Chinese dealmaker China Renaissance suspends trading and delays results after founder's disappearance.
China Renaissance, a prominent 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. The 52-year-old entrepreneur started the boutique investment bank in 2005 but has been unreachable since mid-February, causing shares to plummet by as much as 50%.
The company had initially stated that Bao was cooperating with an investigation carried out by certain authorities in China but provided no further details. Chinese media have reported that Bao might be involved in an investigation related to a former executive at the company.
Due to Bao's absence, auditors were unable to complete their work or sign off on the report, leaving the board of directors unable to provide an estimate for when it would approve its audited results for 2022. The annual report was also delayed by April 30, as required by Hong Kong's listing rules.
Bao is a veteran dealmaker known for his close ties with top technology companies in China, including helping broker the merger between Meituan and Dianping in 2015. His team has also invested in prominent US-listed Chinese electric vehicle makers such as Nio and Li Auto.
Meanwhile, another high-profile case has emerged, with the Central Commission for Discipline Inspection and the State Supervision Commission launching an investigation into Liu Liange, former party secretary and chairman of Bank of China. The bank is one of the country's four biggest lenders and is under scrutiny due to alleged "serious violations of discipline and law."
China Renaissance, a prominent 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. The 52-year-old entrepreneur started the boutique investment bank in 2005 but has been unreachable since mid-February, causing shares to plummet by as much as 50%.
The company had initially stated that Bao was cooperating with an investigation carried out by certain authorities in China but provided no further details. Chinese media have reported that Bao might be involved in an investigation related to a former executive at the company.
Due to Bao's absence, auditors were unable to complete their work or sign off on the report, leaving the board of directors unable to provide an estimate for when it would approve its audited results for 2022. The annual report was also delayed by April 30, as required by Hong Kong's listing rules.
Bao is a veteran dealmaker known for his close ties with top technology companies in China, including helping broker the merger between Meituan and Dianping in 2015. His team has also invested in prominent US-listed Chinese electric vehicle makers such as Nio and Li Auto.
Meanwhile, another high-profile case has emerged, with the Central Commission for Discipline Inspection and the State Supervision Commission launching an investigation into Liu Liange, former party secretary and chairman of Bank of China. The bank is one of the country's four biggest lenders and is under scrutiny due to alleged "serious violations of discipline and law."
what's going on with these chinese business leaders?! first it's bao fan, the founder of china renaissance, just vanishing into thin air... now his shares are tanking by 50% 
and he's got connections to top tech companies in china. sounds like a serious case of "who you know" getting you out of trouble 
. and meanwhile, another high-profile official is under investigation for allegedly breaking the rules at bank of china 
. it's like they're playing some kind of game where "disappear and get rich quick" is the ultimate goal 
. this is just too much drama for my taste 
.
umm so china rennaissance just stops trading because its founder goes missin? like what kinda situation is that? how long can a company just stop tradin' cuz some dude is missing? 50% drop in shares, thats crazy talk. didnt see any vids of bao fan or nothin, all we got is rumors and chinese media speculatin'. idk whats goin on but this is like the plot from a blockbuster movie 
. cant say im surprised tho, china's tech industry is already super sketchy with all the corruption and gov't involvement. dont even get me started on liu liange... sounds like another classic case of "alleged serious violations" aka code for "we gotcha". need more info before i start spoutin' off 
. 50% drop in shares already? That's crazy 
. I'm not surprised though, he's been in some hot water before... the merger with Meituan and Dianping was a big deal back in the day 
. Hope his team can get things sorted out soon 
. Not really sure what to make of it, but if he's involved in some shady stuff... that's not good for China's financial sector 
. Don't know much about him yet, but I'll keep an eye on it 
i remember him tellin us about his plans for bofa to become a major player in the global market... and now look at it, they're just suspended trading & delayed results lol what's goin on? 
Anyway, hope Bao turns up soon so they can get those audited results out. This delay is gonna look bad on China Renaissance's books 
. And what's going on with Liu Liange, huh? Bank of China? That's like the heart of China's finance system... I wonder how far this investigation will go 
Honestly, this kinda thing happening is getting super annoying... who needs a board of directors trying to figure out results when the founder just disappears like that? 
China Renaissance was always known for its close ties with top tech companies in China, and now it's all because Bao Fan can't be bothered to show up? 
And what about the shareholders? They got hit with 50% drop in shares due to this guy's unavailability. It's like a bad soap opera, but nobody gets paid... 
... I'm worried about what's going on behind those closed doors in China. What's really happening with these investigations? It feels like a game of who can go missing or get investigated next... The fact that auditors can't do their job because of Bao's disappearance is just adding fuel to the fire 
... and now this new bank scandal, it's just too much 
. The thing is, when someone at that level gets involved in an investigation, it's usually because there's dirt on them 
. Maybe his disappearance has to do with the investigation into that former executive at China Renaissance? 
️. I'm keeping an eye on this one, but it's like trying to predict a weather forecast - you never know what's gonna happen next 
. On another note, has anyone else noticed how fast Liu Liange went from being party secretary to "serious violations of discipline and law" 
.
the company's all like "we're cooperating with authorities" but they won't say anything else... it's like they're playing dumb or something 
. And let's be real, if this is indeed an investigation related to one of his old associates, then Bao might actually get a sweet little "innocent until proven guilty" deal 
I'm kinda worried about this news but at the same time, it makes me think that Bao Fan might be on a super secretive mission 
for China Renaissance. Maybe he's working behind the scenes to make some huge deals 
no one knows what happened 
50% drop in shares 
sounds fishy 
should be interesting