China Renaissance, a leading boutique investment bank in China's tech industry, has suspended trading of its shares and delayed the release of its annual results after its founder went missing. The company's shares have plummeted since Bao Fan, 52, vanished in mid-February, with prices dropping by as much as 50%.
Bao, a veteran dealmaker known for his close ties to top technology companies, was last seen in late February when the company announced that he was cooperating with an investigation by certain authorities. Since then, there have been reports that Bao may be assisting in an inquiry related to a former executive at China Renaissance.
The board of directors at China Renaissance stated in a filing over the weekend that auditors were unable to complete their work or sign off on their report due to Bao's absence. As a result, the company was unable to give an estimate for when its audited results for 2022 would be approved or dispatch its annual report by April 30 deadline as required by Hong Kong's listing rules.
The sudden disappearance of Bao has sent shockwaves through China's financial sector, with his team having invested in prominent US-listed Chinese electric vehicle makers Nio and Li Auto, among others. The situation also comes amid a broader crackdown on corruption and financial mismanagement initiated by President Xi Jinping.
Chinese authorities have launched investigations into several high-ranking officials, including former Bank of China party secretary Liu Liange, who is suspected of serious violations of discipline and law.
Bao, a veteran dealmaker known for his close ties to top technology companies, was last seen in late February when the company announced that he was cooperating with an investigation by certain authorities. Since then, there have been reports that Bao may be assisting in an inquiry related to a former executive at China Renaissance.
The board of directors at China Renaissance stated in a filing over the weekend that auditors were unable to complete their work or sign off on their report due to Bao's absence. As a result, the company was unable to give an estimate for when its audited results for 2022 would be approved or dispatch its annual report by April 30 deadline as required by Hong Kong's listing rules.
The sudden disappearance of Bao has sent shockwaves through China's financial sector, with his team having invested in prominent US-listed Chinese electric vehicle makers Nio and Li Auto, among others. The situation also comes amid a broader crackdown on corruption and financial mismanagement initiated by President Xi Jinping.
Chinese authorities have launched investigations into several high-ranking officials, including former Bank of China party secretary Liu Liange, who is suspected of serious violations of discipline and law.
he just vanished like magic and now his whole company is in shambles 
50% drop in shares?! That's insane! What was he even missing that required him to disappear for weeks? And now the auditors can't even finish their report because of him? It's like, what's going on over there? 
but let's not jump to conclusions here. I just want to know what happened to Bao Fan! Was he taken by authorities or did something bad happen to him? His team is still investing in these electric vehicle companies like Nio and Li Auto, are they even worried about the whole situation? 
it's like we're living in a real-life thriller movie! China Renaissance needs to come clean about what's going on and when we can expect to see Bao Fan again 
meanwhile all these high-ranking officials are getting investigated and you know what's gonna happen to them? Nothing 
can't they even get that right for once? The shares plummeting by 50% is just the tip of the iceberg... this whole thing reeks of insider trading or something 
I mean, what's goin' on? Is it some kinda inside job or what? And now the authorities are all over it, investigatin' this and that... it's like somethin' outta a bad spy novel 
Anyway, I'm just glad nobody was hurt (that we know of) 
. This whole thing has me wonderin' what's really goin' on behind the scenes in China's tech industry...
! I mean, we all kno he was gettin cozy w/ some authorities but wut did we expect? Now the whole company is in a state of panic 
. It's like, how can u even plan for ur annual report when ur founder's missing?! 
Time to sell! 
50% drop in stock price? that's crazy! 
. It smells like something fishy is going on, but what exactly? Is it related to some alleged corruption investigation? 
. like, isn't that kinda normal for a company? 
i'm trying to imagine what would happen if our school's principal just went missing 
. chinese authorities are all over it tho 
, seems like there might be some corruption going on 
And with all these corruption and financial mismanagement investigations going on, it just seems like a whole mess! 
But at the end of the day, someone's gotta get pinched for wrongdoing... might as well be the ones who made all those sweet deal. 
the whole thing smells like a setup from day one... i mean, 50% drop in share price? that's just wild 
what's the real story here? the authorities are all over Bao Fan like white on rice, but is it just another case of "investigating" someone who's actually done nothing wrong? 
no one knows what's going on or if he's even alive 
hope everything gets sorted out soon 
I mean, I know China has been cracking down on corruption and financial mismanagement, but this is just wild. 
Can't they just give us some answers? It's so frustrating! 
. What's really going on here?