China Renaissance, a leading investment bank in China's tech sector, has suspended trading of its shares and delayed the release of its annual results due to its founder Bao Fan's unavailability. Bao, 52, was last seen in February and has been unreachable since then, causing his shares to plummet by as much as 50%. The company initially stated that Bao was cooperating with an investigation but made no further details public.
There are rumors that Bao might be assisting in an investigation related to a former executive at China Renaissance. However, the exact nature of this involvement is still unclear.
As a result of Bao's disappearance and the uncertainty surrounding his whereabouts, auditors were unable to complete their work or sign off on their report for the company's annual results. The board also failed to provide an estimate for when it would approve its audited results for 2022 or dispatch its annual report by April 30.
In a bizarre twist, China Renaissance's founder is known as a seasoned dealmaker who has worked closely with top tech companies in China and helped broker significant deals, including the merger between Meituan and Dianping. His team also invested in several prominent Chinese electric vehicle makers and internet giants, such as Baidu and JD.com.
Meanwhile, an investigation into Liu Liange, former party secretary and chairman of Bank of China, has been launched by China's top anti-graft watchdog. Liu is suspected of "serious violations of discipline and law" and is among the most senior financial executives targeted in a broader financial crackdown by President Xi Jinping.
There are rumors that Bao might be assisting in an investigation related to a former executive at China Renaissance. However, the exact nature of this involvement is still unclear.
As a result of Bao's disappearance and the uncertainty surrounding his whereabouts, auditors were unable to complete their work or sign off on their report for the company's annual results. The board also failed to provide an estimate for when it would approve its audited results for 2022 or dispatch its annual report by April 30.
In a bizarre twist, China Renaissance's founder is known as a seasoned dealmaker who has worked closely with top tech companies in China and helped broker significant deals, including the merger between Meituan and Dianping. His team also invested in several prominent Chinese electric vehicle makers and internet giants, such as Baidu and JD.com.
Meanwhile, an investigation into Liu Liange, former party secretary and chairman of Bank of China, has been launched by China's top anti-graft watchdog. Liu is suspected of "serious violations of discipline and law" and is among the most senior financial executives targeted in a broader financial crackdown by President Xi Jinping.
! Like I get it, everyone needs some space and time to deal with personal stuff, but 50% drop in share price? That's insane 
! And now the whole company is in limbo because of Bao Fan's unavailability? It's like, how are you supposed to plan for the future when your CEO just disappears into thin air? 
I'm sure it has nothing to do with his work or the rumors about him investigating some ex-CEO, but still... 
What's going on is that China Renaissance and other companies in the tech sector are getting scrutinized super hard by the government. It's like, they're trying to clean up their act before the financial regulators come knocking on their doors 
I mean, I get it, corruption is a huge issue in China, but can't we just focus on one thing at a time? 
. And now his founder is unavailabe and auditors can't do their job? It looks like there's some shady stuff going on here 
. China Renaissance has made some major connections over the years - Meituan, JD.com, Baidu... all big players in the Chinese tech scene 
.
. I'm not sure what's going on here but it feels like a whole lot of financial trouble brewing 
...
. He was always known for being a master dealmaker, but this whole thing has me wondering if he might be getting himself into some sticky situations 
That's gotta be super uncomfortable for everyone. On one hand, I'm all about transparency in business 
, but on the other hand, I don't want to jump to conclusions or start a witch hunt 
.
just when you think all is well with china's tech industry... looks like another major player is getting tangled up in some serious investigation drama. 50% drop in shares is crazy talk! 
. And now there are rumors of some investigation involving a former exec at China Renaissance? This is getting juicier by the minute 
. But seriously, what if it's not just about Bao Fan's disappearance but also some deeper financial mess that's gonna take down the whole company? The fact that auditors can't sign off on their report makes me even more suspicious 
...
anyway, it's kinda sad cuz his company's annual results are all messed up now 
also, can we talk about liu liange for a sec? 
president xi jinping is cracking down on financial execs and it sounds like liu might be in trouble... 
What's going on here?! And now Liu Liange is getting investigated too... that's like, major news 
Can someone please give me an update on this?! 
. I mean, he's got all these connections with top tech companies and helped make some huge deals... it'd be weird if he was just "cooperating" but not actually doing anything.
anyway, it makes sense that the auditors can't do their thing when you're basically MIA lol. did anyone else think about him last seeing in Feb tho? 
this whole investigation thing is super suspicious too... sounds like a major mess for China Renaissance 
. I mean, what even is going on? One day they're out there raking it in as dealmakers, the next they're MIA and their stocks are tanking 
. And now we get all this vague "cooperating with an investigation" nonsense 
Something fishy going on here... Can't believe Bao Fan just disappears like that, leaving investors high and dry 
. Meanwhile, the investigation into Liu Liange seems legit, but you can't help but wonder if it's all connected to China Renaissance 
. Suspicious timing, if you ask me... 
The rumors about him possibly being involved in some investigation or another... it's all so sketchy 
. And to make matters worse, Liu Liange is getting scrutinized by the authorities too? This financial crackdown under Xi Jinping is getting intense 