China Renaissance, a prominent player in China's tech industry, has suspended trading of its shares and delayed the release of its annual results due to the founder's disappearance. Bao Fan, 52, who founded the boutique investment bank in 2005, has been unreachable since mid-February.
Since his disappearance, shares in China Renaissance have plummeted by as much as 50%. The company initially stated that Bao was cooperating with an investigation being carried out by authorities in the country, but no further details were provided. Chinese media have speculated that Bao may be involved in an investigation related to a former executive at China Renaissance.
As a result of Bao's absence, auditors were unable to complete their work or sign off on the company's annual report for 2022, which was initially set to be released by April 30. The board also failed to provide an estimate for when it would be able to approve its audited results.
The suspension of trading in China Renaissance's shares began on Monday as a result. Bao Fan is known as a veteran dealmaker who has worked closely with top technology companies in China, including Meituan and Dianping. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto.
The disappearance of Bao Fan comes amid a broader crackdown on financial executives in China. Former Bank of China executive Liu Liange was recently launched an investigation into him for alleged "serious violations of discipline and law." This move is part of a larger effort by President Xi Jinping to tackle corruption and financial irregularities in the country.
The situation surrounding Bao Fan's disappearance has left investors and analysts uncertain about the future of China Renaissance. With no clear timeline for his return or resolution of the investigation, the company's financial prospects remain uncertain.
Since his disappearance, shares in China Renaissance have plummeted by as much as 50%. The company initially stated that Bao was cooperating with an investigation being carried out by authorities in the country, but no further details were provided. Chinese media have speculated that Bao may be involved in an investigation related to a former executive at China Renaissance.
As a result of Bao's absence, auditors were unable to complete their work or sign off on the company's annual report for 2022, which was initially set to be released by April 30. The board also failed to provide an estimate for when it would be able to approve its audited results.
The suspension of trading in China Renaissance's shares began on Monday as a result. Bao Fan is known as a veteran dealmaker who has worked closely with top technology companies in China, including Meituan and Dianping. His team has also invested in US-listed Chinese electric vehicle makers Nio and Li Auto.
The disappearance of Bao Fan comes amid a broader crackdown on financial executives in China. Former Bank of China executive Liu Liange was recently launched an investigation into him for alleged "serious violations of discipline and law." This move is part of a larger effort by President Xi Jinping to tackle corruption and financial irregularities in the country.
The situation surrounding Bao Fan's disappearance has left investors and analysts uncertain about the future of China Renaissance. With no clear timeline for his return or resolution of the investigation, the company's financial prospects remain uncertain.
! china renaissance shares dropping like a rock? 50%?! that's insane 
. what's going on with bao fan tho? one minute he's working with meituan and dianping, next minute he's MIA 
. i mean, i get it, the chinese government is cracking down on corruption and all, but does it have to affect china renaissance? 
. investors are getting really nervous now, and i don't blame them 
. we need more transparency from the company ASAP 
. can someone please give us an update on bao fan's whereabouts? 
this is getting way too intense 
. What happened to all that hype? 
It's not just about Bao Fan, though - this whole thing is a reminder of how fragile those Chinese companies are. One day you're making waves in the tech world, next day you're disappearing into thin air 
shares are tanking, auditors can't do their job, and investors are left wondering what's going on. i'm getting a bit worried about nio and li auto too - if bao fan's team is involved with them, does that mean there's something fishy going on? 
what do you guys think is going on with bao fan? is it a normal thing for companies to suspend trading when the founder goes missing 
also, why are chinese media speculating about some ex-executive connection? 
and no one knows what's going on. it's like, what's the real reason behind his disappearance? is he involved in some shady business deal or something that got him in trouble with the authorities? 
. someone needs to get to the bottom of this ASAP! 
it's like, what are we supposed to do with this info?! 
... but 50% drop in shares? that's crazy 
. It's got everyone on edge - investors, analysts, the whole lot 
. Can't even trust the info coming out of China anymore...
! I mean, can't imagine being an investor in China Renaissance right now 
. Maybe someone with more knowledge could shed some light on this situation? 
i feel bad for the investors, especially those who had faith in Bao Fan and his team