China Renaissance, a prominent dealmaker in China's tech industry, has suspended trading of its shares and delayed the release of its annual results due to its founder Bao Fan's unavailability. Bao, 52, went missing in mid-February, leaving investors and auditors alike in limbo.
The company stated that it had been unable to get in touch with Bao since his disappearance, which has led to a significant plunge in the company's shares, with prices dropping by as much as 50%. China Renaissance is known for its close ties with top technology companies in China, having played a key role in brokering several high-profile deals.
Bao's absence has also raised suspicions of an investigation involving his alleged involvement in a case related to a former executive at the company. Chinese media have reported that Bao might be assisting in this investigation, although no further details have been provided by China Renaissance.
The delay in releasing audited results for 2022 and dispatching its annual report has caused trading on Monday as shares were suspended due to the uncertainty surrounding Bao's disappearance. His absence is particularly notable given his prominent role as a veteran dealmaker who works closely with top tech companies, including helping broker the merger between Meituan and Dianping in 2015.
The news comes at a time when China's anti-corruption efforts are intensifying under President Xi Jinping, with several high-ranking officials facing charges. The investigation into Bank of China chairman Liu Liange is one such example, highlighting the government's focus on rooting out corruption among state-owned enterprises.
The company stated that it had been unable to get in touch with Bao since his disappearance, which has led to a significant plunge in the company's shares, with prices dropping by as much as 50%. China Renaissance is known for its close ties with top technology companies in China, having played a key role in brokering several high-profile deals.
Bao's absence has also raised suspicions of an investigation involving his alleged involvement in a case related to a former executive at the company. Chinese media have reported that Bao might be assisting in this investigation, although no further details have been provided by China Renaissance.
The delay in releasing audited results for 2022 and dispatching its annual report has caused trading on Monday as shares were suspended due to the uncertainty surrounding Bao's disappearance. His absence is particularly notable given his prominent role as a veteran dealmaker who works closely with top tech companies, including helping broker the merger between Meituan and Dianping in 2015.
The news comes at a time when China's anti-corruption efforts are intensifying under President Xi Jinping, with several high-ranking officials facing charges. The investigation into Bank of China chairman Liu Liange is one such example, highlighting the government's focus on rooting out corruption among state-owned enterprises.
I'm totally freaked out about this news. Like, what even happened to Bao Fan? One minute he's around, making deals for top tech companies, and the next, he just disappears 
. It's crazy how this has affected China Renaissance's shares - 50% drop is massive! 
I can only imagine how uncertain investors must be feeling right now 
. And to make things worse, there are these rumors about an investigation involving Bao... it's like something out of a thriller movie 
. I do hope everything gets sorted out soon and we get some answers about what happened to Bao. This whole thing has me feeling really uneasy 
.
i mean china renaissance is a big deal, but his disappearance just throws everything into chaos... and now there's rumors of an investigation?? sounds like some shady stuff to me... 
anyone know anything about this Liu Liange guy? seems like the gov't is cracking down hard on corruption in state-owned enterprises... maybe Bao Fan's case is connected to that? 
. It's also interesting that this is happening at a time when China's anti-corruption efforts are in full swing 
. Maybe we'll get some answers soon, but for now, I'm just gonna keep an eye on this one 
.
Suspicions are high, could be more than just a simple case of bad timing... 
. And now they're just delaying everything, including the release of their annual results 
. Can't help but wonder if this is connected to that investigation... would love some clarity on that 
and now they're suspending trades 
ugh, this just got real 
. And now we have to wait even longer for their annual results because, you know, they can't get in touch with the founder 
. I'm sure it has nothing to do with the alleged investigation and his alleged involvement in some shady deal... 
. It's not like he was a key player in brokering major tech deals or anything 
.
I mean, Bao Fan goes missing and suddenly his old buddies at the top tech companies in China are like "oh no, what's happening?" 
i mean, usually when someone goes missing under suspicious circumstances, there are some kinda explanations or denials... but not here 
so yeah, it seems like this whole thing is getting pretty serious pretty fast 