China Renaissance, a prominent player in China's tech industry, has suspended trading of its shares and delayed the release of its annual results due to the founder's disappearance. Bao Fan, 52, who started the boutique investment bank in 2005, has been unreachable since mid-February.
Shares in China Renaissance plummeted during this period, falling as much as 50% amidst concerns over Bao's well-being. The company initially stated that Bao was "cooperating in an investigation" by certain authorities in the country, but provided no further details.
Speculation has surrounded Bao's potential involvement in an investigation related to a former executive at China Renaissance. However, the exact nature of this investigation remains unclear.
The suspension of trading and delay in releasing audited results are a direct result of Bao's absence. Auditors were unable to complete their work or sign off on the report due to his unavailability.
Bao Fan is renowned as a veteran dealmaker who has worked closely with top technology companies in China, including Meituan and Dianping. He played a crucial role in facilitating their merger in 2015, which created a ubiquitous "super app" platform in China.
His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto, as well as assisted Chinese internet giants Baidu and JD.com in completing their secondary listings on the Hong Kong stock exchange.
Meanwhile, China's top anti-graff watchdog launched an investigation into Liu Liange, a former party secretary and chairman of Bank of China, over allegations of "serious violations of discipline and law". This development highlights President Xi Jinping's broader financial crackdown on senior executives.
Shares in China Renaissance plummeted during this period, falling as much as 50% amidst concerns over Bao's well-being. The company initially stated that Bao was "cooperating in an investigation" by certain authorities in the country, but provided no further details.
Speculation has surrounded Bao's potential involvement in an investigation related to a former executive at China Renaissance. However, the exact nature of this investigation remains unclear.
The suspension of trading and delay in releasing audited results are a direct result of Bao's absence. Auditors were unable to complete their work or sign off on the report due to his unavailability.
Bao Fan is renowned as a veteran dealmaker who has worked closely with top technology companies in China, including Meituan and Dianping. He played a crucial role in facilitating their merger in 2015, which created a ubiquitous "super app" platform in China.
His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto, as well as assisted Chinese internet giants Baidu and JD.com in completing their secondary listings on the Hong Kong stock exchange.
Meanwhile, China's top anti-graff watchdog launched an investigation into Liu Liange, a former party secretary and chairman of Bank of China, over allegations of "serious violations of discipline and law". This development highlights President Xi Jinping's broader financial crackdown on senior executives.
I'm literally shaking with anxiety for Bao Fan!! 
His disappearance is so worrisome & shares plummeting 50%? 
that's insane! Hope he's okay & gets his life back to normal ASAP 
. The uncertainty around this investigation is killing me! 
But, can we talk about how amazing his legacy is in the tech world?! 
He was like a superhero for China's tech industry! 
I'm sending all positive vibes for him & his loved ones 
. It's like they're trying to send a message that even the most powerful players can't hide from their watchful eyes 
. And now, with the suspension of trading and delay in releasing audited results, it's like they're trying to cover up something 
.
. This is exactly what I've been saying - the government needs to stay out of corporate decision-making 
. When they do, you get a company like China Renaissance plummeting in value and delaying its results 
. It's a classic case of overreach and abuse of power 
. The people need to speak up and demand more transparency from our leaders 
!
50% drop in shares? that's wild! i've been following china renaissance for ages & bao was literally the one who made their merger with meituan happen back in 2015 
& it's getting weird with this whole investigation surrounding him... i mean, i hope everything is okay with bao but this situation is getting super suspicious 
anyone have any info on what's going on?
The news surrounding Bao Fan's disappearance is deeply unsettling, especially given his prominent position in China's tech industry 
. It's also noteworthy that the delay in releasing audited results and the suspension of trading are direct consequences of Bao's unavailability 
. The uncertainty surrounding his fate only serves to fuel speculation about potential investigations involving him or other senior executives 
. On the other hand, it underscores the ongoing emphasis on rooting out corruption and ensuring discipline within China's ruling party 
. The concurrent investigation into Liu Liange's alleged "serious violations of discipline and law" serves as a striking example of this trend 
.
My son is just starting his career, and I don't want him to be affected by something like this. It's time for the government to crack down on corruption, but not at the expense of innocent people 
. Like, who needs audited results or investor transparency when the founder's gone? It's a total blessing to have a CEO who disappears into thin air and nobody bothers to check up on him 
. It's like they're saying, "Hey, we don't need any accountability or transparency over here!" The whole thing smells like a free pass to me 
. I bet he's just ahead of the curve and knows some super secret stuff that nobody else does 
.
So, Bao Fan's gone missing and now China Renaissance is in shambles? Like, what's the big deal here? He was always a bit of a mystery, but you'd think his company would be more transparent about his situation. Shares plummeting 50% isn't exactly a surprise given how sketchy the whole thing seems... 
. I mean, you can't just leave a company hanging like that and expect everything to be alright 
. I feel like there's more to this story than what we're being told 
.
. This whole thing smells like a financial house of cards...
and can't wait for china renaissance to get their act together again 
... Bao Fan's disappearance is super concerning, you know? he was like a godfather to China's tech scene, and now all these shares are tanking 
what's going on with bao fan tho? 50% drop is crazy! did he run off with all the profits or something? 