China Renaissance, one of the country's top dealmakers in its tech industry, has suspended trading and delayed its annual results due to the disappearance of its founder, Bao Fan. The 52-year-old started the boutique investment bank in 2005 but has been unreachable since mid-February.
Shares in China Renaissance have plummeted by as much as 50% during this time, with investors growing increasingly concerned about the future of the company. In a late February statement, China Renaissance said Bao was "cooperating in an investigation" being carried out by certain authorities in the country, but no further details were provided.
There are also reports that Bao may be assisting in an investigation related to a former executive at China Renaissance. The Chinese media have speculated about the reasons behind Bao's disappearance, including potential involvement in an investigation into Liu Liange, a former party secretary and chairman of Bank of China.
Liu is suspected of "serious violations of discipline and law" by President Xi Jinping's administration. He is among the most senior financial executives targeted in a broader crackdown on corruption in the country's financial sector.
Bao was known as a veteran dealmaker who worked closely with top technology companies in China, including Meituan and Dianping. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto, and helped Chinese internet giants Baidu and JD.com complete their secondary listings in Hong Kong.
The suspension of trading and delay in the release of China Renaissance's annual results will likely have significant implications for investors and stakeholders. The company's board was unable to give an estimate about when it would be able to approve its audited results or dispatch its annual report by April 30, as required by Hong Kong's listing rules.
The disappearance of Bao Fan has raised concerns about the stability and security of China Renaissance's operations, and the impact on investors who have put their faith in the company. As the situation unfolds, it remains to be seen what will happen next for China Renaissance and its founder, Bao Fan.
Shares in China Renaissance have plummeted by as much as 50% during this time, with investors growing increasingly concerned about the future of the company. In a late February statement, China Renaissance said Bao was "cooperating in an investigation" being carried out by certain authorities in the country, but no further details were provided.
There are also reports that Bao may be assisting in an investigation related to a former executive at China Renaissance. The Chinese media have speculated about the reasons behind Bao's disappearance, including potential involvement in an investigation into Liu Liange, a former party secretary and chairman of Bank of China.
Liu is suspected of "serious violations of discipline and law" by President Xi Jinping's administration. He is among the most senior financial executives targeted in a broader crackdown on corruption in the country's financial sector.
Bao was known as a veteran dealmaker who worked closely with top technology companies in China, including Meituan and Dianping. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto, and helped Chinese internet giants Baidu and JD.com complete their secondary listings in Hong Kong.
The suspension of trading and delay in the release of China Renaissance's annual results will likely have significant implications for investors and stakeholders. The company's board was unable to give an estimate about when it would be able to approve its audited results or dispatch its annual report by April 30, as required by Hong Kong's listing rules.
The disappearance of Bao Fan has raised concerns about the stability and security of China Renaissance's operations, and the impact on investors who have put their faith in the company. As the situation unfolds, it remains to be seen what will happen next for China Renaissance and its founder, Bao Fan.
... 50% drop in shares? that's like, huge 
. you can imagine how worried investors are right now 
. the thing is, we don't even know what happened to Bao yet 
. some people think it's related to that Liu Liange guy who's in some hot water with the government 
. but honestly, i'm more concerned about the stability of china renaissance as a whole 
. they're basically the backbone of china's tech industry 
, and if their founder is just... gone 
. investors need clarity, like, now 
. this whole thing feels super uncertain 
. I mean, their shares are tanking like crazy after Bao's disappearance... 50% down is insane! 
And the fact that China Renaissance can't give us any updates on their annual results is just adding to the uncertainty. 
china renaissance shares have tanked so much already it's like they're trying to avoid an even bigger drop when bao fan shows up again 
what if this has nothing to do with liu liange tho? maybe just some coincidence 
china renaissance was already having a rough year after those regulatory crackdowns on tech companies last month 
but till then we're stuck in limbo waiting for china renaissance to get its act together or whatever 
his disappearance is freaking out all investors and i cant even blame them. the uncertainty is killing me 
i mean who knows what went down with liu liange? 
one thing for sure china renaissance needs to get its act together ASAP 
It sounds like they don't want to say anything more than that. And now there are rumors about Liu Liange... I'm not sure how much of this stuff is connected, but it's making everyone super nervous. 
The thing is, Bao Fan was known for being a solid player in the industry, so this whole disappearance thing is throwing everyone off guard. 
. If this is indeed connected to some bigger corruption stuff, that would explain a lot 
. It's like China Renaissance was already on shaky ground and then Bao just vanishes 
. Can't blame the investors for being spooked 
. The timing couldn't be worse either... April 30 is like a deadline to meet 
i feel bad for all the investors who have put their money into this company they're basically stuck with no idea what's going on 
this whole thing just smells like corruption and i'm not liking it 
Is China Renaissance's troubles related to its involvement in high-stakes deals with other big players? 
50% drop is wild 
. Sources please! 
It sounds like he might be in trouble and nobody knows what's happening. 
I've invested a bit in Nio and Li Auto, and now I'm getting the shakes thinking about my money...