China Renaissance, a prominent player in China's tech industry, has suspended trading of its shares and delayed the release of its annual results after its founder, Bao Fan, went missing. The 52-year-old entrepreneur, known as a veteran dealmaker, started the boutique investment bank in 2005. However, since his disappearance in mid-February, shares have plummeted, falling by as much as 50%.
The company has reported that it cannot complete its audits or sign off on its annual report due to Bao's absence. The board of directors was unable to provide an estimate for when the results would be approved or dispatched on time. As a result, trading in the company's shares was suspended from Monday.
Bao Fan is highly respected in China for his work with top technology companies, including helping broker the merger between Meituan and Dianping, two of the country's leading food delivery services. His team has also invested in prominent Chinese electric vehicle makers Nio and Li Auto, as well as internet giants Baidu and JD.com.
The disappearance of Bao Fan has sparked an investigation by China's top anti-graft watchdog into Liu Liange, a former party secretary and chairman of the Bank of China. The bank is state-owned and one of the country's four biggest lenders. Liu is suspected of serious violations of discipline and law, according to a statement from the Central Commission for Discipline Inspection and the State Supervision Commission.
This latest development highlights the ongoing crackdown on financial executives in China under President Xi Jinping. In January, Wang Bin, former party chief and chairman of China Life Insurance, was charged with taking bribes and hiding overseas savings.
The company has reported that it cannot complete its audits or sign off on its annual report due to Bao's absence. The board of directors was unable to provide an estimate for when the results would be approved or dispatched on time. As a result, trading in the company's shares was suspended from Monday.
Bao Fan is highly respected in China for his work with top technology companies, including helping broker the merger between Meituan and Dianping, two of the country's leading food delivery services. His team has also invested in prominent Chinese electric vehicle makers Nio and Li Auto, as well as internet giants Baidu and JD.com.
The disappearance of Bao Fan has sparked an investigation by China's top anti-graft watchdog into Liu Liange, a former party secretary and chairman of the Bank of China. The bank is state-owned and one of the country's four biggest lenders. Liu is suspected of serious violations of discipline and law, according to a statement from the Central Commission for Discipline Inspection and the State Supervision Commission.
This latest development highlights the ongoing crackdown on financial executives in China under President Xi Jinping. In January, Wang Bin, former party chief and chairman of China Life Insurance, was charged with taking bribes and hiding overseas savings.
... like I remember when you could just disappear from public life for a hot second and nobody would care 
... now it's like the whole system is on high alert 
. I mean, Bao Fan was a respected figure in China's tech scene, no doubt about it 
. But 50% drop in shares? That's just wild 
... and now Liu Liange is under investigation too? This whole thing just reeks of corruption 
... I don't know what's going on in China these days 
, but one thing's for sure: it's not pretty 
.
! I'm not surprised shares are plummeting tho... the whole situation feels super shady 
. Anyone else think it's weird that Bao Fan just vanished like that? Was he in trouble or something? 
China's got a reputation for being super secretive when it comes to business and politics, so we'll probably never get all the facts 
. I hope the investigation into Liu Liange is thorough tho... can't have corrupt officials just waltzing away with millions 
. Anyone else keeping an eye on China's financial situation? 
And now China Renaissance is all like "can't do our audit" due to his disappearance... sounds super suspicious 
. And Liu Liange being investigated for serious stuff? 
.
that's soooo not good for business... did u know bao fan was involved in helping merge meituan and dianping? those are some big food companies lol i wish me a meal delivered by them whenever 
anyway... is this china's thing with financial execs just gonna keep going on forever 
or what?
that's crazy! Bao Fan is like a legend in china tech scene, can't believe he just vanished like that... hope everything is okay for him tho 
guess we'll have to wait & see how this whole thing unfolds 
.
! I mean, Bao Fan was like a legend in the Chinese tech scene, right? His company China Renaissance was super successful, but now it's all messed up because he went missing 
china renaissance is in shambles... i mean, i get it, being a dealmaker can be tough, but 50% drop? that's wild! 
. Anyway, I hope everyone involved gets through this okay 
seems like there's some major skeletons in the closet over there 
, Bao Fan's disappearance is super weird! I mean, 50% drop in shares is crazy fast 
. I wonder what really happened to Bao Fan... was he in trouble with the government or something? 
.
.
think it's safe to say that whoever gets caught up in this mess is gonna get hammered 
. And now they're investigating Liu Liange, who's super connected 
i feel bad for the company, they're going through so much stress right now...