China Renaissance, a prominent investment bank in China's tech industry, has suspended trading of its shares and delayed the release of its annual results due to an ongoing investigation involving its founder, Bao Fan.
Bao, 52, is considered a veteran dealmaker with strong ties to top technology companies in China. He has played a key role in several high-profile deals, including the merger between Meituan and Dianping in 2015, which resulted in a combined "super app" platform widely used in China.
However, Bao's disappearance since mid-February has caused significant concerns among investors, with shares in China Renaissance plummeting by as much as 50% due to uncertainty over his whereabouts. The company initially stated that Bao was cooperating with an investigation by certain authorities, but no further details have been disclosed.
Chinese media outlets have reported speculation about Bao's involvement in a separate investigation related to a former executive at China Renaissance. The company has now confirmed that auditors were unable to complete their work or sign off on the annual report due to Bao's absence.
As a result of the delay and uncertainty surrounding Bao's disappearance, trading in China Renaissance shares was suspended from Monday. The company is also facing pressure to meet its deadline for dispatching its annual report by April 30, which is a requirement under Hong Kong's listing rules.
Bao Fan's situation has drawn attention as he works closely with top technology companies in China and has been instrumental in helping Chinese internet giants complete their secondary listings in Hong Kong. The investigation into his disappearance comes amid a broader crackdown on financial executives in China, including former Bank of China executive Liu Liange, who is suspected of "serious violations of discipline and law."
Bao, 52, is considered a veteran dealmaker with strong ties to top technology companies in China. He has played a key role in several high-profile deals, including the merger between Meituan and Dianping in 2015, which resulted in a combined "super app" platform widely used in China.
However, Bao's disappearance since mid-February has caused significant concerns among investors, with shares in China Renaissance plummeting by as much as 50% due to uncertainty over his whereabouts. The company initially stated that Bao was cooperating with an investigation by certain authorities, but no further details have been disclosed.
Chinese media outlets have reported speculation about Bao's involvement in a separate investigation related to a former executive at China Renaissance. The company has now confirmed that auditors were unable to complete their work or sign off on the annual report due to Bao's absence.
As a result of the delay and uncertainty surrounding Bao's disappearance, trading in China Renaissance shares was suspended from Monday. The company is also facing pressure to meet its deadline for dispatching its annual report by April 30, which is a requirement under Hong Kong's listing rules.
Bao Fan's situation has drawn attention as he works closely with top technology companies in China and has been instrumental in helping Chinese internet giants complete their secondary listings in Hong Kong. The investigation into his disappearance comes amid a broader crackdown on financial executives in China, including former Bank of China executive Liu Liange, who is suspected of "serious violations of discipline and law."
china renaissance shares have taken a huge hit 
like 50% and it's all coz of bao fan's disappearance 
no one knows where he is or what's going on 
anyway this investigation is getting more complicated by the day 
especially with rumors circling around his alleged involvement in another investigation 
chinese media outlets are having a field day with all these juicy deets 
it's like, can we just focus on finding bao fan already? 
as someone who loves learning about tech & business, it's kinda scary to see a veteran dealmaker like him get involved in an investigation. i wonder what's going on behind the scenes... is he in trouble or did something happen to him? 
hope everything gets cleared up soon so investors can have confidence in China Renaissance again 
Like, come on. This whole thing feels like a setup to me. The company is already struggling and then Bao just vanishes? It's too convenient. I'm not buying it 
...
. It's all very ominous and shady 
. I mean, 50% drop in shares is wild 
. Can't help but wonder if there's more to this investigation than meets the eye 
. And with him working closely with top tech companies, it's like a game of musical chairs... whose seat is next? 
.
