China Renaissance, a top-tier investment bank in China's tech industry, has suspended trading of its shares and delayed the release of its annual results due to the disappearance of its founder, Bao Fan.
The 52-year-old entrepreneur began his boutique investment bank in 2005 but has been unreachable since mid-February, prompting a significant plunge in the company's shares. In late February, China Renaissance stated that Bao was "cooperating in an investigation" by authorities, but no further details have been disclosed.
Rumors are circulating that Bao might be assisting in an investigation into former executives at China Renaissance. Chinese media outlets have reported on this possibility, fueling speculation about the founder's disappearance.
In a filing last Sunday, China Renaissance revealed that auditors could not complete their work or sign off on the report due to Bao's absence. As a result, the company was unable to provide an estimate for when it would be able to approve its audited results or dispatch its annual report by an April 30 deadline.
Trading in China Renaissance shares has been suspended since Monday, amid concerns over the founder's disappearance and potential implications for the firm's operations. Bao is known as a veteran dealmaker who works closely with top technology companies in China, including Meituan, Dianping, Nio, Li Auto, Baidu, and JD.com.
Bao's influence extends beyond China's tech industry, having helped Chinese electric vehicle makers Nio and Li Auto secure their listings on the Hong Kong Stock Exchange. His team has also invested in US-listed companies such as Nio and Li Auto.
The disappearance of Bao Fan follows a broader crackdown by President Xi Jinping's government on financial executives accused of corruption or disciplinary violations, including former Bank of China party secretary Liu Liange.
The 52-year-old entrepreneur began his boutique investment bank in 2005 but has been unreachable since mid-February, prompting a significant plunge in the company's shares. In late February, China Renaissance stated that Bao was "cooperating in an investigation" by authorities, but no further details have been disclosed.
Rumors are circulating that Bao might be assisting in an investigation into former executives at China Renaissance. Chinese media outlets have reported on this possibility, fueling speculation about the founder's disappearance.
In a filing last Sunday, China Renaissance revealed that auditors could not complete their work or sign off on the report due to Bao's absence. As a result, the company was unable to provide an estimate for when it would be able to approve its audited results or dispatch its annual report by an April 30 deadline.
Trading in China Renaissance shares has been suspended since Monday, amid concerns over the founder's disappearance and potential implications for the firm's operations. Bao is known as a veteran dealmaker who works closely with top technology companies in China, including Meituan, Dianping, Nio, Li Auto, Baidu, and JD.com.
Bao's influence extends beyond China's tech industry, having helped Chinese electric vehicle makers Nio and Li Auto secure their listings on the Hong Kong Stock Exchange. His team has also invested in US-listed companies such as Nio and Li Auto.
The disappearance of Bao Fan follows a broader crackdown by President Xi Jinping's government on financial executives accused of corruption or disciplinary violations, including former Bank of China party secretary Liu Liange.
this is crazy! I dont know what to think about bao fan, like he was this huge dealmaker and now hes just vanished? 
it makes me wonder if china renaissance is in trouble and stuff 
their shares are tanking and they cant even finish the audit report 
i hope everything turns out okay for bao fan, but at the same time, its kinda suspicious that he might be involved in some kind of investigation 
idk what to believe 
anyway, i hope he turns up soon and everything gets back to normal! 
... I mean, can't these top-tier investment banks even get their own stuff together? First, Bao Fan disappears and now his entire company is in shambles. Trading suspended, delayed results... what's next? 
This isn't even about corruption or government crackdowns anymore; it's just the founder disappearing with a bunch of cash and connections 
. I'm so tired of these elite Chinese business people thinking they can just take off whenever they feel like it 
. The whole thing reeks of incompetence...
. People are speculating that he might be involved in an investigation into some shady stuff 
, but still - this is just bad news all around 
. Who knows what's going on behind closed doors? The only thing that's clear is that the future of China Renaissance is looking pretty bleak 
.
Guess when Bao Fan's gone, everyone's scrambling to find out what happened 
Maybe the delay and suspension of shares are just an excuse for the company's real issue: Bao Fan's own problems catching up with him. 
still no info on what's going on but it can't be good 
.
. I guess only time will tell, but for now, I'll just say that I'm keeping a close eye on this situation 
. And the fact that the company can't even finish their audited results because of his absence is insane! 
. I'm also curious about Bao's influence beyond China's tech scene - does this mean his connections will be put under scrutiny too?