China Renaissance, a prominent dealmaker in the country's tech industry, has suspended trading of its shares and delayed the release of its annual results due to the unavailability of its founder. Bao Fan, 52, started the boutique investment bank in 2005 but has been unreachable since mid-February.
The company's absence has led to a sharp decline in shares, which plummeted as much as 50% following Bao's disappearance. China Renaissance initially stated that Bao was cooperating with an investigation carried out by certain authorities in the country but gave no further details.
Speculation surrounding Bao's whereabouts has led to reports that he might be assisting in an investigation related to a former executive at China Renaissance. The company's auditors have been unable to complete their work due to Bao's absence, and the board is also struggling to give an estimate on when it will approve its audited results for 2022.
Bao is a veteran dealmaker known for his close ties with top technology companies in China. He has played a crucial role in brokering high-profile deals, including the merger between Meituan and Dianping's food delivery services. His team has also invested in prominent US-listed Chinese electric vehicle makers Nio and Li Auto.
The situation highlights China's ongoing crackdown on financial corruption, with top anti-graft watchdogs launching investigations into several senior executives, including former Bank of China chairman Liu Liange. The bank is one of the country's four biggest lenders and has been at the center of President Xi Jinping's broader financial crackdown.
As a result of Bao's disappearance, trading in China Renaissance's shares was suspended from Monday, and the company has delayed its annual results. The situation remains uncertain, with investors awaiting news on Bao's whereabouts and the outcome of the investigation into him.
The company's absence has led to a sharp decline in shares, which plummeted as much as 50% following Bao's disappearance. China Renaissance initially stated that Bao was cooperating with an investigation carried out by certain authorities in the country but gave no further details.
Speculation surrounding Bao's whereabouts has led to reports that he might be assisting in an investigation related to a former executive at China Renaissance. The company's auditors have been unable to complete their work due to Bao's absence, and the board is also struggling to give an estimate on when it will approve its audited results for 2022.
Bao is a veteran dealmaker known for his close ties with top technology companies in China. He has played a crucial role in brokering high-profile deals, including the merger between Meituan and Dianping's food delivery services. His team has also invested in prominent US-listed Chinese electric vehicle makers Nio and Li Auto.
The situation highlights China's ongoing crackdown on financial corruption, with top anti-graft watchdogs launching investigations into several senior executives, including former Bank of China chairman Liu Liange. The bank is one of the country's four biggest lenders and has been at the center of President Xi Jinping's broader financial crackdown.
As a result of Bao's disappearance, trading in China Renaissance's shares was suspended from Monday, and the company has delayed its annual results. The situation remains uncertain, with investors awaiting news on Bao's whereabouts and the outcome of the investigation into him.
china renaissance is like the most iconic dealmaker in the country and now their shares are tanking like 50% in a matter of weeks 
it's all because bao fan, their founder, has gone MIA and nobody knows where he is or what's going on 
i mean we've heard rumors that he might be helping with an investigation into one of his former executives but honestly idk what's going on 
it just feels like china's financial crackdown is getting more intense by the day 
and now china renaissance is caught in the middle with their shares suspended and no annual results 
oh man this is getting crazy what happened to Bao Fan he just disappears and his whole company goes down the drain like 50% decline in shares already? 
speculation that he might be involved in some investigation but what's going on here? 
the whole thing feels so fishy. 
i mean we know China is cracking down on financial corruption but this guy was a dealmaker, his absence has everyone guessing. 
and I'm literally biting my nails thinking about when we'll get some answers 
hope everything turns out okay for him tho 
this is crazy what's going on with Bao Fan I've been reading about it for days but I'm still not sure what's happening he just disappears mid-Feb and now his whole company is in shambles... 50% drop in shares? that's insane 
The fact that auditors can't do their job due to Bao's absence just highlights how much power he had, I guess. Anyway, this is definitely keeping investors on edge... 
I need to know more about this investigation he's supposedly working on. What's the deal with him cooperating with authorities but not giving any details? sounds fishy to me 
. And what about his team? are they just sitting around twiddling their thumbs or is there some drama behind the scenes too? 
idk what's going on but i'm definitely keeping an eye on this situation 
but nope, his team just says he's cooperating with the authorities...whatever that means.
did he get involved with Bao or what? 
is there something fishy going on here? 
. So now we're stuck waiting for some dude who supposedly owes us answers, but is "cooperating" with authorities... sure, buddy 
. Can't wait to see how this all plays out (not really).
china renaissance is basically a ghost town now, shares are tanking left and right, it's like baa's disappearance has created this massive uncertainty factor... i mean, we all know about xi Jinping's anti-graft campaign, but this takes the cake. you'd think bao fan would've been able to keep his cool when things got heated, but apparently not 
maybe he was involved in something shady after all? or maybe he just genuinely can't be found? either way, it's a mess and china renaissance is getting hit hard 
or is bao fan just playing dumb? one thing's for sure - investors are not happy about it, and china renaissance's shares will continue to plummet until we get some answers 
This is what happens when power and money become too much for anyone to handle... 
I mean, can you believe this? China Renaissance just totally tanked because their founder went MIA 
. Anyway, it just goes to show how unstable this whole thing is - you never know what's gonna happen next! 
. And now they're saying he might be involved with an investigation on a former colleague? This is getting intense 
. It's weird that the company isn't spilling any beans about what's really going on... guess they're trying to keep it lowkey 
.
. The government's been cracking down hard, and now Bao's disappearance is like a wild card in all this 
. We'll just have to wait and see what happens next... fingers crossed 
China Renaissance is a big deal, and their founder just vanished? 
The shares have tanked like crazy already, and now they can't even get their audited results out on time?