China Renaissance, a leading player in China's tech industry, has suspended trading of its shares and delayed the release of its annual results after its founder, 52-year-old Bao Fan, went missing since mid-February. The lack of communication from Bao has led to plummeting share prices, which have dropped as much as 50%.
Bao, a veteran dealmaker with close ties to top technology companies in China, is known for his significant role in brokering major deals, including the merger between Meituan and Dianping in 2015. His team has also invested in prominent Chinese companies such as Nio, Li Auto, Baidu, and JD.com.
However, China Renaissance announced in late February that Bao was "cooperating in an investigation" being carried out by certain authorities in the country. More recent reports suggest that Bao might be involved in an investigation related to a former executive at China Renaissance.
The company's auditors were unable to complete their work or sign off on their report due to Bao's absence, and as a result, trading in the company's shares was suspended from Monday. The delay in releasing annual results has also pushed back the expected dispatch of its annual report by April 30, as required by Hong Kong's listing rules.
This development highlights the complex web of investigations into China's high-ranking officials, including former party secretary and chairman of Bank of China Liu Liange, who was charged with "serious violations of discipline and law." The scrutiny of senior financial executives has intensified under President Xi Jinping's broader financial crackdown.
Bao, a veteran dealmaker with close ties to top technology companies in China, is known for his significant role in brokering major deals, including the merger between Meituan and Dianping in 2015. His team has also invested in prominent Chinese companies such as Nio, Li Auto, Baidu, and JD.com.
However, China Renaissance announced in late February that Bao was "cooperating in an investigation" being carried out by certain authorities in the country. More recent reports suggest that Bao might be involved in an investigation related to a former executive at China Renaissance.
The company's auditors were unable to complete their work or sign off on their report due to Bao's absence, and as a result, trading in the company's shares was suspended from Monday. The delay in releasing annual results has also pushed back the expected dispatch of its annual report by April 30, as required by Hong Kong's listing rules.
This development highlights the complex web of investigations into China's high-ranking officials, including former party secretary and chairman of Bank of China Liu Liange, who was charged with "serious violations of discipline and law." The scrutiny of senior financial executives has intensified under President Xi Jinping's broader financial crackdown.
! I'm low-key worried about Bao Fan, you know? Like, what if something really bad happens to him?! 50% drop in shares is wild 
. And now the company is all like "we can't even do our audits" 
. It's not just Bao, it's his whole team and all these other companies he's invested in 
. I mean, what if there's a bigger scandal unfolding?! 
The way China Renaissance is handling this is pretty shady 
. No wonder the authorities are involved 
. This financial crackdown under Xi Jinping is really intensifying 
. Can't wait to see how it all plays out 
!
Just when you thought China's tech scene was all about growth 
, now it's a whole different story 
! I'm not surprised though, Bao Fan's involvement in some shady dealings might've raised some eyebrows 
. China Renaissance needs to get its act together ASAP or it's gonna be a long day for investors 
Bao Fan's disappearance is super suspicious and the whole thing is so weird. Like, what even happened to him? Was he like taken by authorities or did he just ghost everyone? 
I mean, 50% drop in share prices is crazy! You'd think that would be a clear red flag for anyone. And now his team's involved with some investigation and can't do their audit work... it's all so shady 
. It's like the whole thing is one big mess. And what about the ex-executive who might be involved? Is this another case of "you're guilty until proven innocent"? 
Not cool, China Renaissance.
what's going on with this investigation? is it related to finance or something else entirely? 
and president xi jinping's financial crackdown is getting more intense 
. china renaissance is still a solid company with talented people, it's not like they're going bankrupt or anything 
