China's top dealmaker vanishes, sparking trading halt and delayed results for boutique investment bank China Renaissance.
Bao Fan, the 52-year-old founder of China Renaissance, has been unreachable since mid-February, leaving investors reeling. The boutique investment bank's shares have plummeted by as much as 50% amid the uncertainty surrounding Bao's disappearance.
China Renaissance announced on Sunday that it would suspend trading of its shares until further notice due to an inability to complete audits with Bao absent. The company also delayed the release of its annual results, pushing back a deadline for dispatching its annual report.
Bao is a veteran dealmaker known for his close ties to top technology companies in China. He helped broker the 2015 merger between Meituan and Dianping, two of the country's leading food delivery services. Today, their combined platform is ubiquitous in China.
China Renaissance has invested in several high-profile Chinese companies, including US-listed electric vehicle makers Nio and Li Auto. It also assisted Chinese internet giants Baidu and JD.com with their secondary listings on Hong Kong Stock Exchange.
Bao's disappearance comes as a wave of anti-corruption investigations sweep through the country. China's top anti-graft watchdog has launched an investigation into Liu Liange, former party secretary and chairman of Bank of China. The bank is one of China's four biggest lenders and is state-owned.
Liu is suspected of "serious violations of discipline and law," according to a statement by the Central Commission for Discipline Inspection and the State Supervision Commission. His case highlights the broader financial crackdown by President Xi Jinping against high-ranking officials accused of corruption.
The Chinese government has been ramping up its efforts to crack down on corruption among top officials, with several high-profile arrests in recent months. Bao's disappearance serves as a reminder of the risks and consequences faced by those who engage in corrupt activities in China.
Bao Fan, the 52-year-old founder of China Renaissance, has been unreachable since mid-February, leaving investors reeling. The boutique investment bank's shares have plummeted by as much as 50% amid the uncertainty surrounding Bao's disappearance.
China Renaissance announced on Sunday that it would suspend trading of its shares until further notice due to an inability to complete audits with Bao absent. The company also delayed the release of its annual results, pushing back a deadline for dispatching its annual report.
Bao is a veteran dealmaker known for his close ties to top technology companies in China. He helped broker the 2015 merger between Meituan and Dianping, two of the country's leading food delivery services. Today, their combined platform is ubiquitous in China.
China Renaissance has invested in several high-profile Chinese companies, including US-listed electric vehicle makers Nio and Li Auto. It also assisted Chinese internet giants Baidu and JD.com with their secondary listings on Hong Kong Stock Exchange.
Bao's disappearance comes as a wave of anti-corruption investigations sweep through the country. China's top anti-graft watchdog has launched an investigation into Liu Liange, former party secretary and chairman of Bank of China. The bank is one of China's four biggest lenders and is state-owned.
Liu is suspected of "serious violations of discipline and law," according to a statement by the Central Commission for Discipline Inspection and the State Supervision Commission. His case highlights the broader financial crackdown by President Xi Jinping against high-ranking officials accused of corruption.
The Chinese government has been ramping up its efforts to crack down on corruption among top officials, with several high-profile arrests in recent months. Bao's disappearance serves as a reminder of the risks and consequences faced by those who engage in corrupt activities in China.
his whole thing is just too convenient. like he disappears without a trace right when some big anti-corruption stuff starts going down? 
china's got this huge problem with officials getting pinched for corruption and suddenly bao vanishes? 
makes me think there's more to the story than what's being reported 
This whole thing feels super fishy, you know? One day Bao Fan is out there making deals left and right, and the next he just vanishes into thin air... 50% drop in shares, that's crazy talk! 
What's really going on here? Is it just a case of bad timing or is there something more sinister at play? 
️ It's like they're trying to send a message that no one's above the law, even in high finance. But what if someone wanted to frame him for something? 
Wouldn't be the first time we've seen shady dealings go down in China. 
can't say much without knowing more, but it seems like there's some anti-corruption stuff going on with the chinese government and officials being investigated... i hope bao is okay 
its like, have u ever had matcha and sesame together? no? u gotta try it! anyway, back to china... i feel bad for bao fan's family cuz his thing is kinda weird but i guess u can't escape the consequences of ur actions, right? 
. And now their shares are tanking... people are losing millions 
I don't trust this one bit 
. And now the government is cracking down on everyone, even if they're not guilty... sounds like a classic case of scapegoating to me 
. This whole thing just smells like trouble to me 
Bao Fan's sudden vanishing has sent shockwaves through the financial world, leaving many to wonder what happened behind closed doors. The Chinese government's increasing crackdown on corruption among top officials is a harsh reality that some cannot escape. As one would say, "the squeaky wheel gets the grease," and it seems Bao's disappearance is just another case where those who tried to grease the wheels were caught in the crossfire 
) and we'll hear from him soon enough. But on the other hand, this timing is kinda suspicious considering all the anti-corruption investigations going on right now. I don't think it's a coincidence that his disappearance comes with Liu Liange's case being investigated... it's like China's trying to send a message. I guess only time will tell if Bao's safe or not 
. A 50% plunge in the company's shares is a clear indication of the uncertainty and mistrust that now surrounds his disappearance. As someone with close ties to top tech companies, it's likely that his connections played a significant role in China Renaissance's success 
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. The Chinese government's crackdown on high-ranking officials accused of corruption is having a ripple effect throughout the country, and it seems that even those who have managed to build successful careers through their connections are not immune to scrutiny 
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It's like, China Renaissance is a tiny fish in a huge pond, but without Bao at the helm, they're basically swimming blind. 
. 50% drop in shares? That's wild 
. And now this wave of anti-corruption investigations sweeping through China? 
and now china rennaissance shares are taking a massive hit 
and meanwhile, liu liange is getting investigated for corruption 
it feels like xi Jinping is making a big show of himself trying to clean up china's financial mess 
That's just wild. And now his company is basically at a standstill because of it... 
. And now investors are losing big time 
.
The government needs to clean house, and if Bao's disappearance is any indication of that, then I'm all for it 
. But at the same time, this could be a dark day for China Renaissance and its investors too 
. Anyway, this is gonna be interesting to watch unfold 
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... but at the same time, can we blame him for wanting to avoid getting grilled by the authorities? 
I mean, if he's "serious violations of discipline and law" are on the table, then it's probably a good idea for him to lay low for a bit... but still, 50% plummet in shares? that's crazy talk 
. What if this is just a clever move to shake off some unwanted attention and get back under the radar later?