and had dealings with Liu Liange... it's all getting pretty murky.
is this related to the investigation or what? i feel bad for his team, they must be super stressed out right now 
anyways, this whole thing just feels so shady 
I mean, can you blame him for being a bit low-key? The man's 52 and in a field where, let's be real, you're basically a pawn in the game of giant corporations and politics. 
And now shares are plummeting? That's not good for anyone. The tech industry is already so... fragile, you know? 
But Bao Fan's disappearance? That's just... ugh. Can we talk about how concerning it is for someone with his level of influence to just disappear like that? 
.
It's giving me major 'something fishy' vibes 
Something is not right here... 50% plummet, whoa! 
One of China's top dealmakers just vanished and all shares are on halt 
? Liu Liange, former exec, suspected of "violations" 
... this whole thing is getting pretty sketchy 
Anyone else feeling worried about those with ties to gov 
i mean don't get me wrong china's financial sector is super important but can we talk about something else for a sec? have you tried their matcha lattes? game changer... and I heard Bao Fan used to go to that coffee shop all the time, wonder if he even gets his coffee fix now...
Can you imagine a dealmaker so good, everyone wants him, but also can't find him? 
Like a superhero who's always on the move, leaving all his friends wondering if he's still breathing or just got lost in the bamboo forest 
.
.