China Renaissance, a major player 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, who started the boutique investment bank in 2005, has been unreachable since mid-February.
The company's shares have plummeted by as much as 50% during this period, a testament to the uncertainty surrounding Bao's disappearance. Initially, China Renaissance stated that Bao was cooperating with an investigation being carried out by certain authorities in the country, but no further details were provided.
More recently, Chinese media outlets have speculated that Bao might be assisting in an investigation related to a former executive at China Renaissance. The company has now confirmed that auditors cannot complete their work or sign off on their report due to Bao's absence, and the board is unable to provide an estimate for when it will approve its audited results.
Bao Fan is known as a veteran dealmaker who has worked closely with top technology companies in China. He played a key role in brokering the 2015 merger between Meituan and Dianping, creating a "super app" platform that is ubiquitous in China today. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto.
Meanwhile, a broader financial crackdown by President Xi Jinping continues to unfold. 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, on suspicion of "serious violations of discipline and law." This is part of a larger effort to crack down on corrupt financial executives.
As the situation surrounding Bao Fan's disappearance remains unclear, China Renaissance's shares continue to be impacted. The company has suspended trading and delayed its annual results, leaving investors waiting for further updates.
The company's shares have plummeted by as much as 50% during this period, a testament to the uncertainty surrounding Bao's disappearance. Initially, China Renaissance stated that Bao was cooperating with an investigation being carried out by certain authorities in the country, but no further details were provided.
More recently, Chinese media outlets have speculated that Bao might be assisting in an investigation related to a former executive at China Renaissance. The company has now confirmed that auditors cannot complete their work or sign off on their report due to Bao's absence, and the board is unable to provide an estimate for when it will approve its audited results.
Bao Fan is known as a veteran dealmaker who has worked closely with top technology companies in China. He played a key role in brokering the 2015 merger between Meituan and Dianping, creating a "super app" platform that is ubiquitous in China today. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto.
Meanwhile, a broader financial crackdown by President Xi Jinping continues to unfold. 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, on suspicion of "serious violations of discipline and law." This is part of a larger effort to crack down on corrupt financial executives.
As the situation surrounding Bao Fan's disappearance remains unclear, China Renaissance's shares continue to be impacted. The company has suspended trading and delayed its annual results, leaving investors waiting for further updates.
You'd think that with all the tech companies being big in China now, it's crazy how one guy can bring down a whole company like this 
. I mean, 50% drop in shares is insane! And no one knows what's going on with Bao Fan 
. It's like they're saying "oh, he's cooperating with an investigation"... yeah right 
. I'm sure it's a lot more complicated than that.
. China Renaissance was one of those big players in tech investments, so now their delay means anyone who invested in them is gonna be stuck waiting for ages 
. It's just frustrating when things like this happen.
! The market is waiting for answers 
.
I'm not surprised that China Renaissance is getting hit hard - Bao Fan was a key player in the Chinese tech scene 
. His team has some serious connections with major companies like Meituan and Nio 
. The uncertainty around his disappearance is already affecting their share price 
. This is a messy situation for China Renaissance and investors who are waiting for answers 
!
First they say he's cooperating with authorities, then it's like a whole other thing...
Meanwhile, Liu Liange gets hit with financial crackdowns and China Renaissance is all like "can't do audited results"... 
Something fishy's going on here... 
. And now they're saying auditors can't even do their job because of Bao Fan's absence? What's next? 
I know China has been cracking down on corrupt financial execs, but this feels different somehow.
Are we looking at a wider systemic issue or just a weird fluke? 
this is super worrying news... like china renaissance is a big deal in tech and bao fan is the mastermind behind it all but now he just vanished 
. china renaissance's shares are suspended, liu liange is under investigation... it's all so dramatic 
.
. until then, let's all stay hopeful and wait for some clarity 
his disappearance basically killed the stock price by 50% already 
and now they're saying auditors can't even do their job without him 
with all these investigations and suspensions going on, it's like china is trying to clean up its act or something... but honestly, i'm not sure if they're doing it for good or evil 
because he's MIA 
. Like, what if there's more to it than just some investigation? 
. I mean, I get that corruption is a problem, but shouldn't we be focusing on solving it instead of sweeping it under the rug? 
.
. I mean, we're already seeing Liu Liange get investigated on suspicion of serious violations... this is all starting to feel like a big game of corporate espionage 
. China Renaissance needs to come clean about what's really going on with Bao Fan - are they involved in some shady dealings? Is it just a simple case of a missing person? Until we know more, investors are gonna be stuck in limbo 
.
it's just too suspicious. and now they're saying auditors can't do their job because bao's gone... what kinda mess have these guys gotten themselves into? 
50% drop in shares is crazy talk 
he played a huge role in creating the super app platform that's still dominating china today 
and now his team has investments in some big chinese EV makers