China Renaissance Suspends Trading and Delays Results Amid Founder's Disappearance.
Chinese dealmaker China Renaissance has suspended trading of its shares and delayed the release of its annual results due to the disappearance of its founder, Bao Fan. Bao, 52, started the boutique investment bank in 2005 but has been unreachable since mid-February, according to the company. The news comes as shares in China Renaissance have plummeted by as much as 50% since Bao went missing.
Bao is a well-known veteran dealmaker who has worked closely with top technology companies in China. He played a key role in brokering the merger between Meituan and Dianping in 2015, creating a "super app" platform that is ubiquitous in China today. His team has also invested in several US-listed Chinese electric vehicle makers and helped Chinese internet giants complete their secondary listings in Hong Kong.
The company's suspension of trading and delay in releasing its annual results are due to auditors being unable to complete their work or sign off on the report because of Bao's absence. The board is also unable to give an estimate about when it will be able to approve its audited results for 2022 or dispatch its annual report by April 30, as required by Hong Kong's listing rules.
Bao was initially reported to be cooperating in an investigation being carried out by certain authorities in the country. However, Chinese media have since speculated that he might be assisting in an investigation related to a former executive at China Renaissance.
The disappearance of Bao and the subsequent actions by China Renaissance come as the company's industry faces increased scrutiny from regulators. The investigation into Liu Liange, former party secretary and chairman of Bank of China, and the charges against Wang Bin, former party chief and chairman of China Life Insurance, have highlighted the growing crackdown on financial corruption in China.
The situation at China Renaissance highlights the risks faced by investors in the country's tech industry, where regulatory scrutiny can be intense. The company's shares are now suspended from trading as a result of its decision to delay releasing its annual results.
Chinese dealmaker China Renaissance has suspended trading of its shares and delayed the release of its annual results due to the disappearance of its founder, Bao Fan. Bao, 52, started the boutique investment bank in 2005 but has been unreachable since mid-February, according to the company. The news comes as shares in China Renaissance have plummeted by as much as 50% since Bao went missing.
Bao is a well-known veteran dealmaker who has worked closely with top technology companies in China. He played a key role in brokering the merger between Meituan and Dianping in 2015, creating a "super app" platform that is ubiquitous in China today. His team has also invested in several US-listed Chinese electric vehicle makers and helped Chinese internet giants complete their secondary listings in Hong Kong.
The company's suspension of trading and delay in releasing its annual results are due to auditors being unable to complete their work or sign off on the report because of Bao's absence. The board is also unable to give an estimate about when it will be able to approve its audited results for 2022 or dispatch its annual report by April 30, as required by Hong Kong's listing rules.
Bao was initially reported to be cooperating in an investigation being carried out by certain authorities in the country. However, Chinese media have since speculated that he might be assisting in an investigation related to a former executive at China Renaissance.
The disappearance of Bao and the subsequent actions by China Renaissance come as the company's industry faces increased scrutiny from regulators. The investigation into Liu Liange, former party secretary and chairman of Bank of China, and the charges against Wang Bin, former party chief and chairman of China Life Insurance, have highlighted the growing crackdown on financial corruption in China.
The situation at China Renaissance highlights the risks faced by investors in the country's tech industry, where regulatory scrutiny can be intense. The company's shares are now suspended from trading as a result of its decision to delay releasing its annual results.
he was such an iconic figure in china's finance world and now his disappearance has put the entire company in chaos 
i feel bad for the employees who are left hanging because of this situation 
it just goes to show how intense the regulatory scrutiny is in china right now 
i'm worried about bao fan, hope he turns up soon with an explanation... but also kinda wonder what's behind this whole investigation 
... what if Bao is really in trouble? He's one of those guys who knows everyone in the industry and has made so many big deals, I'm worried he might have gotten in over his head or something 
One minute he's a respected dealmaker, and the next, nobody knows where he is or what's going on. And now his company is in shambles because of it? 
And now China Renaissance is paying the price for it. 
hope everything gets sorted out soon, don't wanna be stuck waiting for ages for results 
. The fact that auditors can't do their job because he's not around is just wild 
. And now they're delaying results... it's like a huge, financial puzzle with no clear solution 
Like, what's going on?! Is he okay?! 
I need to know more about this investigation and how it's affecting investors 
Can't China Renaissance give us any updates?! 
and investors are losing 50% of their value 
and the regulators are just taking this as an excuse to crack down more 
it's a whole mess 
but now his absence is causing all this chaos 
but still, it's unsettling to see a major player like china renaissance get caught up in the mess